Canadian Rents Have Fallen for Two Straight Years

Toronto – October 7, 2026 – The average asking rent for all residential properties in Canada was $2,034 in September, down 4.2% year-over-year, according to the latest National Rent Report from Rentals.ca and Urbanation, marking the 24th consecutive month of annual rent decreases and two full years of annual declines. Rents edged down slightly on a monthly basis from $2,035 in August, the second consecutive monthly decrease following four straight monthly increases from April to July, in line with the typical seasonal slowdown heading into the fall. Over the past two years, rents have declined 7.3%, falling to their lowest September level since 2022, and are now 9.2% below the peak of $2,202 reached in May 2024.

"Toronto and Vancouver led the country into this correction, and they are now leading it toward recovery. Annual declines in both cities have narrowed significantly, rents have trended higher over the past six months, and new supply has moved past its peak. With rents at their lowest September levels in five years, renters are coming off the sidelines and bringing stability back to these markets. Where Toronto and Vancouver go, the rest of the country follows," said Shaun Hildebrand, President of Urbanation.

Purpose-built rentals remained the most resilient segment of the market, with asking rents down 2.7% year-over-year to $2,036, while three-bedroom purpose-built units saw an even smaller annual decline of 1.4% to $2,715. Condo rents posted the steepest annual decline among property types, down 7.8% to $2,052, led by a 9.6% decline in studio condo rents, while houses, townhomes and other secondary market units fell 7.4% year-over-year to $2,016.

On an annual basis, apartment and condo rent declines were led by Ontario (-3.7%), Manitoba (-3.4%) and Alberta (-3.4%), followed by British Columbia (-2.3%) and Quebec (-1.3%), while Nova Scotia (+1.2%) and Saskatchewan (+0.4%) were the only provinces to post annual increases. British Columbia ($2,373) reclaimed its position as the most expensive province in the country for apartment and condo rents, moving ahead of Nova Scotia ($2,321), which had held the top spot from May to August.

Nationwide, the average asking rent for apartment and condominium units was $2,038 in September, down 0.1% from August and down 3.3% year-over-year. British Columbia (+0.8%) posted the largest monthly increase among provinces, with smaller gains in Saskatchewan (+0.5%), Manitoba (+0.3%) and Alberta (+0.3%). Nova Scotia (-1.5%) and Ontario (-0.8%) posted monthly declines, with Ontario's decline ending a run of four consecutive monthly increases from May to August.

Rents rose month-over-month in three of Canada's six largest markets in September, led by Vancouver (+1.4% to $2,741), with smaller gains in Montreal (+0.2% to $1,959) and Edmonton (+0.2% to $1,522). Toronto rents fell for the second consecutive month (-0.6% to $2,554), while Ottawa (-0.2% to $2,164) and Calgary (-0.1% to $1,823) also declined month-over-month.

Montreal posted the smallest annual decline among the six largest markets at 1.1%, followed by Ottawa (-1.2%), Vancouver (-1.3%) and Toronto (-1.4%, though its three-bedroom rents rose 1.8% year-over-year to $3,586), while Calgary (-3.9%) and Edmonton (-3.2%) recorded the largest annual declines. Vancouver's annual decline narrowed from 4.1% in August to its smallest since December 2023, though it marked the city's 34th consecutive month of annual decline, while Toronto recorded its 32nd. Asking rents in both cities were at their lowest September level since 2021.

North Vancouver ($2,983) remained the most expensive rental market in the country outside the six largest cities, with rents essentially unchanged year-over-year, followed by Richmond ($2,572), Burnaby ($2,548), North York ($2,516) and Coquitlam ($2,497), while the most affordable markets were concentrated in Alberta, led by Fort McMurray ($1,258), Medicine Hat ($1,339) and Lloydminster ($1,379). Barrie (+17.4%) posted the largest annual rent increase in the country, with the majority of the increase associated with a single large new-build project with higher-priced units in initial lease-up, followed by Lloydminster (+11.6%), Laval (+8.5%) and Dartmouth (+6.9%). Côte Saint-Luc (-13.6%) saw the largest annual decline, followed by Longueuil (-11.3%), Scarborough (-10.9%), Kingston (-10.8%) and Oakville (-10.8%).

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