Canadian rents continued to slide in June, with the most pronounced declines reported in BC and Alberta and in Canada’s largest cities. Driving the decline is a combination of low immigration and over supply leading to higher vacancy rates and longer vacancy terms, under which landlords are beginning to cave.

“Rent decreases at the national level have been mild so far, with the biggest declines mainly seen in the largest and most expensive cities,” said Shaun Hildebrand, President of Urbanation. “However, it appears that the softening in rents has begun to spread throughout most parts of the country.”

At the national level, rents fell 2.7% year over year to $2,125 in June, according to the latest rent report from Rentals.ca and Urbanation. June marked the ninth month in a row to see annual decline, and the report reveals that sliding rents were driven largely by secondary market units.

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