Rents in Canada Hit a Two-and-a-Half-Year Low; Saskatchewan and Edmonton See Continued Growth

Canada’s rental market ended 2025 at its lowest point in more than two years, with easing prices across most housing types and regions, according to the latest National Rent Report from Rentals.ca and Urbanation.

Credit: Jeffry Surianto

Average asking rents for all property types stood at $2,060 in December, down 2.3% from a year earlier and 5.4% over the past two years. Despite recent declines, rents remained 14.1% higher than pre-pandemic levels in December 2019.

Here are the highlights of the January 2026 report:

Nationally, asking rents across all property types averaged $2,060 in December, down 2.3 per cent from a year earlier and 5.4 per cent lower than two years ago. On an annual average basis, rents fell 3.1 per cent in 2025, a sharper decline than during the pandemic years of 2020 and 2021.

Credit: Rentals.ca

Among provinces, average apartment rents declined year over year in British Columbia (down 5.4 per cent to $2,353), Ontario (down 3.2 per cent to $2,257), Alberta (down 2.7 per cent to $1,671), and Quebec (down 1.9 per cent to $1,934). Saskatchewan stood out, posting a 7.1 per cent annual increase to $1,395, still well below the national average.
Three-bedroom apartment rents rose in Alberta, Saskatchewan, Quebec, and Ontario, while one- and two-bedroom units generally saw the steepest declines, particularly in Ontario and Alberta.

Credit: Rentals.ca

Among Canada’s largest markets, apartment rents fell most sharply in Vancouver (down 7.9 per cent to $2,654), Toronto (down 5.1 per cent to $2,498), and Calgary (down 5.0 per cent to $1,824). Edmonton was the exception, posting a modest annual increase of 0.8 per cent to $1,518. Over two years, rents dropped 13.3 per cent in Vancouver and 11.8 per cent in Toronto.
Outside major centres, the most expensive cities were concentrated in British Columbia and Ontario, while the most affordable markets were largely in Alberta and Saskatchewan, with average rents near or below $1,400.
Secondary-market units recorded the largest declines. Condo rents fell 4.0 per cent year over year to an average of $2,131. Studio condos posted the steepest drop, down 11.2 per cent to $1,677, while three-bedroom condo rents slipped 1.3 per cent to $2,889.
Rents for units in freehold houses declined 5.0 per cent annually to an average of $2,071, reflecting broader affordability constraints and increased supply following record apartment completions.

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