Overview
- Rentals.ca and Urbanation reported the national average asking rent was $2,034 in September 2026, a 4.2% drop from September 2025.
- September rents stood 7.3% below levels a year earlier and 9.2% below the May 2024 peak of $2,202.
- Condo and other secondary-unit rents fell the most, with all condo types averaging $2,052 (down 7.8%) and studio condos down 9.6% year over year.
- Urbanation president Shaun Hildebrand said the main cause is excess supply from new completions in key markets such as Toronto and Vancouver.
- Because rents in Toronto and Vancouver have risen over the past six months, analysts say those cities could lead a broader recovery that would change affordability, landlord income and future development decisions.