Canadian Rent Rates Continue to Ease as Rental Market Shifts
Recent national rental data indicates that asking rents across Canada are continuing to trend downward, marking one of the most sustained periods of rental market cooling in recent years.
After several years of rapid rent increases, average prices in many major cities have begun to ease as new rental supply enters the market and vacancy rates rise. Large urban centres that experienced the steepest growth earlier in the decade, including Toronto and Vancouver, are now seeing some of the clearest signs of correction. Similar stabilization and modest declines are also being reported in several mid-sized and secondary markets.
Industry analysts point to a combination of increased construction, a growing number of condo rentals, and moderating demand as key drivers behind the shift. With more units available, listings are remaining active longer, limiting landlords’ ability to push rents higher.
What renters should know:
As the market becomes less competitive, renters have more time to evaluate options and compare pricing across neighbourhoods. In many areas, this creates opportunities to negotiate rent, request improvements, or secure more favourable lease terms. Understanding local rent trends and reviewing a property’s rental history can help renters make more informed decisions in a changing market.
While rents remain higher than pre-pandemic levels in most regions, the current trend suggests a rebalancing is underway. Renters are gaining increased leverage, while landlords are adjusting to a more competitive and transparent leasing environment.
Recent Rent Trends in Key Canadian Cities
Toronto, ON
• Average two-bedroom asking rent: ~ $2,450
• Trend: Down modestly year-over-year with longer listing times
• Notes: Downtown neighbourhoods showing greater supply and softer renewals
Vancouver, BC
• Average two-bedroom asking rent: ~ $2,550
• Trend: Clear decline compared to last year’s peak
• Notes: Increased condo conversions and rental completions contributing to pressure
Montreal, QC
• Average two-bedroom asking rent: ~ $1,900
• Trend: Largely stable with slight downward movement
• Notes: Balanced demand; outer boroughs seeing strongest availability
Calgary, AB
• Average two-bedroom asking rent: ~ $1,850
• Trend: Slight decline due to new inventory and slower demand
• Notes: Competitive pricing between purpose-built rentals and condos
Ottawa, ON
• Average two-bedroom asking rent: ~ $2,100
• Trend: Flattening after prior growth, modest easing
• Notes: Government and tech sector hiring influencing select neighbourhoods
Edmonton, AB
• Average two-bedroom asking rent: ~ $1,700
• Trend: Mild downward trend with increasing choice
• Notes: High vacancy in select zones prompting rent adjustments
