Average asking rents fall 3.2% in October but prices rising in Toronto, Vancouver

In October, the average asking price for rental units in Canada dropped 3.2 per cent compared to the previous year, according to a report by Rentals.ca and Urbanation. The average rent now stands at $2,036, marking the smallest year-over-year decline since February 2026. Over the past 25 months, average asking rents have fallen year-over-year by 5.4 per cent, reaching their lowest level since 2022.

However, in major Canadian cities, the situation is more complex. Average asking rents for purpose-built apartments in Toronto and Vancouver increased by 2.1 per cent and 5.5 per cent, respectively, year-over-year. This represents the first uptick in rents for these cities in nearly three years, driven by declining supply.

Despite the rental market cooling in major metropolitan areas, renters still have an advantage over landlords in Calgary, Edmonton, and much of Ontario. In these regions, asking rents continue to fall. The report highlights that while the window for cheaper rents is closing in Toronto and Vancouver, the rental market remains more favorable in other parts of the country.