Canada Average Asking Rents Fall 4.2% in September, Report Says

MT newswire2026/10/08 10:17

06:17 AM EDT, 10/08/2026 (MT Newswires) -- Canada's average asking rent across all property types fell 4.2% annually to CA$2,034 in September, marking the 24th consecutive month of yearly declines, according to Rentals.ca and Urbanation in a Wednesday report. September rents fell to their lowest level for the month since 2022, down 7.3% from the September 2024 peak of CA$2,193, but remained 16.2% higher than in September 2021, Rentals.ca and Urbanation wrote in the report. Purpose-built apartment rents fell 2.7% annually to CA$2,036, while condo rents declined 7.8% to CA$2,052. Rents for other secondary-market properties, including houses and townhomes, slipped 7.4% to CA$2,016, Rentals.ca & Urbanation said. Toronto and Vancouver showed early signs of stabilization, though both markets recorded their lowest September rents since 2021, they added. Vancouver rents increased 1.4% monthly to CA$2,741, while Toronto rents edged down 0.6% to CA$2,554. Year-over-year, rents declined 1.3% in Vancouver and 1.4% in Toronto, marking the 32nd straight month of annual declines for Canada's biggest city. Provincially, rents fell 4.8% annually in Ontario, 2.9% in British Columbia, 2.6% in Alberta and 1.7% in Quebec. Nova Scotia and Saskatchewan posted the largest increases, with rents rising 1.4% annually in both, while Manitoba saw rents decline 3.2%.

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