By Sammy Hudes

The month-to-month knowledge offered by Leases.ca and Urbanation, which analyzes listings within the former’s community, says rents had been down 2.8% final month in contrast with March 2024. 

On a month-over-month foundation, rents rose 1.5% from February, the primary improve since final September.

Urbanation president Shaun Hildebrand stated renters had been extra lively in March than they’d been in current months, doubtless due to enhancements in affordability.

“Nonetheless, rents are more likely to proceed going through downward stress within the near-term because of the anticipated unfavorable financial affect and job losses attributable to the commerce battle with the U.S.,” he stated in a press launch.

The report stated common asking rents in Canada are nonetheless 17.8% greater than they had been 5 years in the past when the COVID-19 pandemic hit in March 2020.

Function-built residence asking rents declined 1.5% from a yr in the past to a mean of $2,086, whereas asking rents for condominium residences fell 3.8% to $2,232.

Rents for homes and townhomes declined 5.6% to $2,186.

Ontario recorded the steepest lease declines, with mixed residence and rental rents falling 3.5% to a mean of $2,327 in March, adopted by Quebec’s 2.5 per cent lower to $1,949.

B.C. noticed a slight 0.6% lower in common asking rents to $2,480 whereas Alberta’s common ask was down 0.4% to $1,721.

Saskatchewan led the way in which for year-over-year lease development, at three per cent, to a mean of $1,336, adopted by Nova Scotia at 2.4% to $2,199 and Manitoba at two per cent to $1,592.

This report by The Canadian Press was first printed April 8, 2025.

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Final modified: April 8, 2025