Canada's average rent drops to $2,034 in September, lowest point in two years
The 4.2% year-over-year decline marks the 24th consecutive month of falling rents. Ontario saw the steepest drop at 4.8%, though Vancouver and Toronto have begun climbing again.
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Average asking rent across Canada fell to $2,034 in September 2026, down 4.2 per cent year-over-year and the lowest point in two years. The decline marks 24 consecutive months of annual rental decreases—the longest downturn in Canadian rental-market history, according to Shaun Hildebrand, president of Urbanation, the research firm behind the report.
Rents are now 9.2 per cent below their May 2024 peak of $2,202. The decline spans all property types: condos fell 7.8 per cent, and purpose-built rental apartments fell 2.7 per cent year-over-year.
Ontario experienced the largest provincial drop at 4.8 per cent, followed by British Columbia at 2.9 per cent. Quebec and the Atlantic provinces showed more modest declines, while Saskatchewan and Nova Scotia saw increases of 1.4 per cent.
Vancouver and Toronto, which drove much of the earlier decline, have begun reversing course. Both cities have seen rent increases over the past six months as renters return to the market. "Where Toronto and Vancouver go, the rest of the country follows," Hildebrand said, noting that over-supply in those key markets was the primary driver of the broader national decline. Vancouver's average remains highest at $2,754, followed by Toronto at $2,556, while Regina offers the lowest average at $1,468.
Will the pattern of rent declines reverse as Toronto and Vancouver stabilize, or will other cities see further relief?
How has the rent decline affected renter demographics and displacement patterns across the country?
We'll update this story as answers emerge.
By the numbers
What was Canada's average rent in September 2026?
Canada's average asking rent reached $2,034 in September 2026, representing a 4.2% decline from the previous year and the lowest point in two years.
How many consecutive months have Canadian rents fallen year-over-year?
Rents have declined for 24 consecutive months, marking the longest downturn in Canadian rental-market history.
Which province saw the largest rent drop?
Ontario experienced the steepest provincial decline at 4.8% year-over-year, followed by British Columbia at 2.9%.
Which Canadian city has the highest average rent?
Vancouver has the highest average rent at $2,754, followed by Toronto at $2,556.
