Sammy Hudes
The latest monthly report from Rentals.ca and Urbanation said asking rents for purpose-built apartments were down 2.1% from a year ago to an average of $2,093, while asking rents for condominium apartments fell three per cent to $2,226.
Rents for houses and townhomes declined 5.5% to $2,178.
Urbanation president Shaun Hildebrand said renters in many regions are seeing the best levels of affordability in two years, with those in the most expensive markets of Vancouver and Toronto seeing rents at their lowest levels in nearly four years.
“This is the result of new rental supply outstripping demand, which is unlikely to persist for long as supply from secondary market sources such as condos tightens and demand drivers such as population growth and employment stabilize,” Hildebrand said in a press release.
The report said average asking rents in Canada were down 1.2% from two years ago, marking the first two-year decline since January 2022.
B.C. and Alberta saw the largest declines in September with asking rents falling 5.5% year-over-year to an average of $2,430 and $1,734, respectively.
Ontario recorded a 2.7% drop to $2,316, followed by decreases of 2.2% in Nova Scotia to $2,293, 0.5% in Quebec to $1,957 and 0.3% in Saskatchewan to $1,374.
Manitoba was the lone province where average rents grew last month, rising 2.6% from September 2024 to $1,680.
Apartment rents fell in all of Canada’s six largest cities, led by Vancouver with an 8.2% decrease to $2,776 and Calgary with a 7.4% drop to $1,897.
Average asking rents fell 2.9% in Toronto from a year ago to $2,592, and 2.3% in Edmonton to $1,573.
Meanwhile, rents in Ottawa were down 1.3% to $2,190 and Montreal ticked 0.5% lower to $1,981.
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Last modified: October 8, 2025