The average asking rent for residential properties in Canada reached $2,129 in May, remaining virtually unchanged from April, according to the latest National Rent Report from Rentals.ca and Urbanation. While rents have declined 3.3 per cent year-over-year, marking the eighth consecutive month of annual decreases, they remain 12.6 per cent higher than three years ago.

“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, President of Urbanation. “Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”

Among property types, condo rentals saw the strongest monthly growth, rising 0.8 per cent to $2,192, while house and townhome rentals increased 0.3 per cent to $2,196. Purpose-built rentals edged down 0.1 per cent to $2,117, with an annual decline of 2.0 per cent.

Three-bedroom purpose-built apartments remained the strongest-performing segment, with rents increasing 3.9 per cent year-over-year to $2,743. Meanwhile, studio rents saw the largest annual decline, dropping 5.1 per cent to $1,762.

Regional trends:
• Saskatchewan led annual rent growth (+3.9%), followed by Nova Scotia (+2.1%) and Manitoba (+0.1%).
• Ontario (-3.6%) and B.C. (-2.6%) posted the highest rents despite declines.
• Calgary experienced the steepest annual rent drop (-7.9% to $1,928), followed by Toronto (-6.8%), Vancouver (-5.9%), and Montreal (-3.3%).
• Ottawa (+0.4) and Edmonton (+0.7%) were the only major cities to see annual rent increases.

Shared accommodations also saw a 4.7 per cent annual decline, with Quebec (-5.7%) posting the largest drop. Among cities, Vancouver (-9.9%) and Montreal (-8.8%) saw the sharpest declines, while Ottawa (+10.0%) and Edmonton (+2.3%) recorded gains.