Average asking rents in Canada have regressed to levels last observed 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, derived from asking rents within the former’s listings network, the average price dipped to $2,027, reflecting a 4.7% decrease from April 2025. Nevertheless, there was a 0.9% uptick in prices from March, attributed to the typical surge in demand during the spring and summer months.
The report indicates 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 experienced a 5.6% decrease to $2,087. Urbanation president Shaun Hildebrand noted that rents in Canada have essentially reverted to levels seen three years ago, with average rents currently down approximately $100 from the previous year and 7.4% lower than in 2024. Hildebrand expressed optimism that the enhanced affordability could attract renters who were previously priced out of the market in recent years.
The decline in rents was most pronounced in the larger provinces, with British Columbia witnessing a 5.9% decrease and Ontario experiencing a 5.2% drop. Conversely, rents saw an increase in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the recent declines, 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 shrinking to 827 square feet, marking a 4.4% reduction compared to the average unit size two years ago.