Average rent in Canada dropped 3.1 per cent year-over-year in November to $2,074 marking the 14th consecutive month of annual residential rent decreases, according to the latest National Rent Report from Rentals.ca and Urbanation. Rents now sit $100 below last year’s level and 4.6 per cent lower than two years ago, though they remain 3.4 per cent higher than three years ago.

“The rental market in Canada continues to face short-term challenges as demand pulls back due to a flattening in population growth and continued economic uncertainty, while at the same time supply ramps up as record number of apartments finish construction,” said Shaun Hildebrand, President of Urbanation. “In this environment, rents can be expected to continue trending down in the next few months during the typical seasonal slowdown.”

November’s 1.5 per cent month-over-month decline was the largest of 2025, pushing the national average to its lowest level since June 2023. The three-month rolling average fell 1.0 per cent from October, while the 12-month average change showed a 3.2 per cent annual decline, the steepest since October 2021.

Segment performance varied. Purpose-built rentals proved most resilient, with rents down just 2.0 per cent annually to $2,060. Condo rentals fell 3.7 per cent to $2,157, while secondary market units dropped 5.2 per cent to $2,087. Larger units showed relative strength: three-bedroom purpose-built apartments rose 2.5 per cent annually to $2,743. By contrast, one-bedroom rents fell 3.8 per cent to $1,811, two-bedrooms declined 2.1 per cent to $2,179, and three-bedrooms dipped 0.4 per cent to $2,503.

Provincial trends highlight regional disparities. Saskatchewan (+0.5%) and Nova Scotia (+1.8%) were the only provinces to post gains. British Columbia (-6.4%), Alberta (-4.3%), and Ontario (-3.5%) saw the sharpest declines. Over three years, Saskatchewan rents surged 21.8%, while B.C. and Ontario recorded decreases of 2.6 per cent and 5.2 per cent respectively.

Canada’s six largest cities all reported annual rent declines. Vancouver rents fell 6.8 per cent to $2,692, their lowest since March 2022. Toronto dropped 5.0% to $2,508, the lowest since May 2022. Calgary declined 5.9 per cent, Montreal 3.3 per cent, Edmonton 2.8 per cent, and Ottawa 0.7 per cent. Notably, three-bedroom rents rose in Ottawa (+5.0%), Montreal (+2.5%), and Edmonton (+1.9%), while Toronto’s two-bedroom units fell sharply (-8.3%) and Vancouver’s three-bedrooms dropped (-8.8%).

Shared accommodations also weakened, with average asking rents across B.C., Alberta, Ontario, and Quebec declining 8.3 per cent annually to $914, the lowest in over two years.

For the full report: visit www.Rentals.ca