Average national asking rents fall to $2,008 after largest drop in five years: report

A new report says March featured the largest drop for average asking rents in Canada in nearly five years.

The latest monthly analysis from Rentals.ca and Urbanation, which is based on asking rents across the former’s listings network, says prices reached an average of $2,008, down 5.3 per cent from March 2025.

It marks the 18th consecutive month of year-over-year declines, while prices also fell 1.1 per cent on a month-over-month basis from February.

Asking rents for purpose-built apartments moved 3.9 per cent lower year-over-year to an average of $2,005, while asking rents for condominium apartments fell 6.9 per cent year-over-year to $2,077.

Urbanation president Shaun Hildebrand says the accelerating decrease in rental prices "shows in real-time the market impact from the declining population, coupled with ongoing affordability issues, heightened economic uncertainty, and record high apartment completions."

The report says national rents are now at their lowest level in 35 months, down 7.9 per cent compared with two years ago, while relatively flat compared with 2023 levels.

This report by The Canadian Press was first published April 9, 2026.