Overview
- National average asking rent fell 3.3% year over year to $2,129 in May, marking the eighth straight month of annual decreases.
- Rents edged up 0.1% from April, reflecting a near-stable month-on-month trend.
- Purpose-built apartment asking rents declined 2% to $2,117 while condominium rents fell 3.6% to $2,192.
- Ontario recorded the largest provincial drop at 3.6% to $2,335; Saskatchewan led growth with a 3.9% increase and Calgary rents plunged 7.9% to $1,928.
- Analysts attribute the easing to a surge in new apartment completions, slowed population growth and heightened economic uncertainty.