Canada's rental market is anticipated to experience a subdued summer season, as indicated by a recent report detailing a year-over-year decrease in average asking rents. In May, the average asking rent stood at $2,029, a 4.7 percent decline from the previous year, marking the twentieth consecutive annual drop. While rents saw a marginal 0.1 percent increase from April, this growth is significantly lower than the typical seasonal rise observed in prior years. Factors such as a weakened economic environment, a slowdown in population growth, and a record number of new apartment completions are contributing to softer rent increases, according to Urbanation president Shaun Hildebrand.