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Average asking rents fall 4.8% in August as trade war adds fresh uncertainty: report
Urbanation said trade-war uncertainty could slow demand and raise construction costs as average asking rents fell for the 23rd straight month.
- Average asking prices for rental units fell 4.8 per cent to $2,035 in August, marking the steepest year-over-year decline since March, according to a report by Urbanation and Rentals.
- Purpose-Built apartment rents fell 3.3 per cent year-over-year to $2,038, while condominium apartment rents decreased 7.7 per cent to $2,050, reflecting divergent trends within the rental market.
- Monthly rents remained essentially flat, down 0.1 per cent from July, extending a streak of year-over-year declines to 23 consecutive months with prices down seven per cent since 2024.
- Urbanation president Shaun Hildebrand noted that lower employment and consumer confidence could dampen near-term demand, potentially exacerbating the current decline in asking prices.
- Trade war escalation between Canada and the United States creates new market uncertainty, which Hildebrand warns could threaten supply through potentially higher construction costs.
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14 Articles
14 Articles
Coverage Details
Total News Sources14
Leaning Left8Leaning Right0Center5Last UpdatedBias Distribution62% Left
Bias Distribution
- 62% of the sources lean Left
62% Left
L 62%
C 38%
Factuality
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