A new report from Rentals.ca and Urbanation has revealed that the average rent requested in Canada decreased to $2,139 in November, marking a year-over-year decline of 1.6%, the lowest level in 15 months.

Key points:

• Declining trend:

• This decline is the second consecutive one after over three years of continuous increases.

• Nevertheless, rents are still 6.7% higher compared to what they were two years ago, and 18.8% higher compared to three years ago.

• Market variances:

• The declines were primarily concentrated in the secondary rental market (private apartments and homes) in Ontario and British Columbia.

• Rents in purpose-built rental units remained stable.

Average rents by province:

• Ontario: a decline of 6.4% to an average of $2,351.

• British Columbia: a decline of 2.3% to an average of $2,524.

• Quebec: a slight decline of 0.4% to an average of $1,969.

• Other provinces:

• Saskatchewan: an increase of 12.1% to an average of $1,361, the highest.

• Alberta: an increase of 3.7% to an average of $1,758.

Expert comments:

Urbanation's president, Shaun Hildebrand, clarified that the current decline is concentrated in the secondary rental market, while rents in purpose-built projects remain stable, indicating that economic factors may be the reason for the cooling of the market in some areas.

Analysis:

This decline in rents may provide an opportunity for tenants looking for affordable housing options, especially in markets that have seen significant increases in recent years. However, rents remain high compared to levels three years ago.