The average asking rent for rental properties in Canada increased 1.5 per cent in March to $2,119, marking the first monthly rise since September 2024. Despite the monthly gain, average rents remain down 2.8 per cent annually — the sixth straight month of year-over-year declines.
“Rents in Canada saw an uptick between February and March as renters became more active, likely drawn into the market by the recent improvement in affordability,” said Shaun Hildebrand, President of Urbanation. “However, rents are likely to continue facing downward pressure in the near-term due to the expected negative economic impact and job losses caused by the trade conflict with the U.S.”
Since COVID’s arrival in March 2020, average asking rents in Canada have risen by 17.8 per cent. Purpose-built rental apartments increased 35.5 per cent to $2,086 despite a 1.5 per cent dip last year. Condo rents rose 0.6 per cent to $2,232 after a 3.8 per cent annual drop. Other secondary rental properties fell 5.6 per cent this year but rose 13.6 per cent compared to five years ago.
Among purpose-built rentals, Ontario recorded the largest annual decline in March at -3.2 per cent, while Saskatchewan led growth at +2.9 per cent. B.C. remained flat (-0.1%), and Alberta experienced a 1.8% increase. Looking back over five years, the strongest rent growth was in Nova Scotia (+43.9%) and Alberta (+38.5%), followed by B.C. (+36.9%) and Saskatchewan (+33.9%). Ontario, with a 16.4% five-year increase, saw the slowest growth in purpose-built rents among the provinces.
Rents in major markets continued to decline, reaching multi-year lows. Toronto fell 6.9 per cent annually to $2,589 — a 32-month low — while Vancouver dropped 5.7 per cent to a 35-month low of $2,822. Calgary saw the largest annual decline among major cities at 7.8 per cent, while Ottawa (+0.9%) and Edmonton (+1.0%) managed small increases.
The most expensive markets remain concentrated in B.C. and Ontario, led by Richmond ($3,042) and North Vancouver ($3,005). The most affordable markets are in Alberta and Saskatchewan, including Lloydminster ($1,206) and Regina ($1,320). Grande Prairie posted the fastest rent growth in the country, rising 14.1 per cent annually.
The average asking rent for shared accommodations fell 4 per cent year-over-year to $959, with listings up 7 per cent from last March. Rents for room rentals declined in Toronto (-8%) and Montreal (-9%), but rose 7 per cent in Ottawa.
For the full March breakdown, visit: www.rental.ca
