The average asking rent for residential properties in Canada rose 0.4 per cent in April 2025 to $2,127, reaching a five-month high, according to the latest National Rent Report from Rentals.ca and Urbanation. Despite consecutive monthly increases, rents remain 2.8 per cent lower year-over-year, marking the seventh straight month of annual declines.

Urbanation President Shaun Hildebrand noted early signs of stabilization in the rental market: “Renters are starting to take advantage of the improvement in affordability, which is thanks to the record amount of new supply hitting the market.”

Since April 2021, asking rents have surged 28 per cent, with a 6.2 per cent increase compared to two years ago. Among property types, purpose-built rentals led April’s gains, rising 0.9 per cent to $2,105, while condo rents fell 1.0 per cent month-over-month and 5.2 per cent annually to $2,210. Three-bedroom purpose-built units saw the highest annual growth at 4.4 per cent, while condo rents declined across all unit types.

Regionally, Saskatchewan led annual rent growth at 4.1 per cent, followed by Nova Scotia (+2.6%) and Manitoba (+0.6%). Ontario posted the largest annual decline at -2.7 per cent, though rents ticked 0.5 per cent higher month-over-month.

Among major cities, Calgary saw the steepest annual decline at -8.9 per cent to $1,903, its lowest level in two years. Toronto rents fell 5.5 per cent to $2,606, while Vancouver dropped 4.9 per cent to $2,836. Meanwhile, Ottawa (+1.9%) and Edmonton (+0.3%) saw modest gains.

Shared accommodation rents fell 5 per cent year-over-year to $943, with notable declines in Montreal (-8.9%) and Vancouver (-7.6%), while Ottawa (+7.7%) and Edmonton (+1.1%) were the only cities posting increases..

For the full report, click here: www.rentals.ca