Rents continue to fall, with major declines in major markets and modest drop in Oshawa

Asking rents for residential properties in Canada reached a 15-month low in November, averaging $2,139. Major markets like Vancouver and Toronto saw significant declines, with one-bedroom units down 11.6% and 8.5%, respectively. Oshawa experienced more modest drops of 2.2% for one-bedrooms. Nationally, rents fell 1.6% year-over-year, with a 0.6% decrease month-over-month. Despite recent declines, rents remain higher than historical levels, with a 6.7% increase from two years ago. Some regions, like the prairie provinces, saw rent increases.