Canadian Apartment Rents Fall for 11th Straight Month

Canadian Apartment Rents Fall for 11th Straight Month
News| September 10, 2025| Monte Stewart
Canada + Apartment Buildings

The average asking rent for all residential properties in Canada fell 2.3% year-over-year in August to $2,137, marking the 11th straight month of annual rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation.

This represents the longest period of declines since early in the COVID-19 pandemic.

Despite the drop, average asking rents remained 1% above levels from two years ago, reflecting lingering upward pressure over the longer term.

“Rents have decreased in Canada on an annual basis for almost a year now,” Shaun Hildebrand, president of Urbanation. “However, rent reductions have been mild for the most part, with the steepest declines found in Vancouver, Toronto, and Calgary, where rents are high and new apartment supply has been growing quickly.

“Conditions should continue to favour renters in the coming months as the market enters its slower season.”

Purpose-built rentals posted the smallest annual decline in August at 0.4%, compared to a 3.7% drop for condos and 6.0% for houses and townhomes. Over the past three years, purpose-built rents rose 22.6%, far outpacing condo rents (+4.3%) and houses/townhomes (-0.4%). Studios remained the strongest segment, climbing 1.1% annually and 20.7% during the three-year period. Within purpose-built rentals, three-bedroom units rose 3.5% to $2,772, while condo studios saw the steepest drop at 7.7%.

Alberta led provinces in annual rent declines for apartments, down 3.5%, followed by B.C. (-2.7%), Ontario (-2.5%), Nova Scotia (-2.2%), and Quebec (-0.2%). Saskatchewan posted the fastest growth, with a 3.2% annual increase and a 28.7% gain over three years, while Manitoba edged up 1.2%.

Among major cities, Vancouver recorded the sharpest annual decline at 9.5%, followed by Calgary (-6.6%), Toronto (-3.4%), Ottawa (-1.0%) and Montreal (-0.5%). Edmonton rose 0.9% and led three-year growth at 25.5%.

Shared accommodations averaged $952 in August, down 5.9% year-over-year for the ninth straight month of declines. On a provincial basis, rents dropped 6.5% in Ontario and 5.9% in B.C., while Ottawa and Toronto saw the biggest increases among major urban markets.

Ottawa’s average rent climbed 17.8% year-over-year to $1,113 and Toronto inched up 0.8% to $1,244.

The data covers single-detached, semi-detached, townhouses, condominiums, rental apartments, and basement apartments, excluding outlier listings and single-room rentals.

Urbanation and Rentals.ca are related entities.

Image: Courtesy of Rentals.ca and Urbanation

Other News

Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion

Boston & New England + Apartment Buildings

Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...

Learn more

MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage

Boston & New England + Apartment Buildings

The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...

Learn more

Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla

Seattle & Northwest + Apartment Buildings

Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up