The report notes that rents declined by 2.8 per cent compared to March 2024. However, on a month-over-month basis, there was a 1.5 per cent uptick from February, signaling a slight rebound in rental activity after months of stagnation. This was the first monthly increase in average asking rents since September.
Urbanation president Shaun Hildebrand attributed the rise in demand to improved affordability, which has encouraged more renters to return to the market. Still, he cautioned that broader economic uncertainty—particularly stemming from the ongoing trade conflict with the United States—could place further downward pressure on rents in the months ahead due to anticipated job losses and a slowing economy.
Despite the recent dip, average asking rents remain significantly higher than pre-pandemic levels. Compared to March 2020, rents are up 17.8 per cent nationwide. Purpose-built rental apartments saw a modest year-over-year decline of 1.5 per cent, with an average asking rent of $2,086. Condominium apartment rents dropped 3.8 per cent to $2,232, while house and townhome rentals saw the sharpest decline at 5.6 per cent, falling to $2,186.
Regionally, Ontario experienced the largest drop, with combined apartment and condo rents down 3.5 per cent to an average of $2,327. Quebec followed with a 2.5 per cent decline, bringing the provincial average to $1,949. British Columbia and Alberta saw minor decreases of 0.6 and 0.4 per cent respectively, with B.C.’s average rent at $2,480 and Alberta’s at $1,721.
Conversely, Saskatchewan led the country in rent growth with a three per cent year-over-year increase to $1,336, followed by Nova Scotia at 2.4 per cent to $2,199 and Manitoba at two per cent to $1,592. These increases highlight regional disparities in supply and demand across Canada’s housing market.