Overview

• National average asking rent fell 2.3% year over year in August to $2,137, marking the longest stretch of declines since the pandemic, according to Rentals.ca and Urbanation.
• Vancouver remains the most expensive market despite a steep pullback, with average rents at $2,820 and a nearly 10% annual drop, while two-bedrooms averaged $3,489 and one-bedrooms $2,515.
• North Vancouver was the costliest place for a one-bedroom at $2,621, and Vancouver and Toronto have seen two-year declines of roughly 15% and 10.1% respectively.
• Toronto’s average asking rent fell 3% year over year to $2,606, and RBC says it is the only major city where rental burden has eased compared with pre-pandemic levels.
• Regional trends diverged as Calgary dropped about 7% to $1,911, Saskatoon rose 7% to $1,443, and Edmonton climbed 10% versus two years and more than 25% versus three years, while national asking rents remain above August 2020 levels.