A recent report indicates that average rental prices in Canada have regressed to levels last observed three years ago, with April marking the 19th consecutive annual decline. According to the most recent monthly assessment by Rentals.ca and Urbanation, which surveyed rental prices within Rentals.ca’s network, the average rent stood at $2,027, reflecting a 4.7% decrease from April 2025. Nevertheless, there was a 0.9% monthly increase from March, driven by the customary rise in demand during the spring and summer seasons.
The report highlights that asking rents for purpose-built apartments dropped by 3.7% year over year to an average of $2,027, while rents for condominium apartments saw a 5.6% decline to $2,087. Urbanation president Shaun Hildebrand noted that rents in Canada have essentially retreated to their levels from three years ago, with average rents now approximately $100 lower than a year ago and 7.4% below those of 2024.
Hildebrand expressed optimism that the enhanced affordability could attract renters who were previously priced out of the market in recent years. Rental price decreases were most pronounced in the major provinces, with British Columbia experiencing a 5.9% drop and Ontario rents declining by 5.2%. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba.
Despite the current decline, average rents remain 21.9% higher than the low point recorded during the pandemic in April 2021. The trend toward smaller apartments persisted, with the average listing size shrinking to 827 square feet, marking a 4.4% reduction compared to the average unit size two years ago.
