A recent report reveals that average rental prices in Canada have regressed to levels last seen three years ago, with April marking the 19th consecutive year-on-year decrease. According to the latest monthly analysis by Rentals.ca and Urbanation, the average asking rent across their listings network dropped to $2,027, a 4.7% decline from April 2025. Despite this, prices showed a 0.9% increase from March, attributed to the usual surge in demand during the spring and summer seasons.
The report indicated a 3.7% decrease in asking rents for purpose-built apartments to an average of $2,027, while asking rents for condominium apartments fell by 5.6% to $2,087. Shaun Hildebrand, president of Urbanation, noted that rents in Canada have essentially reverted to levels from three years ago, with average rents now approximately $100 lower than a year ago and 7.4% below those of 2024.
Notably, the decline in rents was most pronounced in major 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. Although average rents remain 21.9% higher than the low point recorded in April 2021 during the pandemic, the trend toward smaller apartments persisted, with the average available listing size shrinking to 827 square feet, marking a 4.4% reduction compared to two years ago.
