Average asking rents in Canada have fallen to levels not seen in three years, marking the 19th consecutive year-over-year decline in rental prices. According to a report from Rentals.ca and Urbanation, the average asking rent in April was $2,027, a decrease of 4.7 percent from April 2025. However, there was a month-over-month increase of 0.9 percent from March, typical for the spring and summer seasons. Purpose-built apartments saw a 3.7 percent annual decline to an average of $2,027, while condominium apartments dropped 5.6 percent to $2,087. Urbanation president Shaun Hildebrand noted that average rents are now approximately $100 lower than a year ago and 7.4 percent lower than in 2024, potentially improving affordability for renters who were previously priced out of the market. Significant declines were observed in British Columbia and Ontario, while rents increased in parts of Nova Scotia, Newfoundland, Saskatchewan, and Manitoba.
Why It Matters
This trend in declining rental prices is significant as it reflects broader housing market dynamics and shifts in demand and affordability across Canada. The rental market is still 21.9 percent higher than the pandemic-era lows recorded in April 2021, indicating that while rents are decreasing, they remain elevated compared to previous years. Additionally, the trend toward smaller apartments, now averaging 827 square feet, suggests changing consumer preferences and economic conditions affecting housing choices. Understanding these factors is essential for policymakers and stakeholders in addressing housing affordability and availability in urban centers.
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