Rent in Canada is the cheapest its been in ages — but it may not last
After years of rent increases, a new report shows that rent prices in Canada are continuing to trend downward, offering much-needed relief for renters.
A new report by Rentals.ca and Urbanation states that as of September 2025, Canadians paid an average of $2,123 per month in rent. That means the average rent for all residential properties in Canada dropped by 3.2 per cent year-over-year, marking 12 consecutive months of decline. It might be a small difference, but it’s certainly a welcome trend, given that rent continued to increase between August 2021 and September 2024.
“Renters in many parts of Canada are experiencing the best levels of affordability in two years, with the most expensive markets in Vancouver and Toronto seeing rents at their lowest in nearly four years,” explained Shaun Hildebrand, president of Urbanation.
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Rents may be falling for now, but this relief might be short-lived.
Hildebrand said, “This is the result of new rental supply outstripping demand, which is unlikely to persist for long as supply from secondary market sources such as condos tightens and demand drivers such as population growth and employment stabilize.”
Both B.C. and Alberta experienced the steepest declines, with rent falling by 5.5 per cent annually in each province. On average, renters in B.C. paid $2,430, while in Alberta the average was $1,734.
Ontario’s average rent fell 2.7 per cent to $2,316, followed by Nova Scotia, which saw a 2.2 per cent drop to $2,293. Quebec and Saskatchewan experienced smaller declines of 0.5 per cent (to $1,957) and 0.3 per cent (to $1,374), respectively. But while the average rent dropped across the country, rent in Manitoba actually rose by 2.6 per cent to $1,680.
Rentals.ca Network, Urbanation Inc.
And here’s some good news for renters in Canada’s six largest cities — each one saw rent drop in September compared to the previous year.
Vancouver still has the highest rates in the country, but the city saw an 8.2 per cent decline to an average of $2,776, marking a 41-month low. Calgary followed, with rent falling by 7.4 per cent to $1,897.
In Toronto, the average rent is now $2,592, down 2.9 per cent from last year (the smallest drop in the past 16 months), while Edmonton saw a 2.23 per cent drop to $1,573. Ottawa experienced a modest decrease of 1.3 percent to $2,190, and Montreal’s decline was even smaller at just 0.5 per cent to $1,981.
Rentals.ca Network, Urbanation Inc.
The decline varied according to property types.
Purpose-built rental units experienced a 2.1 per cent decline, with the average rent now at $2,093. Compared to last year, renting a condo is now three per cent cheaper, averaging $2,226, while houses and townhouses are 5.5 per cent less expensive, costing $2,178 on average.
In Canada, one-bedroom condos are now 4.1 per cent cheaper to rent at an average of $1,836. Prices also dropped by 2.6 per cent for two bedrooms, while studio rents fell by 2.4 per cent to $1,616. In comparison, three-bedroom units experienced the lowest drop at just 1.3 per cent to an average of $2,561.
On average, asking rent for shared accommodations in B.C., Alberta, Ontario, and Quebec fell by 6.6 per cent to $943 compared to $1,009 last year.
Given that this situation may be temporary, now might be the best time to go apartment hunting.