By Sammy Hudes
The most recent month-to-month evaluation from Leases.ca and Urbanation, which relies on asking rents throughout the previous’s listings community, discovered the typical asking hire for Might was down 4.7% year-over-year to $2,029.
That marked the twentieth consecutive annual decline. Costs ticked up 0.1% on a month-over-month foundation from April, which the report mentioned was well-below the typical seasonal enhance throughout the earlier 5 years of 1.3%.
Urbanation president Shaun Hildebrand mentioned the Canadian rental market is heading into the height summer season season below a weak financial backdrop, a lowering inhabitants and file house completions.
These elements are conserving hire will increase “softer than what’s typical for this time of yr,” he mentioned. “This could supply continued reduction for renters after years of outsized hire inflation.”
Since reaching a peak of $2,202 in Might 2024, common asking rents have fallen 7.8%, the report mentioned.
In Might, asking rents for purpose-built residences fell 3.4% year-over-year to a mean of $2,031, whereas asking rents for condominium residences fell 6.8% to $2,076. Common asks for home and townhouse leases had been down 7.7% to $2,004.
Measured by province, B.C. recorded the steepest decline in common house rents, which had been down 5.4% to $2,328, adopted by Ontario, which noticed a 5 per cent lower to $2,219.
Alberta’s common ask decreased 4.7% to $1,663, adopted by Quebec’s decline of 1.4% to $1,936. Common asking rents for residences rose in Nova Scotia by 2.6% to $2,343, overtaking B.C. as the costliest province for that class.
Residence rents moved 2.1% larger in Manitoba to $1,659 and 0.4% in Saskatchewan to $1,391.
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Canadian hire costs hire costs in canada rental market leases.ca leases.ca report sammy hudes Shaun Hildebrand The Canadian Press Urbanation
Final modified: June 8, 2026
