The national average asking rent in May was down 3.3% from a year earlier at $2,129, marking the eighth consecutive month of year-over-year decreases.
The latest monthly report from Rentals.ca and Urbanation says asking rents held steady from April, with a 0.1% month-over-month increase.
Purpose-built apartment asking rents declined 2% from a year ago to an average of $2,117, while asking rents for condominium apartments fell 3.6% to $2,192.
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 heightened economic uncertainty.
The report says average asking rents in Canada are 5.7% higher than they were two years ago and 12.6% above levels from three years ago.
Ontario recorded the largest rent decline in May, with asking rents falling 3.6% year-over-year to an average of $2,335, followed by B.C.’s 2.6% decrease to $2,462, Alberta’s 2.4% decrease to $1,745 and Quebec’s 1.8% decrease to $1,964.