Average asking rents in Canada have regressed to levels last seen three years ago, with April marking the 19th consecutive year-over-year decline, a recent report reveals. According to the latest monthly analysis by Rentals.ca and Urbanation, which is based on asking rents within Rentals.ca’s listings network, prices have averaged $2,027, representing a 4.7% decrease from April 2025. Despite this decline, prices saw a 0.9% increase from March, attributed to the usual surge in demand during the spring and summer months.
The report highlights that asking rents for purpose-built apartments dropped by 3.7% year over year to an average of $2,027, while asking rents for condominium apartments fell by 5.6% to $2,087. Urbanation president, Shaun Hildebrand, commented that rents in Canada have essentially returned to levels from three years ago, with average rents now approximately $100 lower than a year ago and 7.4% lower than in 2024. Hildebrand expressed optimism that the improved affordability could attract renters who were previously priced out in recent years.
The decline in rents was particularly notable in the larger provinces, with British Columbia experiencing a 5.9% decrease and Ontario witnessing a 5.2% drop. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the decline, average rents remain 21.9% higher than the pandemic-era low recorded in April 2021.
Furthermore, the trend towards smaller apartments persisted, with the average available listing size shrinking to 827 square feet, marking a 4.4% decrease from the average unit size two years ago.
