Toronto – April 9, 2026 – The average asking rent for all residential properties in Canada declined 5.3% year-over-year in March to $2,008, marking the 18th consecutive month of annual rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation. Rents fell to their lowest level in 35 months and were down 7.9% compared to two years ago, while remaining relatively flat compared to three years ago.
“The Canadian rental market downturn has deepened, with rents in March falling at their fastest pace since COVID,” said Shaun Hildebrand, President of Urbanation. “This shows in real-time the market impact from the declining population, coupled with ongoing affordability issues, heightened economic uncertainty, and record high apartment completions."
Asking rents declined 1.1% month-over-month in March, following a 1.3% decrease in February, marking the second consecutive monthly decline of more than 1%. Since peaking in May 2024, rents have fallen by $194, or 8.8%.
Rents continued to fall across all property types, with the largest declines seen in the secondary market. Condo rents dropped 6.9% annually to $2,077, while houses and townhomes fell 9.0% to $1,990. Purpose-built rentals remained the most stable, declining 3.9% year-over-year to $2,005. One-bedroom rents recorded the steepest drop, falling 5.1% to $1,763, while three-bedroom rents declined 3.8% to $2,452.
On a per-square-foot basis, asking rents declined 1.2% annually to $2.49, while the average unit size decreased to 831 square feet, reflecting a continued shift toward smaller rental units.
At the provincial level, rent declines were concentrated in Canada’s largest markets. Apartment rents fell 4.8% in British Columbia, 4.6% in Alberta, and 4.4% in Ontario, while Quebec saw a smaller 2.1% decrease. In contrast, rents increased in Nova Scotia (+3.9%), Saskatchewan (+3.7%), and Manitoba (+3.4%), with Saskatchewan continuing to lead long-term growth.
Among Canada’s six largest cities, rents declined across all markets, led by Calgary (-5.0%), while Montreal saw the smallest decrease (-1.6%). Toronto rents fell to a 46-month low, while Vancouver rents remained below levels seen in early 2022 despite recent monthly increases.
The average asking rent for shared accommodations across British Columbia, Alberta, Ontario, and Quebec declined 6.3% annually in March to $899, falling below $900 for the first time in three years.
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