Asking rents across Canada fall 4.3% year-over-year, marking 21 months of declines
Canada's rental market continues to cool, with average asking rents falling to $2,033 in June 2026—the lowest level for June in four years. The 21-month decline reflects easing demand, new supply completions, and competitive pressure from condo rentals, though affordability concerns persist.
Canada's rental market is experiencing unprecedented relief after years of rapid price growth. Asking rents fell to an average of $2,033 in June, down 4.3% from June 2025 and marking the 21st consecutive month of year-over-year declines. It's the lowest average price for June in four years.
Regional breakdown and segments
British Columbia and Ontario posted the largest drops at 5.3% each, while Alberta fell 4.2% and Quebec 2.2%. Purpose-built apartments fell 3.1% year-over-year, condos dropped 6.8%, and secondary market units like townhouses saw the steepest decline of 7.4%.
The main drivers: Rental apartment completions in early 2026 are tracking above 2025 levels, with vacancies highest in newer buildings and units near post-secondary institutions, while older stabilized buildings continue to face tighter conditions. Despite lower asking rents, a survey of Canadian renters found that 70% still identified high rent prices as the biggest obstacle in their housing search.
For newcomers and expats: This is the most favourable rental market in years. You have more negotiating power, can access more listings, and may find landlords offering move-in incentives or reduced deposits. However, smaller units (studios and 1-bedrooms) have declined least, so family-sized rentals remain pricier. Toronto and Vancouver offer the best year-over-year savings, making now a strategic time to lock in a lease if you're relocating.
Sources
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