May 2026 Rent Report

INDER CHAWLA – REAL ESTATE BROKER

• Average asking rent in Canada declined 4.7% year-over-year in April, falling by $100 to $2,027, marking the 19th consecutive month of year-over-year declines.
• On a monthly basis, rents rose by 0.9% compared to March, marking the beginning of increasing seasonal demand during the spring and summer.
• Since reaching a low of $1,662 in April 2021 during COVID-19, average rents have risen 21.9%.
• Secondary markets adjacent to Canada’s largest cities experienced some of the steepest declines in apartment rents over the past year, including double-digit drops in Richmond (-13.1%), Markham (-12.0%), Oakville (-11.1%), Coquitlam (-11.1%) and Burnaby (-10.2%).
• Purpose-built rents remained the most stable over the past year, declining 3.7% to an average of $2,027, while asking rents for condo units fell by 5.6% to $2,087. However, incentives such as free rent periods have become common at purpose-built rental projects, resulting in lower effective rents for tenants.
• Average rents for all unit types continued to fall across the most populous provinces, down 5.9% in B.C., 5.2% in Ontario, 3.4% in Alberta, and 1.9% in Quebec. However, increases were seen in Nova Scotia (+3.3%), Saskatchewan (+2.2%) and Manitoba (+1.3%).
• Average rent per square foot declined slightly to $2.54, compared to $2.56 in April 2025, and down from $2.68 in April 2024. The average unit size for available listings decreased to 827 square feet, down from 845 square feet in April 2025 and 865 square feet in April 2024.

For more information/consultation, feel free to Contact anytime at 647-701-1486 or email at info@homesbyic.com

Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial, investment, or tax advice. While we strive to provide accurate information, tax laws are subject to change and vary by jurisdiction. You should consult with a qualified CPA, tax attorney, or financial advisor before making any decisions based on the content of this blog. Inder Chawla Real Estate Inc. is not responsible for any financial losses or tax penalties incurred.