Average asking rents fall annually for eighth straight month to $2,129: report

A for-rent and a for-sale sign are displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. THE CANADIAN PRESS/Sean Kilpatrick (Sean Kilpatrick/The Canadian Press)

The national average asking rent in May was down 3.3 per cent from a year earlier at $2,129, marking the eighth consecutive month of year-over-year decreases.

The latest monthly report from Rentals.ca and Urbanation says asking rents held steady from April, with a 0.1 per cent month-over-month increase.

Purpose-built apartment asking rents declined two per cent from a year ago to an average of $2,117, while asking rents for condominium apartments fell 3.6 per cent to $2,192.

Urbanation president Shaun Hildebrand says rents have eased in part due to a surge in supply from new apartment completions, a slowdown in population growth and a heightened level of economic uncertainty.

The report says average asking rents in Canada are 5.7 per cent higher than they were two years ago and 12.6 per cent above levels from three years ago.

Ontario recorded the largest rent decline in May, with asking rents falling 3.6 per cent year-over-year to an average of $2,335, followed by B.C.’s 2.6 per cent decrease to $2,462, Alberta’s 2.4 per cent decrease to $1,745 and Quebec’s 1.8 per cent decrease to $1,964.

This report by The Canadian Press was first published June 9, 2025.

By: Sammy Hudes