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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.
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The latest monthly report from Rentals.ca and Urbanation says asking rents held steady from April, with a 0.1 per cent month-over-month increase.
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Purpose-built apartment asking rents declined two per cent from a year ago to an average of $2,117, while asking rents for condominium apartments fell 3.6 per cent to $2,192.
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Urbanation president Shaun Hildebrand says rents have eased in part due to a surge in supply from new apartment completions, a slowdown in population growth and a heightened level of economic uncertainty.
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The report says average asking rents in Canada are 5.7 per cent higher than they were two years ago and 12.6 per cent above levels from three years ago.
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Ontario recorded the largest rent decline in May, with asking rents falling 3.6 per cent year-over-year to an average of $2,335, followed by B.C.’s 2.6 per cent decrease to $2,462, Alberta’s 2.4 per cent decrease to $1,745 and Quebec’s 1.8 per cent decrease to $1,964.
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