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Canada’s Average Rents Drop 3.6% in July, Extending 10-Month Decline

Fresh supply meeting cooler demand after the seasonal peak has driven rents down, with analysts forecasting further declines this fall.

The national average asking rent in July fell 3.6 per cent from a year earlier to $2,121, marking the 10th straight month of year-over-year decreases and the largest drop of 2025. Kyle Jerry, right, helps De-Ren Jhou carry a mattress into an apartment building on Quebec's unofficial moving day in Montreal, Tuesday, July 1, 2025. THE CANADIAN PRESS/Graham Hughes
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Overview

  • July’s national average asking rent fell 3.6% year-over-year to $2,121, marking the tenth consecutive month of declines and the steepest annual drop in 2025.
  • Nova Scotia led provincial decreases with a 5% year-over-year fall and British Columbia followed at 4.4%.
  • North Vancouver remained the country’s priciest rental market for a fifth straight month, and Victoria ranked fifth with rents down 2%.
  • One-bedroom units experienced the sharpest annual decline at 4.6%, while two-bedroom rents fell by 3.5%.
  • Analysts forecast further rent declines this fall as new supply meets cooling demand following the seasonal peak.