Rentals.ca March 2026 Rent Report

by | Apr 9, 2026 | Rent Reports

Executive Summary

  • Average asking rent in Canada fell to $2,030 in February, down 2.8% year-over-year to a 33-month low.
  • Rents have declined on an annual basis for the 17th consecutive month, as well as falling by 1.3% on a month-over-month basis, the largest decrease in February since 2020. However, rents rose month-over-month in the key markets of Vancouver, Ottawa, Calgary, Edmonton and Montreal.
  • Rental affordability improved significantly, with the rent-to-income ratio falling to 29%, its lowest level in over six years and below the industry benchmark of 30%.
  • Purpose-built rents remained the most stable, with a 1.9% decline to an average of $2,030, while three-bedroom rents for all property types grew 0.6% to $2,486.
  • Average rents for all unit types continued to fall across the most populous provinces, down 4.9% in B.C., 4.7% in Ontario, 4.6% in Alberta, and 3.1% in Quebec. Manitoba was the most populous province to see an increase in average asking rents (+1.3%).
  • Secondary markets adjacent to Canada’s largest rental markets saw steep declines in apartment rents, with double-digit declines seen in Oakville (-14.6%), New Westminster (-12.8%), Surrey (-11.3%), Vaughan (-11.0%) and Kanata (-10.1%).
  • Rent per square foot remained flat at $2.53, the same as February 2025, and down from $2.64 in February 2024. The average unit size for listings decreased to 826 square feet, down from 864 square feet in February 2025 and 881 square feet in February 2024.

 

National Overview 

Rents in Canada Decline for 17th Consecutive Month

Average asking rents for all property types in Canada fell to $2,030 in February, a 33-month low and the 17th month in a row of year-over-year decline. While the rental market tends to slow in the winter months, the seasonal decline in rents was larger than usual this year. On a month-over-month basis, rents fell by 1.3%, the largest monthly decline seen since November 2025 and the largest decrease in the month of February since 2020.

Over the past two years, rents have fallen by 7.4% from February 2024, but remain 2.3% higher than in February 2023.


Rent Per Square Foot Remains Flat

Average asking rent per square foot remained flat year-over-year at $2.53, but declined 4.2% from February of 2024, when asking rents averaged $2.64 per square foot. In the past two years, the average size of rental units has fallen 6.3% to a low of 826 sf.

Affordability Shows Continued Improvement for Renter Households

As rents continue to soften and average weekly wages show moderate gains, the affordability of rent as a percentage of renter household income has continued to improve. The average rent in February accounted for 29% of average renter household income, down from 31% a year ago and 34% two years ago, and below the standard 30% affordability benchmark.

While asking rents remain above pre-pandemic levels, wage gains have outpaced asking rent increases over a six-year period, resulting in an overall improvement in affordability for Canadian renters.

Based on the 30% affordability benchmark, the household income required to afford the average rent for all unit types in Canada fell to $81,213, down from $83,513 in February 2025 and $87,728 in February 2024.

Condo Rents See Continued Decline

On an annual basis, condos once again saw the steepest decrease in asking rents, falling 5.1% year-over-year to an average of $2,082. Other secondary market units fell 4.5% annually to an average of $2,009, while purpose-built rental apartments remained the most resilient, down 1.9% from last year to an average of $2,030.

Continuing the trend in January, one-bedroom rents decreased the most compared to a year ago, down 3.5% to an average of $1,781. Three-bedroom units remained the only unit type to register rent growth, with rents rising 0.6% annually to an average of $2,486.

Three-Bedroom Rents Continue to Increase

Three-bedroom rents for purpose-built rental units were up 1.7% over the past year to an average of $2,734, with three-bedroom condo units increasing 3.1% to $2,841. For purpose-built apartments, one-bedroom units saw the largest decline, falling 3.6% to $1,808, while for condos, studio units saw the steepest decline of 7.2% to $1,644.

Provincial Overview 

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

The average asking rent for purpose-built and condominium apartments was $2,035 in February, a 2.4% decrease from the same time last year. Provincially, Alberta saw the largest decline (-4.4% to $1,656), with continued reductions seen in Ontario (-4.3% to $2,229) and B.C. (-4.2% to $2,354). Conversely, Saskatchewan continued to see a persistent upward trend (+3.3% to $1,373).

Price Growth for Three-Bedroom Apartments Remains Resilient

Toronto saw the largest declines for most unit types among the six largest markets, with significant price adjustments seen for studios (-7.9%), 1-bedrooms (-6.9%) and 2-bedrooms (-7.1%). The largest decline for 3-bedroom units was seen in Vancouver (-8.8%).

Similarly, Ontario saw the largest declines for studios (-5.9%), 1-bedrooms (-5.7%) and 2-bedrooms (-5.2%).

Nationally, the average asking rent for 3-bedroom units continued to increase (+1.7% to $2,740). However, these price gains were concentrated in Atlantic Canada (+16.3% to $2,825), Saskatchewan (+2.2% to $1,693) and Manitoba (+1.6% to $2,048), with declines seen in B.C. (-3.6% to $3,306), Alberta (-2.8% to $2,087) and Ontario (-0.3% to $3,014)

Three-Bedroom Apartment Rents Rise in Four Provinces

Three-bedroom apartment rents grew over the past year in Alberta (+3.5% to $2,147), Saskatchewan (+3.2% to $1,693), Quebec (+0.7% to $2,651), and Ontario (+0.6% to $3,028). In BC, average apartment rents fell the most for two-bedroom units (-5.6% to $2,640), while one-bedroom rents saw the steepest declines in Ontario (-5.3% to $2,014) and Alberta (-4.0% to $1,473).


