Canada’s rental market continued its steady cooldown in April, with average rental prices falling 4.7% year‑over‑year to $2,027 – a drop of roughly $100 compared to last spring. The latest data from the National Rent Report marks the 19th consecutive month of annual rent declines, bringing prices back in line with levels last seen three years ago.

Urbanation President Shaun Hildebrand noted that this shift is beginning to ease pressure on renters who were previously priced out of major markets. “This improvement in affordability should help bring renters into the market who were priced out in recent years,” he said.

The softening was most pronounced in Canada’s largest provinces. British Columbia led with a 5.9% annual decline; Ontario followed at 5.2%; and Alberta saw a 3.4% decrease. Meanwhile, several smaller provinces posted rent growth, including Nova Scotia (3.3%), Saskatchewan (2.2%), and Newfoundland and Labrador (1.6%). Saskatchewan remains the standout over the longer term, with rents rising 25.9% since 2023.

Among major cities, rents fell across the board. Vancouver recorded the steepest decline at 5.3%, while Edmonton saw the smallest drop at 1.2%. Montreal was the only large market where one‑ and two‑bedroom units posted annual increases.

Market by Housing Type

Purpose‑built rentals remained the most stable segment, with rents down 3.7%. Condo rents fell 5.6%, and houses and townhomes dropped 7.8%. One‑bedroom units saw the sharpest decline overall, falling 4.3% to an average of $1,778.

The trend toward smaller rental units also continued. Average unit size decreased to 827 sqft, down 4.4% from two years ago, while average rents per square foot slipped to $2.54.

Some of the largest rent drops occurred in suburban areas surrounding major cities. Double‑digit declines were recorded in Brossard (14.4%), Richmond (13.1%), Markham (12.0%), Oakville (11.1%), and Burnaby (10.2%), reflecting a broad recalibration after years of rapid growth.

Rental Prices Return to 2021 Levels by Canadian Apartment Magazine | REMI Network