The average asking rent for all Canadian property types fell 4.2 per cent in September from a year earlier to $2,034, marking two full years of annual declines, according to the latest monthly report from Rentals.ca and Urbanation.
The Canadian Press reported the figures Oct. 7. Rents slipped $1 from August’s $2,035, the second straight month-over-month decline, which the report described as a typical fall pattern as demand eases after the spring and summer moving seasons.
Rents are down 7.3 per cent over the past two years, the report said. The national average peaked at $2,202 in May 2024.
Urbanation president Shaun Hildebrand said supply has driven the correction. “Our research shows supply has been the main driver of this correction,” he said in a news release, adding that “new supply is moving past its peak” in key markets such as Toronto and Vancouver.
Rents in Ontario fell 4.8 per cent from a year earlier, the largest provincial decline in the report. British Columbia was down 2.9 per cent, Alberta 2.6 per cent and Quebec 1.7 per cent. Nova Scotia and Saskatchewan each posted a 1.4 per cent increase.
By property type, condominium rents fell 7.8 per cent to $2,052, with studio condos down 9.6 per cent, the steepest drop. Houses and townhomes declined 7.4 per cent to $2,016. Purpose-built apartments fell 2.7 per cent to $2,036, the smallest decline of any type.
In the six largest markets, the average rent was $2.48 per square foot, down 1.5 per cent from September 2025.
The report said rents in Toronto and Vancouver have stabilized after reaching five-year lows and have trended higher over the past six months, with annual declines narrowing. Hildebrand said rents in both cities have moved up over that period.
The report pointed to peaking construction inventory, a modest population increase in revised data and lower tariff exposure in both labour markets as factors that could support a return to positive rent growth. It also said more affordable rents and move-in incentives are releasing pent-up demand from delayed household formation.
The report cited Statistics Canada data showing average weekly earnings up 19.4 per cent over five years, which it said points to improved rental affordability.
The B.C. government has said its housing measures are helping push rents down, the Canadian Press reported.
Via The Canadian Press, based on the Rentals.ca and Urbanation National Rent Report for September 2026.
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