Canadian Rents Fall Again

12-Jul-2025

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According to the latest National Rent Report from Rentals.ca and Urbanation, the average asking rent for all residential properties in Canada declined 2.7 per cent year-over-year in June to $2,125, marking the ninth consecutive month of annual rent decreases.

Average asking rents remained 11.9 per cent above levels from three years ago and 4.1 per cent higher than two years ago, despite the drop, according to the report.

On a property type basis, the largest annual rent declines were recorded for secondary market units, condo apartment rents fell 4.9 per cent and house/townhome rents dropped 6.6 per cent. Purpose-built rentals decreased 1.1 per cent.

Over the past three years, asking rents for purpose-built units were up 24.6 per cent, in comparison to a 1.6 per cent gain for condo rentals and a 0.2 per cent decline for house and townhome rentals.

One- and two-bedroom units posted annual rent declines of 3.5 per cent in June. Studios and three-bedroom units recorded decreases of 0.4 per cent.

Studios had a 19.3 per cent increase over three years, while three-bedroom purpose-built apartments rose 4.4 per cent year-over-year to an average of $2,755.

Both B.C. and Alberta saw the largest annual apartment rent declines at 3.1 per cent, followed by Ontario at 2.3 per cent. Saskatchewan posted the only increase among provinces at 4.2 per cent, with average apartment rents remaining the lowest nationally at $1,396.

Over three years, Alberta and Saskatchewan led the country in rent growth, increasing by 32.8 per cent and 36.2 per cent, respectively.

Calgary experienced the steepest annual decline in apartment rents in June at 7.9 per cent, followed by Vancouver, Toronto, and Montreal. Edmonton and Ottawa posted modest increases.

Over the past three years, Edmonton apartment rents grew by 32.3 per cent, which the report noted is the fastest among major markets, while Vancouver rents declined by 3.9 per cent.