Municipal Overview 

Largest Markets See Slight Apartment Rent Increase in February, Still Down Year-Over-Year

Although all of Canada’s six largest rental markets saw rents for purpose-built and condominium apartment units continue to decrease on an annual basis, most saw modest increases compared to January. Vancouver, with an average apartment asking rent of $2,664 led the way with a 1.3% monthly increase. Other major markets that saw rents rise month-over-month were Ottawa (+1.1%), Montreal (+0.7%), Calgary (+0.1%) and Edmonton (+0.9%). Of the largest markets, only Toronto saw rents decrease on both an annual and monthly basis ($2,475, -0.8% m/m), although rents rose for some unit types, including 1-bedroom ($2,206 +0.1%), 2-bedroom ($2,863, +1.3%) and 3-bedroom ($3,508, +1.1%)

In the longer term, Calgary saw the largest decrease on a two-year basis (-11.8%), followed closely by Vancouver (-11.7%) and Toronto (-11.7%). Compared to three years ago, Vancouver saw the largest decline (-14.6%), while Edmonton saw the largest increase (+18.3%)


Three-Bedroom Apartment Rents Increase in Montreal, Ottawa

While asking rents fell for almost all unit types in the six largest markets in February, three-bedroom units increased in Montreal (+3.3% to $2,854) and Ottawa (+2.5% to $2,276). The largest annual declines were seen in three-bedroom apartments in Vancouver (-8.8% to $3,928) and studio apartments in Toronto (-7.9% to $1,762).


North Vancouver Remains Most Expensive Rental Market in Canada

With a slight increase in apartment asking rents compared to January, North Vancouver ($2,926) remained the most expensive rental market in the country. Other B.C. markets in the top five (excluding the six largest markets) were Richmond ($2,558), Burnaby ($2,511) and Coquitlam ($2,491). The most expensive rental market in Ontario (other than Toronto) was Pickering ($2,633).

Halifax ($2,268), the most expensive market in Atlantic Canada, continued to rise in the national list, overtaking Kingston ($2,254) and East York ($2,243). 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).


Largest Declines Concentrated in Suburban Centres

Double-digit declines in asking rents for apartments were recorded in a number of suburban areas adjacent to top-six markets, such as Oakville (-14.6%), New Westminster (-12.8%), Surrey (-11.3%), Vaughan (-11.0%) and Kanata (-10.1%). Large declines were also seen in Quebec City (-15.8%) and East York (-10.4%). The largest annual decline was seen in Côte Saint-Luc (-21.3%), although this was associated with a change in the composition of units available.

The largest annual rent increase was once again seen in Kingston (+20.7%), with a double-digit increase in asking rents also seen in Hamilton (+10.1%).


Shared Accommodation Rents Average $900

The average asking rent for shared accommodations in B.C., Alberta, Ontario and Quebec was $900 in February, down 6.6% from February 2025 ($964), and 10.9% from February of 2024 ($1,010). Shared accommodations rents fell the most on an annual basis in B.C. (-10.1% to $1,030) and Ontario (-8.3% to $982), with more modest declines seen in Alberta (-5.0% to $806) and Quebec (-2.6% to $842).

Among the six largest markets, the largest decline in rents for shared accommodation was seen in Vancouver (-15.3% to $1,152), with declines also seen in Calgary (-6.3% to $807), Montreal (-5.0% to $826) and Toronto (-2.2% to $1,149). Average asking rents increased in Ottawa (+5.6% to $1,081) as well as Edmonton (+2.0% to $776).


Rentals.ca Data

The data used in this analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS). This data differs from the numbers collected and published by the Canada Mortgage Housing Corporation (CMHC).

The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses. CMHC’s primary rental data only includes purpose-built rental apartments and rental townhouses. CMHC also collects data on secondary market rentals, but this is reported separately.

CMHC’s rental rates are based on the entire universe of purpose-built rental units (rental stock), regardless of rental tenure. CMHC rental rates are reflective of what the average household spends on rental housing and not the current market rents for vacant units. The data used in this report is based on the asking rates of available (vacant) units only and reflect on-going trends in the market. This covers a smaller sample size but is more representative of the actual market rent a prospective tenant would encounter. The Rentals.ca Network of ILS’s data typically provides much higher rental rates compared to CMHC, as vacant units typically reset to market rates when not subject to rent control.

The average and median rental rates in this report can also skew higher than CMHC’s data for the following reasons: the inclusion of larger more expensive unit types such as single-family homes, townhouse units, and large luxury condominium units; the presence of duplicate or multiple listings at the same property and the survivorship bias where more expensive or over-priced units take longer to lease and remain in the sample longer.

Properties listed for greater than $5,000 per month, and less than $500 per month are removed from the sample. Similarly, short-term rentals, single-room rentals, and furnished suites are removed from the sample when identifiable.