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Canadian Advertised Rents Decline as Landlords Offer Incentives

Vacancy rates are forecast to climb following nine months of year-on-year asking rent drops prompted by increased supply alongside slower immigration.

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Canada's housing agency says advertised rents in major cities are easing due to factors such as increased supply and slower immigration, but renters are still not feeling relief relative to their income levels. 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
Ontario's ombudsman says a backlog of cases at the Landlord and Tenant Board has grown to 38,000 and it is taking an average of seven or eight months - sometimes up to two years - for a hearing to be scheduled. A for rent sign outside a home in Toronto on Tuesday July 12, 2022. THE CANADIAN PRESS/Cole Burston
A duplex shows a "For Rent" sign in the Montreal borough of Lasalle on Thursday, June 26, 2025. THE CANADIAN PRESS/Christinne Muschi

Overview

  • Canada Mortgage and Housing Corp. reports year-on-year declines in advertised two-bedroom rents in Vancouver, Toronto, Calgary and Halifax.
  • Rentals.ca and Urbanation data show the national average asking rent fell 2.7% in June, marking the ninth consecutive month of annual decreases with British Columbia and Alberta leading at 3.1%.
  • Purpose-built rental operators are offering incentives such as one month free rent, moving allowances and signing bonuses to attract tenants amid slower leasing.
  • Rents for occupied units continue to rise at a slower pace than a year ago while rent-to-income ratios have climbed steadily since 2020, exacerbating affordability strains.
  • Despite recent ease, average advertised rents remain 4.1% above two-year-ago levels and 11.9% higher than three years ago, reflecting sustained inflationary pressure.