Rentals.ca April 2026 Rent Report

Executive Summary

• Average asking rent in Canada fell to a 35-month low of $2,008 in March.
• The year-over-year decline in rents, an average of $112 or 5.3%, was the largest in nearly five years, representing the 18th consecutive month of falling rents.
• Rents fell by 1.1% from February and have declined by 2.5% since the start of the year. However, key markets of Vancouver, Ottawa, and Montreal saw modest month-over-month increases, while rents remained down year-over-year.
• Purpose-built rents remained the most stable on an annual basis, declining 3.9% to an average of $2,005, but saw the largest decline on a month-over-month basis, falling 1.2% from February.
• Average rents for all unit types continued to fall across the most populous provinces, down 5.4% in Ontario, 5.1% in B.C., 4.4% in Alberta, and 2.1% in Quebec. However, increases were seen in Nova Scotia (+3.3%), Saskatchewan (+2.7%) and Manitoba (+2.1%).
• Secondary markets adjacent to Canada’s largest rental markets saw steep declines in apartment rents, with double-digit declines seen in Côte Saint-Luc (-19.9%), Richmond (-16.0%), Longueuil (-12.0%), Brossard (-11.7%), Oakville (-11.5%), New Westminster (-11.3%), Coquitlam (-11.0%), Burnaby (-10.6%), and Gatineau (-10.2%).
• Average rent per square foot declined slightly to $2.49, compared to $2.52 in March 2025, and down from $2.66 in March 2024. The average unit size for available listings decreased to 831 square feet, down from 855 square feet in March 2025 and 867 square feet in March 2024.

National Overview 

Asking Rents in Canada Decline for 18th Consecutive Month

Average asking rents for all property types in Canada fell to $2,008 in March, a 35-month low and the 18th month in a row of year-over-year decline. Average rents fell 5.3% from March 2025, representing the largest year-over-year drop since April 2021 This was the second consecutive month where rents declined more than 1% month-over-month, falling 1.1% after a 1.3% decrease in February. Compared to the peak in May 2024, rents have fallen by an average of $194, or 8.8%.

Over the past two years, rents have fallen by 7.9% from March 2024, and are only 0.2% higher than three years ago in March 2023.

Rent Per Square Foot Shows Slight Decline

Average asking rent per square foot declined 1.2% year-over-year to $2.49, falling 6.4% from March of 2024 when asking rents averaged $2.66 per square foot. Compared to two years ago, the average size of an available rental unit shrank by 4.2%, from 867 square feet to 831 square feet.

Condo Rents See Continued Decline

On an annual basis, asking rents for condos continued to decrease, falling 6.9% year-over-year to an average of $2,077. Other secondary market units, such as houses and townhomes, saw the steepest decline, falling 9.0% annually to an average of $1,990. Purpose-built rentals continued to experience the smallest rent declines, down 3.9% from last year but remaining 6.7% higher than three years ago at an average of $2,005.

Consistent with recent months, one-bedroom rents decreased the most compared to a year ago, down 5.1% to an average of $1,763.Three-bedroom rents, which maintained annual growth in recent months, saw rents decline in March by 3.8% annually to an average of $2,452.

Studio Condo Unit Rents See Double-Digit Plunge

In the condo market, studio rents saw a double-digit annual decline of 10.5% to $1,644. For purpose-built apartments, two-bedroom units saw the largest decline, falling 4.8% year-over-year to $1,793.

Three-bedroom rents for purpose-built rental units were down 0.4% over the past year to an average of $2,701, with three-bedroom condo units falling 3.0% to $2,765. Other secondary market units saw the largest rent decline for three-bedroom units, falling 7.2% to $2,842.

Provincial Overview

B.C. Leads Apartment Rent Declines, Alberta and Ontario Follow

Nationwide, the average asking rent for purpose-built and condominium apartments was $2,011 in March, a 4.3% decrease from the same time last year. Apartment rents decreased across all unit types, with the largest decrease in one-bedroom units, falling 5.2% year-over-year to $1,800.

On a provincial basis, apartment rent increases were seen only in Nova Scotia (+3.9%, $2,284), Saskatchewan (+3.7%, $1,385), and Manitoba (+3.4%, $1,646). Saskatchewan has also seen the largest rent increase over the past three years with a 26.2% total gain since March 2023. The largest apartment rent decreases in the past year were seen in B.C. (-4.8%, $2,362), Alberta (-4.6%, $1,642) and Ontario (-4.4%, $2,225).

Despite recent declines, rents in Alberta remained 12.4% higher than three years ago in March 2023, while in B.C. and Ontario, rents have dropped by more than 7% in the same time period.

