A new report says average asking rents in Canada have fallen back to levels seen three years ago, as April marked the 19th consecutive year-over-year decline.
The latest monthly analysis from Rentals.ca and Urbanation, based on asking rents across the former’s listings network, says prices reached an average of $2,027, down 4.7 per cent from April 2025.
However, prices rose 0.9 per cent on month over month from March, amid typical increas in demand during the spring and summer.
Asking rents for purpose-built apartments fell 3.7 per cent year over year to an average of $2,027, while asking rents for condominium apartments dropped 5.6 per cent to $2,087.
Why is rent falling in Canada’s most expensive cities?
“Rents in Canada are basically back to their level from three years ago,” said Urbanation president Shaun Hildebrand. He added that average rents are now down around $100 from a year ago and 7.4 per cent lower than 2024.
Hildebrand says improving affordability “should help bring renters into the market who were priced out in recent years.”
Rent declines were most concentrated in the largest provinces, with B.C. seeing a 5.9 per cent decrease and Ontario rents down 5.2 per cent. Rents rose in Nova Scotia, Newfoundland, Saskatchewan and Manitoba.
Average rents are still 21.9 per cent higher than the pandemic-era low recorded in April 2021, however.
The trend toward smaller apartments continued, with the average available listing shrinking to 827 square feet — 4.4 per cent smaller than the average unit size two years ago.
