Average asking rents down annually for seventh straight month at $2,127: report

The latest data from Rentals.ca and Urbanation says despite asking rents remaining comparatively lower than 2024 so far this year, April saw a month-over-month increase of 0.4% from March, reaching a five-month high.

Urbanation president Shaun Hildebrand says the rental market has shown some early signs of stabilizing, as renters are starting to take advantage of an improvement in affordability “which is thanks to the record amount of new supply hitting the market.”

The report says average asking rents in Canada are 6.2% higher than they were two years ago.

Purpose-built apartment asking rents declined 0.9% from a year ago to an average of $2,105, while asking rents for condominium apartments fell 5.2% to $2,210.

Ontario recorded the largest rent decline in April, with asking rents falling 2.7% to an average of $2,338, followed by Alberta’s 1.8% decrease to $1,716, Quebec’s 1.7% decrease to $1,976 and B.C.’s one per cent decrease to $2,483.

This report by The Canadian Press was first published May 8, 2025.

Source: Canadian Mortgage Trends