While three-bedroom apartment rents held steady in Ontario (-0.3%, $3,011) and Quebec (-0.6%, $2,613), significant declines were seen in Alberta (-5.6%, $2,048), Saskatchewan (-4.2%, $1,644), and B.C. (-3.8%, $3,297).

Municipal Overview

Calgary Shows Rent Declines Across All Unit Types

Average apartment rents fell across all six of the largest markets, with the largest overall decline in Calgary (-5.0%, $1,818), and the smallest decline in Montreal (-1.6%, $1,936).

Among the six largest markets, Calgary saw annual rent declines across all unit types for purpose-built and condo apartments, most significantly in three-bedroom units, which fell 5.8% to $2,291. Among all six markets, Vancouver saw the largest decline in studios (-6.8%, $2,100) and three-bedrooms (-6.0%, $3,936), while Toronto saw the largest decrease in one-bedrooms (-6.3%, $2,195), and two-bedroom units declined the most in Calgary (-5.2%, $1,973).

In Toronto, rents for all unit types have now fallen to the lowest level since May 2022, a 46-month low, following 26 consecutive months of year-over-year declines. In Vancouver, while rents have increased slightly since January, they remain lower than in April of 2022, following 28 months of year-over-year declines.

Three-Bedroom Apartment Rents Continue to Increase in Montreal, Ottawa

While asking rents for apartments fell for almost all unit types in the six largest markets in March, three-bedroom units increased on an annual basis in Montreal (+1.0% to $2,821) and Ottawa (+3.0% to $2,763), continuing their trend from the previous month. Montreal was the only top-six market to see increased rents for one-bedroom units (+0.8%, $1,739) and two-bedroom units (+2.1%, $2,288), while Edmonton posted the only rent increase for studio units (+0.6%, $1,097)

North Vancouver Remains Most Expensive Rental Market in Canada

Despite a moderate year-over-year decline of 2.4%, North Vancouver ($2,934) remained the most expensive rental market in the country. Other B.C. markets with the

top five highest-priced apartment rents (excluding the six largest markets) were Richmond ($2,554), Burnaby ($2,485) and Coquitlam ($2,468). Pickering ($2,591) remained the most expensive rental market in Ontario outside of Toronto

Dartmouth ($2,262), a market with a high proportion of newer buildings, was the most expensive market in Atlantic Canada, while Halifax ($2,234) fell slightly in the rankings, coming in below Kingston ($2,246) and Victoria ($2,241). Among the most affordable large cities (top 25 most populous) in the country were Regina ($1,379), Saskatoon ($1,441) and Quebec City ($1,447).

The most affordable rental markets in Canada were concentrated in the prairies, led by Swift Current ($1,003), Lloydminster ($1,194), Fort McMurray ($1,282), Bonnyville ($1,295), Moose Jaw ($1,345) and Medicine Hat ($1,375).

Large Declines Persist in Suburban Centres

Double-digit declines in asking rents for apartments continued to be concentrated in suburban areas adjacent to the top six markets. Côte Saint-Luc (-19.9%) saw the largest decline in the country, due mainly to a shift in listings away from more expensive properties, with significant rent declines also seen in Richmond (-16.0%), Longueuil (-12.0%), Brossard (-11.7%), Oakville (-11.5%), New Westminster (-11.3%), Coquitlam (-11.0%), Burnaby (-10.6%), and Gatineau (-10.2%).

The largest annual rent increase was once again seen in Kingston (+16.1%), owing mostly to a higher concentration of listings in newer and more expensive properties, with a double-digit increase in asking rents also seen in Hamilton (+12.9%).

Shared Accommodation Rents Drop below $900

The average asking rent for shared accommodations in B.C., Alberta, Ontario and Quebec was $899 in March, down 6.3% from March 2025 ($959) and a 10.4% drop from March 2024 ($1,003). Shared accommodation rents fell the most on an annual basis in B.C. (-10.1% to $1,030) and Ontario (-6.2% to $991), with smaller declines seen in Quebec (-5.1% to $820) and Alberta (-4.9% to $804).

Among the six largest markets, the largest decline in rents for shared accommodations was seen in Vancouver (-16.3% to $1,125), with declines also seen in Calgary (-6.0% to $804), Montreal (-3.4% to $832) and Toronto (-2.0% to $1,143). Average asking rents increased in Ottawa (+4.8% to $1,067) as new co-living properties elevated rents, with growth also seen in Edmonton (+2.0% to $779).

You can check out the previous rent reports here

Rentals.ca Data