Average asking rents in Canada have dropped to levels last seen three years ago, according to a new report. April marked the 19th consecutive year-over-year decline in rental prices. The latest analysis by Rentals.ca and Urbanation, based on listings data, revealed that average rents reached $2,027, a 4.7% decrease from April 2025. Despite this decline, prices saw a 0.9% increase from March, attributed to the seasonal rise in demand during spring and summer.
In detail, asking rents for purpose-built apartments fell by 3.7% year over year to an average of $2,027, while rents for condominium apartments dropped by 5.6% to $2,087. Urbanation president Shaun Hildebrand stated that rents in Canada have essentially returned to levels from three years ago, now down approximately $100 from a year ago and 7.4% lower than in 2024. The improved affordability is expected to attract renters who were previously priced out of the market in recent years.
The report highlighted that rent declines were most significant in the larger provinces, with British Columbia experiencing a 5.9% decrease and Ontario rents falling by 5.2%. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the recent declines, average rents remain 21.9% higher than the low point recorded during the pandemic in April 2021.
The trend toward smaller apartments persisted, with the average available listing size now at 827 square feet, marking a 4.4% reduction compared to the average unit size two years ago.