Average asking rents in Canada have climbed 28% since reaching a pandemic low in April 2021.

By Staff

May 8^th, 2025

BURLINGTON, ON

The latest National Rent Report from Rentals.ca and Urbanation reveals that the average asking rent for all residential properties in Canada increased by 0.4% in April to $2,127, reaching a five-month high. Despite this monthly increase, rents are still down 2.8% annually.

Here are the key points from the report:

– Average asking rents in Canada have climbed 28% since reaching a pandemic low in April 2021.

– Purpose-built rentals led April’s monthly gains, rising 0.9% to an average of $2,105.

– Condo rents declined 1.0% from March and 5.2% year-over-year to $2,210.

“The rental market in Canada has shown some early signs of stabilizing this spring with rents moving higher over the past two months,” said Shaun Hildebrand, President of Urbanation. “Renters are starting to take advantage of the improvement in affordability, which is thanks to the record amount of new supply hitting the market.”

Since reaching a pandemic low in April 2021, average asking rents in Canada have climbed 28%, with a 6.2% increase compared to two years ago.

Among property types, purpose-built rentals led April’s monthly gains, rising 0.9% to an average of $2,105. Condo rents declined 1.0% from March and 5.2% year-over-year to $2,210, while other secondary rentals fell 0.9% monthly and 6.8% annually to $2,166.

Three-bedroom purpose-built apartments posted the largest annual growth at 4.4%, with all purpose-built unit types seeing rent increases between March and April. In contrast, condo rents declined across all unit types, with two-bedroom condo units dropping 5.9% year-over-year to $2,344.