Completely rewrite the following article in a fresh and original style. Ensure the new content conveys the same sentiment and message as the original. The rewritten article should:
- Start with a compelling introduction that hooks the reader (do not label this section).
- Maintain any lists and points as they are, using numbering and bullet points where necessary. Rewrite the explanations and discussions around these points to make them fresh and original. Ensure the lists are formatted correctly with proper numbering or bullet points.
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Organize the content into clear, logical sections. Subheadings are not mandatory. Each section should have a subheading only if it enhances readability and comprehension.
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End with a strong conclusion that summarizes the key points and provides a closing thought or call to action (do not label this section).
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Ensure it is formatted properly with adequate line spacing
Make sure the article flows coherently, is engaging, and keeps the reader interested until the end. Reorganize and structure the content efficiently to enhance readability and comprehension. Use varied sentence structures and vocabulary to avoid monotony. Avoid directly copying any sentences or phrases from the original content. Here is the original content:
A new report says average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October.
The report from Rentals.ca and Urbanation finds average asking rents across Canada sat at $2,152 in October, down 1.2 per cent from the same month in 2023 — the first national decrease since July 2021.
The decline is mainly concentrated in Canada’s major urban centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing rent decreases.
Urbanation president Shaun Hildebrand says it is rare for rents to decline year-over-year at the national level, but predicts the trend will continue in the short-term amid a weakening economy.
B.C. and Ontario recorded the most significant annual rent decreases among the provinces, with the former seeing average asking rents for apartments down 3.4 per cent to $2,549 and the latter recording a 5.7 per cent drop to $2,350.
Rents rose 17.1 per cent in Saskatchewan, which remained the fastest-growing province in the country in terms of asking price, after seeing 23.5 per cent annual growth in September.
This report by The Canadian Press was first published Nov. 7, 2024.
Sammy Hudes, The Canadian Press
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