A recent report reveals that the average asking rents in Canada have reverted to levels observed three years ago, with April marking the 19th consecutive year-over-year decline. According to the most recent monthly analysis conducted by Rentals.ca and Urbanation, based on asking rents within Rentals.ca’s listings network, prices averaged $2,027, reflecting a 4.7% decrease from April 2025. However, there was a 0.9% increase in prices from March, attributed to the usual surge in demand during the spring and summer seasons.
In detail, asking rents for purpose-built apartments saw a 3.7% decline year over year, averaging $2,027, while asking rents for condominium apartments dropped by 5.6% to $2,087. Urbanation president Shaun Hildebrand noted that rents in Canada have essentially regressed to levels seen three years ago, with average rents currently around $100 lower than a year ago and 7.4% lower than in 2024. This improvement in affordability is expected to attract renters who were previously priced out of the market in recent years.
The decline in rents was particularly pronounced in the major provinces, with British Columbia experiencing a 5.9% decrease and Ontario rents dropping by 5.2%. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the decline, average rents remain 21.9% higher than the low point recorded during the pandemic in April 2021.
Furthermore, the trend toward smaller apartments persisted, with the average available listing size shrinking to 827 square feet, marking a 4.4% reduction compared to the average unit size two years ago.