Average asking rents fall annually for eighth straight month to $2,129

Average asking rents across Canada dropped by 3.3 percent in May, compared with the same month last year. The national average asking rent is now $2,129—this marks the eighth straight month in which rents have fallen on an annual basis.

When comparing April and May, rent prices barely changed: they edged up by just 0.1 percent.

Different types of housing showed different trends. Purpose-built apartments dropped by about 2 percent to $2,117 per month. Condo apartments saw a bigger dip—rents fell 3.6 percent, landing at $2,192. Meanwhile, houses and townhouses saw the largest drop, with rents down 7 percent to $2,196.

Experts say this cooling in rents comes from a few key reasons. First, a lot more new rental units are available now than before. Second, fewer people are moving into Canada than in recent years. Add rising economic worries, and the pressure on rents is easing.

Still, even after this decline, rent is higher than it was two or three years ago. Asking rents are now 5.7 percent above levels from two years ago—and a full 12.6 percent above where they stood three years ago.

Looking across provinces, Ontario saw the biggest drop: asking rents fell 3.6 percent to average $2,335. British Columbia followed with a 2.6 percent decrease to $2,462. Alberta’s average fell 2.4 percent to $1,745, and Quebec's fell 1.8 percent to $1,964.