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Story summary
- Average rents in Canada are at a 33-month low at $2,030, down 2.8% year over year.
- The decline reflects slowed population growth and increased housing supply, with Oakville and Surrey suburbs posting double-digit rent drops.
- Condo rents fell 5.1%, and one-bedroom units declined 3.5%.
- Landlords are offering incentives, including one month of free rent.
- Experts warn the renter's market could shift as new construction slows, potentially causing rent increases.
