A recent report reveals that average rental prices in Canada have regressed to levels last seen three years ago, with April marking the 19th consecutive year-on-year decrease. According to the most recent monthly analysis by Rentals.ca and Urbanation, which examined rental rates across the platform’s listings, the average price dropped to $2,027, a 4.7% decline from April 2025. Nonetheless, there was a 0.9% uptick from March, attributed to the usual surge in demand during the spring and summer months.
For purpose-built apartments, asking rents saw a 3.7% year-on-year decrease to an average of $2,027, while rents for condominium apartments dropped by 5.6% to $2,087. Urbanation president Shaun Hildebrand noted that rents in Canada are essentially back to their levels from three years ago, with average rents currently $100 lower than a year ago and 7.4% below 2024 figures. This improved affordability is expected to attract renters who were previously priced out of the market in recent years.
The decline in rents was most pronounced in the major provinces, with British Columbia experiencing a 5.9% decrease and Ontario rents down by 5.2%. Conversely, rents increased in Nova Scotia, Newfoundland, Saskatchewan, and Manitoba. Despite the decline, average rents remain 21.9% higher than the low point recorded during the pandemic in April 2021.
The trend of smaller apartments persisted, with the average available listing size decreasing to 827 square feet, marking a 4.4% reduction compared to the average unit size two years ago.