Toronto – November 5, 2026 – The average asking rent for all residential properties in Canada was $2,036 in October, down 3.2% year-over-year, according to the latest National Rent Report from Rentals.ca and Urbanation. This marked the 25th consecutive month of annual rent decreases, but it was the smallest annual decline since February 2026 (-2.8%). The annual decline has now eased for two straight months, from 4.8% in August to 4.2% in September. Rents edged up 0.1% month-over-month in October, following slight declines in August and September. Over the past two years, rents have declined 5.4% from $2,152 in October 2024, falling to their lowest October level since 2022.
"The window for cheaper rents is closing in Toronto and Vancouver," said Shaun Hildebrand, President of Urbanation. "Rents in Canada's two largest cities are starting to rise for the first time in nearly three years, driven by declining supply, a trend that will continue. Renters still have the advantage in Calgary, Edmonton and much of Ontario outside Toronto, where rents continue to fall."
Purpose-built rentals remained the most resilient segment of the market, with asking rents down 2.1% year-over-year to $2,040. Three-bedroom purpose-built units saw an even smaller annual decline of 0.8% to $2,745. Condo rents fell 5.5% annually to $2,048, led by a 6.1% decline in two-bedroom condo rents. Houses, townhomes and other secondary market units saw the steepest annual decline among property types, down 6.0% to $2,016.
On an annual basis, Ontario posted the largest decline in apartment and condo rents among the provinces (-2.5% to $2,242), followed by Alberta (-1.8%), Quebec (-1.7%) and British Columbia (-1.3%). Rents in Saskatchewan (-0.1%) and Manitoba (-0.5%) were close to year-ago levels. Nova Scotia was the only province to post an annual increase in apartment and condo rents, up 5.6% to $2,421.
Nationwide, the average asking rent for apartment and condominium units was $2,041 in October, up 0.2% month-over-month and down 2.5% year-over-year. Nova Scotia (+4.3%) posted the largest monthly gain among provinces, followed by Ontario (+0.5%) and Saskatchewan (+0.1%). Rents moved lower from September in Quebec (-1.3%), Alberta (-0.8%) and Manitoba (-0.5%), and were essentially flat in British Columbia (-0.1%).
Apartment and condo rents rose year-over-year in both Toronto and Vancouver in October. Toronto rents were up 1.6% to $2,590, the first annual increase after 32 consecutive months of decline and the largest annual gain among the six largest markets. Vancouver rents rose 0.2% to $2,735, the first annual increase after 34 consecutive months of decline. Ottawa rents were also up year-over-year (+0.3% to $2,170). Annual declines continued in Calgary (-2.4% to $1,806), Edmonton (-1.3% to $1,510) and Montreal (-0.3% to $1,948).
Toronto also posted the largest monthly gain among the six largest markets (+1.4%), and Ottawa rose 0.3%. Rents moved lower month-over-month in Calgary (-0.9%), Edmonton (-0.8%), Montreal (-0.5%) and Vancouver (-0.2%).
Three-bedroom rents rose year-over-year in Toronto (+4.3% to $3,643), Vancouver (+2.6% to $4,042) and Edmonton (+1.3% to $1,981). Toronto two-bedroom rents also rose 2.8% to $2,971.
North Vancouver ($2,950) remained the most expensive rental market in the country outside the six largest cities. It was followed by Richmond ($2,570), Kanata ($2,538), Burnaby ($2,535) and North York ($2,513). The most affordable markets were concentrated in Alberta and Saskatchewan, led by Fort McMurray ($1,290), Medicine Hat ($1,306) and Lloydminster ($1,319).
Dartmouth (+15.1%) posted the largest annual rent increase in the country, followed by Barrie (+11.2%) and Kanata (+9.2%). Longueuil (-15.5%) saw the largest annual decline, followed by Kingston (-12.9%) and Gatineau (-11.6%). Elsewhere in the Greater Toronto Area, apartment and condo rents fell year-over-year in Oakville (-7.7%), Markham (-5.4%), Vaughan (-4.8%) and Mississauga (-4.3%).
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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.