Canadian rents fell for the eighth straight month

Canadian average asking rents have decreased for the eighth consecutive month, reaching $2,129 in May, according to a new report released Monday. The report from Rentals.ca and Urbanation indicates a 3.3% year-over-year decline, though rents remained relatively stable from April with a 0.1% increase. Purpose-built apartments and condos also saw decreases in asking rents. This easing of rents is attributed to increased housing supply, slower population growth, and economic uncertainty, though rents remain higher than pre-2022 levels. Ontario and British Columbia saw the largest rent declines.