Average asking rents in Canada have regressed to levels last seen three years ago, with April marking the 19th consecutive year-over-year decline, according to a recent report. The latest monthly analysis by Rentals.ca and Urbanation, focusing on asking rents within Rentals.ca’s network, indicates that prices have averaged $2,027, reflecting a 4.7% decrease from April 2025. Nonetheless, there was a 0.9% increase in prices from March, attributed to the usual rise in demand during the spring and summer seasons.
For purpose-built apartments, asking rents saw a 3.7% decline year over year to an average of $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 returned to their levels from three years ago, with average rents now around $100 lower than the previous year and 7.4% below 2024. This improved affordability is expected to attract renters who were previously priced out of the market in recent years.
The decline in rents was most prominent in the largest provinces, with British Columbia experiencing a 5.9% decrease and Ontario rents down by 5.2%. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the current decline, average rents remain 21.9% higher than the low point recorded during the pandemic in April 2021.
The trend towards smaller apartments persisted, with the average available listing size now at 827 square feet, marking a 4.4% decrease from the average unit size two years ago.