Canada’s Average Rent Drops Below $2,100, Lowest in Nearly a Year and a Half

Toronto – December 8, 2025 – The average asking rent for all residential properties in Canada declined 3.1% year-over-year in November to $2,074, marking the 14th consecutive month of annual rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation. Rents have now fallen $100 below last year’s level and are 4.6% lower than two years ago. Despite the extended downturn, average asking rents remained 3.4% higher than three years ago.

“The rental market in Canada continues to face short-term challenges as demand pulls back due to a flattening in population growth and continued economic uncertainty, while at the same time supply ramps up as record number of apartments finish construction,” said Shaun Hildebrand, President of Urbanation. “In this environment, rents can be expected to continue trending down in the next few months during the typical seasonal slowdown.”

Rents declined 1.5% month-over-month, the largest monthly drop of 2025, bringing the national average to its lowest level since June 2023. The three-month rolling average fell 1.0% from October, while the 12-month average change showed a 3.2% annual decline, the largest since October 2021.

Purpose-built rentals remained the most stable segment, with average rents falling just 2.0% annually to $2,060. Condo rentals posted a 3.7% year-over-year decline to $2,157, while other secondary market units dropped 5.2% to $2,087. Three-bedroom purpose-built units continued to outperform, rising 2.5% annually to an average of $2,743. One-bedroom rents fell 3.8% to $1,811, while two-bedroom units declined 2.1% to $2,179 and three-bedrooms dipped just 0.4% to $2,503.

At the provincial level, average apartment rents declined in every region except Saskatchewan (+0.5%) and Nova Scotia (+1.8%). The sharpest declines were recorded in B.C. (-6.4%), Alberta (-4.3%), and Ontario (-3.5%). Over a three-year period, apartment rents have decreased in both B.C. (-2.6%) and Ontario (-5.2%), while Saskatchewan led growth with a 21.8% increase.

Each of Canada’s six largest cities posted annual rent declines in November. Vancouver rents fell 6.8% to $2,692, their lowest level since March 2022, while Toronto rents dropped 5.0% to $2,508 — the lowest since May 2022. Calgary rents declined 5.9%, Montreal 3.3%, Edmonton 2.8%, and Ottawa 0.7%. Among unit types, three-bedroom rents increased in Ottawa (+5.0%), Montreal (+2.5%), and Edmonton (+1.9%), while the steepest annual declines were recorded for two-bedroom apartments in Toronto (-8.3%) and three-bedrooms in Vancouver (-8.8%).

The average asking rent for shared accommodations across B.C., Alberta, Ontario, and Quebec declined 8.3% annually in November to $914, reaching the lowest level in over two years.