A recent study reveals that average rental prices in Canada have reverted to levels last observed three years ago, with April marking the 19th consecutive yearly decline. According to the most recent monthly report by Rentals.ca and Urbanation, which analyzes rental rates within the former’s listing network, the average asking price dropped to $2,027, decreasing by 4.7% from April 2025. On a monthly basis, prices saw a 0.9% increase from March, driven by the usual rise in demand during the spring and summer seasons.
For purpose-built apartments, asking rents experienced a 3.7% decrease year over year to an average of $2,027, while condominium apartment rents fell by 5.6% to $2,087. Urbanation president Shaun Hildebrand noted that rents in Canada have essentially returned to the levels of three years ago, with average rents now $100 lower than a year ago and 7.4% below the rates in 2024. Hildebrand believes that the improved affordability could attract renters who were previously priced out of the market in recent years.
The decline in rents was most prominent in the larger provinces, with British Columbia witnessing a 5.9% drop and Ontario experiencing a 5.2% decrease. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the decline, average rents remain 21.9% higher than the lowest point 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.