Toronto – November 6, 2025 – The average asking rent for all residential properties in Canada declined 2.2% year-over-year in October to $2,105, marking the 13th consecutive month of annual rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation. While rents declined on an annual basis for the 13th month in a row, the year-over-year decline in October was the smallest of the past 11 months. Despite the continued moderation, average asking rents remained 6.2% higher than three years ago and 14.0% above pre-pandemic levels in October 2019.
“Rent decreases in Canada are generally letting up, with rents basically unchanged in October compared to a year ago, when excluding B.C. and Alberta,” said Shaun Hildebrand, President of Urbanation. “In the near-term, the rental market will continue to face headwinds from slowing population growth, elevated unemployment, and rising apartment completions.”
Asking rents declined 0.9% month-over-month, reaching an eight-month low. Purpose-built apartment rents decreased 0.7% annually to $2,085, while condo and other secondary market rentals posted larger declines of 4.3% and 4.7%, respectively. Among bedroom types, one-bedroom units saw the largest annual decrease at 3.4%, while three-bedroom units were relatively flat at -0.2%. The strongest growth was recorded for three-bedroom purpose-built units, up 3.5% to $2,767, while studio condo rents dropped 14.2% to $1,609.
Apartment rents fell 1.3% nationally, led by annual declines in B.C. (-5.8%) and Alberta (-5.3%). Ontario rents fell by 2.2%, Quebec by 1.4%, and Nova Scotia by 0.2%, while Saskatchewan and Manitoba both rose by 1.8%. Compared to two years ago, B.C. rents are down 9.6% and Ontario 7.5%, with Saskatchewan leading gains at 24.0%.
All six of Canada’s largest cities posted annual rent declines in October, led by Vancouver (-7.4% to $2,728) and Calgary (-7.2% to $1,851). Toronto rents declined 3.3%, Edmonton 3.4%, Ottawa 1.9%, and Montreal 1.6%. Vancouver and Toronto rents reached 43- and 40-month lows, respectively, and are down over 11% and 13% compared to three years ago.
Among unit types in major markets, two-bedroom apartments in Toronto dropped 7.4% to $2,890, while three-bedroom units in Calgary declined 7.1%. One- and two-bedroom rents in Calgary both fell 6.8% year-over-year.
The average asking rent for shared accommodations across B.C., Alberta, Ontario, and Quebec declined 8.1% annually to $920 — the lowest level in 28 months. Rents fell 10.0% in B.C., 7.9% in Alberta, 6.6% in Ontario, and 4.7% in Quebec. Vancouver led declines at 16.7%, while Ottawa saw rents jump 19.1% to $1,107 due to new co-living supply.
The data includes single-detached homes, semi-detached homes, townhouses, condominium apartments, rental apartments, and basement apartments. Outlier listings and single-room rentals are excluded.
Media Contacts:
Giacomo Ladas – giacomo@rentals.ca
Shaun Hildebrand – shaun@urbanation.ca