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4w ago

Canadian Asking Rents Drop 3.3% in May for Eighth Consecutive Month

Asking rents remain far above pre-pandemic levels despite recent declines.

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 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 CANADIAN PRESS/Sean Kilpatrick

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.