Toronto – July 8, 2026 – The average asking rent for all residential properties in Canada declined 4.3% year-over-year in June to $2,033, marking the 21st consecutive month of annual rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation. However, the pace of decline continued to ease after larger annual drops of 5.3% in March and 4.7% in April and May. Rents were up 0.2% month-over-month in June, the third consecutive monthly increase since asking rents hit a 35-month low of $2,008 in March. Over the past two years, rents have declined 6.9%, falling to their lowest June level in four years.
"Canada's rental market continued to show signs of improvement in June, with rents rising for a third straight month and the pace of annual declines easing from earlier in the year,” said Shaun Hildebrand, President at Urbanation. “Toronto's gradual stabilization could be an early signal that the market is beginning to bottom out this cycle."
Despite the recent declines, affordability remains renters' top concern. According to Rentals.ca's Spring Renter Preference Survey, nearly three-quarters (72%) of respondents are looking for rentals priced at $2,000 or less — below the national average rent — and 70% cited high rent prices as their biggest challenge.
Purpose-built rentals remained the most resilient segment of the market, with asking rents declining 3.1% annually to an average of $2,034. Condo rents fell 6.8% year-over-year to $2,058, while houses and townhomes declined 7.4% to $2,017. Within purpose-built apartments, three-bedroom units were the most resilient unit size, down just 0.4% to $2,743, while studio condo rents recorded the steepest decline among major unit types, falling 9.5% to $1,582.
At the provincial level, annual apartment rent declines remained concentrated in Canada's largest provinces, led by British Columbia (-5.1%), Alberta (-4.8%), and Ontario (-4.6%). Nova Scotia held its lead over British Columbia as the most expensive province for purpose-built and condominium apartments for a second consecutive month, averaging $2,360 versus $2,347 in B.C., driven by a higher concentration of newer, larger-unit listings. Nova Scotia (+4.0%) and Manitoba (+1.8%) posted annual rent increases, while Saskatchewan continued to lead long-term rent growth, with apartment rents up 25.6% over the past three years.
Rents rose month-over-month in four of Canada's six largest markets in June, led by Ottawa (+1.3% to $2,149) and Toronto (+1.2% to $2,537). The increase marked Toronto's third consecutive monthly gain since March — a possible early signal that the market's prolonged run of annual declines, now at 29 months, may be nearing an end, with rents down just 1.9% annually. Calgary recorded the largest annual decline among the six largest markets (-5.6% to $1,820), followed by Vancouver and Edmonton, both down 4.1%. Montreal posted the smallest annual decline of the six largest markets, down 0.8% to $1,949, despite slipping 0.9% month-over-month.
Secondary markets adjacent to Canada's largest cities continued to post some of the steepest annual rent declines nationally, led by Ajax (-15.7%), Markham (-15.2%), and Greater Sudbury (-15.0%).
The average asking rent for shared accommodations across British Columbia, Alberta, Ontario, and Quebec held steady at $900 in June, essentially unchanged since January, but down 4.1% from June 2025 and 9.0% from June 2024. Vancouver recorded the largest decline among major markets, with shared accommodation rents falling 15.5% year-over-year to $1,099.
For more information or to schedule a media interview, please reach out to media@rentals.ca.
Media Contacts: Giacomo Ladas – giacomo@rentals.ca Shaun Hildebrand – shaun@urbanation.ca