Rent across Canada is now the lowest it’s been in two years
It’s not all grim news when it comes to Canadian real estate.
Rents across Canada have been on a downward trend for two years straight, with the average asking rent now sitting at $2,034, according to a new report from Rentals.ca.
Asking rents across all types of rental properties (apartments, condos, houses, and townhouses) fell 4.2 per cent from a year ago, marking the 24th consecutive month of annual declines. The September average was also the lowest recorded for the month since 2022.
Overall, the report states that rents are now 7.3 per cent lower than they were two years ago and 9.2 per cent below their peak of $2,202 in May 2024.
The drop has been broad, with average rents falling 4.8 per cent in Ontario, 2.9 per cent in British Columbia, 2.6 per cent in Alberta and 1.7 per cent in Quebec.
Average rent prices in September 2026. Rentals.ca
Nova Scotia and Saskatchewan were the exceptions, with rents rising 1.4 per cent in both provinces.
Condo rents have seen some of the sharpest declines, falling 7.8 per cent year over year to $2,052. Purpose-built rental apartments have been more resilient, dropping 2.7 per cent to $2,036.
Vancouver and Toronto remain among the country’s most expensive rental markets, with average rents of $2,754 and $2,556, respectively.
While those numbers may still be pretty high for the average person, both cities have seen asking prices come down over the past year. That said, the report suggests the declines could be coming to an end, with rents in both markets already starting to climb again over the past six months.
For renters looking for something a little more affordable, Regina had the lowest average apartment and condo rent listed in the report in September, at $1,468. Edmonton followed at $1,633, and Winnipeg at $1,653.
So while rents are still fairly high in many parts of the country, at least they’re starting to head in the right direction. After years of watching rental prices climb, Canadians are getting a bit of a break, though it’s unlikely anyone can call a $2,000+ rental a “bargain.”