Canadian Rent Prices Continue to Dip—Here’s What It Means for Renters and Owners

The latest National Rent Report from Rentals.ca and Urbanation reveals that the average asking rent in Canada fell by 2.7% year-over-year in June, landing at $2,125. This marks the ninth consecutive month of annual declines—offering a bit of relief for renters across the country.

Despite the recent drop, rents remain 11.9% higher than three years ago and 4.1% above 2022 levels, showing the lasting impact of inflation on the rental market.

Key Insights:

• Condo rents dropped 4.9%, and house/townhome rents declined by 6.6%.

• B.C. and Alberta saw the largest drops in apartment rents at 3.1%, followed by Ontario at 2.3%.

• One- and two-bedroom units saw the sharpest year-over-year rent decreases (both at 3.5%).

• The only province with rising rents was Saskatchewan, up 4.2%.

City Trends:

• Calgary, Vancouver, and Toronto posted the steepest rent declines among major cities.

• Ottawa was the exception, with rent increases across all unit types.

While average rents are softening, the market remains elevated compared to pre-2022 levels. Whether you're a renter navigating options or a property owner adjusting strategy, understanding these trends is key.

Questions about your rental property or looking for professional management? Reach out to our team at SmoothPM.ca — we’re here to help.