Average residential rent prices in Canada have fallen for the 11th consecutive month in August, according to the latest National Rent Report from Rentals.ca and Urbanation. The national average dropped 2.3 per cent year-over-year to $2,137, the longest stretch of declines since the early pandemic era.

Despite the downward trend, rents remain 1.0 per cent higher than they were two years ago, suggesting that long-term pressures—such as inflation and housing demand—are still influencing the market.

“Rents have decreased in Canada on an annual basis for almost a year now,” said Shaun Hildebrand, President of Urbanation. “However, rent reductions have been mild for the most part, with the steepest declines found in Vancouver, Toronto, and Calgary, where rents are high and new apartment supply has been growing quickly. Conditions should continue to favour renters in the coming months as the market enters its slower season.”

In August, purpose-built rentals experienced the smallest annual decline among housing types, dipping just 0.4 per cent, while condos fell 3.7 per cent and houses or townhomes dropped 6.0 per cent. Over a three-year span, purpose-built rents surged by 22.6 per cent, significantly outpacing the modest 4.3 per cent increase for condos and the 0.4 per cent decrease for houses and townhomes.

Studios stood out as the strongest-performing segment, with a 1.1 per cent annual rise and a 20.7 per cent gain over three years. Within the purpose-built category, three-bedroom units saw a notable 3.5 per cent increase, reaching an average asking rent of $2,772. In contrast, condo studios recorded the steepest annual decline across all unit types, plummeting 7.7 per cent.

Provincial and city-level trends

• Alberta led the provinces in annual apartment rent declines (-3.5%), followed by B.C. (-2.7%), Ontario (-2.5%), Nova Scotia (-2.2%), and Quebec (-0.2%).
• Saskatchewan topped growth charts with a 3.2% annual increase and a 28.7% rise over three years.
• Manitoba posted a modest 1.2% gain.
• Vancouver saw the sharpest annual drop in apartment rents at 9.5%.
• Calgary followed with a 6.6% decline, then Toronto (-3.4%) and Ottawa (-1.0%).
• Montreal dipped slightly (-0.5%), while Edmonton rose 0.9% and led three-year growth at 25.5%.

For the full report, click here: www.rentals.ca