National Rents Fall for First Time in Five Months as Annual Decline Widens to 4.8%

Toronto – September 9, 2026– The average asking rent for all residential properties in Canada was $2,035 in August, down 4.8% year-over-year, according to the latest National Rent Report from Rentals.ca and Urbanation, marking the 23rd consecutive month of annual rent decreases and the steepest annual decline since March 2026 (-5.3%). Rents were essentially flat on a monthly basis, slipping 0.1% from July after four consecutive monthly increases through the spring and early summer. Over the past two years, rents have declined 7.0%, falling to their lowest August level since 2022.

"The seasonal tailwind that lifted rents through the spring and summer has faded, and the trade war escalation is emerging as a new uncertainty for the rental market,” said Shaun Hildebrand, President at Urbanation. “Demand could be impacted in the near term through lower employment and consumer confidence, while supply is being threatened through potentially higher construction costs. For now, the direct exposure appears localized to specific industries and regions, but the broader economic uncertainty is something to watch out for."

Purpose-built rentals remained the most resilient segment of the market, with asking rents down 3.3% year-over-year to $2,038, while three-bedroom purpose-built units saw an even smaller annual decline of 1.4% to $2,734. Condo rents fell 7.7% annually to $2,050, led by a 9.3% decline in studio condo rents, while houses, townhomes and other secondary market units saw the steepest annual decline among property types, down 8.3% to $2,014.

On an annual basis, rent declines remained concentrated in Canada's largest provinces, led by British Columbia (-4.6%), Alberta (-4.3%) and Ontario (-3.5%), while Nova Scotia (+3.1%) and Manitoba (+0.2%) continued to post annual increases. Nova Scotia ($2,356) remained the most expensive province in the country for apartment and condo rents, narrowly ahead of British Columbia ($2,353) for a fourth consecutive month, due in part to a large share of new construction delivering larger units at a more premium price.

Nationwide, the average asking rent for apartment and condominium units was $2,040 in August, down 0.2% from July. Manitoba (-1.5%) and Nova Scotia (-0.9%) posted the largest monthly declines, while Quebec (+0.5%), Alberta and Ontario (+0.4% each) and Saskatchewan (+0.3%) posted monthly increases.

Rents rose month-over-month in four of Canada's six largest markets in August, led by Ottawa (+1.1% to $2,168) and Vancouver (+1.0% to $2,704), with Montreal (+0.8% to $1,955) and Edmonton (+0.7% to $1,520) also posting gains. Toronto (-0.3% to $2,570) and Calgary (-0.2% to $1,825) were the only two of the six largest markets to see rents fall month over month. Montreal posted the smallest annual decline among the six largest markets at 1.1%, narrowly ahead of Toronto (-1.4%, though its two-bedroom and three-bedroom rents rose 0.3% and 3.5% year-over-year, respectively) and Ottawa (-1.6%), while Calgary (-4.5%) recorded the largest annual decline, followed closely by Vancouver and Edmonton, both down 4.1%.

North Vancouver ($3,018, -1.3%) remained the most expensive rental market in the country outside the six largest cities, followed by Oakville ($2,684), Richmond ($2,570), North York ($2,513) and Burnaby ($2,498), while the most affordable markets were concentrated in Alberta and Saskatchewan, led by Fort McMurray ($1,277), Lloydminster ($1,330) and Medicine Hat ($1,345). Barrie (+14.3%) posted the largest annual rent increase in the country, driven by a large influx of higher-priced units in a newly completed rental project, followed by Lloydminster (+12.8%), Dartmouth (+10.8%) and Laval (+7.0%). Longueuil (-12.5%) saw the largest annual decline, followed by Abbotsford (-10.5%), Côte Saint-Luc (-10.3%) and Scarborough (-9.3%).

For more information or to schedule a media interview, please contact media@rentals.ca.

Media Contacts: 
Giacomo Ladas – giacomo@rentals.ca 
Shaun Hildebrand – shaun@urbanation.ca