Canadian asking rents fall 3.6% as housing affordability picture shifts
A tale of two rental markets
Asking rents for two-bedroom apartments declined year over year in several of Canada’s largest and most expensive cities, including Abbotsford–Mission (down 6.4 per cent), Calgary (down 6.4 per cent), Montréal (down 5.2 per cent), and Vancouver (down 4.1 per cent).
But in smaller and mid-sized markets, the trend ran in the opposite direction. Thunder Bay posted the largest year-over-year increase at 6.5 per cent, followed by Sherbrooke (up 5.7 per cent), Halifax (up 5.3 per cent), and Saskatoon (up 5.2 per cent).
The data reinforces a pattern that wealth managers serving clients across multiple regions will recognise: markets that surged hardest during the post-pandemic rental boom are unwinding fastest, while smaller centres with tighter supply continue to face upward pressure.
Despite the declines, absolute rent levels remain elevated in Canada’s gateway cities. Average monthly asking rent was highest in Vancouver at $3,030, followed by Toronto at $2,650, Victoria at $2,640, and Halifax at $2,400.
Asking rent versus what tenants actually pay
The Statistics Canada release also updates its paid rent estimates, a metric that captures what existing renters are currently paying under active lease agreements, rather than what prospective tenants would face on the open market today.
