A recent report reveals that average rental prices in Canada have reverted to levels last seen three years ago, with April marking the 19th consecutive year-over-year decline. According to the latest analysis by Rentals.ca and Urbanation, which examined rental prices within Rentals.ca’s network, the average asking rent dropped to $2,027, a 4.7% decrease from April 2025. Nevertheless, there was a 0.9% increase in prices from March, attributed to the usual surge in demand during the spring and summer months.
The report indicates that asking rents for purpose-built apartments experienced a 3.7% decline year over year, settling at an average of $2,027, while rents for condominium apartments saw a 5.6% decrease to $2,087.
Urbanation president Shaun Hildebrand noted that rents in Canada have essentially returned to their levels from three years ago, with the average rent now approximately $100 lower than a year ago and 7.4% below 2024 figures. Hildebrand expressed optimism that the improved affordability could attract renters who were previously priced out of the market in recent years.
The decline in rents was most prominent in the larger 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. Despite the recent decline, average rents remain 21.9% higher than the low point during the pandemic in April 2021.
The trend towards smaller apartments persisted, with the average available listing size shrinking to 827 square feet, which is 4.4% smaller compared to the average unit size two years ago.
