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Average rents across Canada have fallen for 24 consecutive months according to a report by Rentals.ca and Urbanation, with September’s average asking rent at $2,034, marking the longest downturn in recent history. The decline is particularly sharp in Toronto and Vancouver due to over-supply, though other markets like studio condos experienced an even steeper drop of 9.6 per cent compared to September 2025.
Written locally by qwen2.5:14b on 2026-10-07,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Average rents across Canada fell for the 24th consecutive month, marking two full years of rent declines and one of the longest downturns in recent history, according to a report by Rentals.ca and Urbanation. In September, the average asking rent for all residential properties was $2,034, down 4.2% from the same period in 2025. This marks the lowest level since 2022.
Rents peaked at a record high of $2,202 in May 2024 before steadily declining to $2,142 by September 2024. As of last month, rents were 7.3% lower compared to September 2024 and 9.2% below the peak in May 2024.
Shaun Hildebrand, president of Urbanation, attributes this trend primarily to over-supply in key rental markets such as Toronto and Vancouver, where rents have started to stabilize after months of decline.
Written for “Canadian Rent Decline” on 2026-10-07,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
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answer rather than a gap: a match report or a rescue can be warmly
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No political leaning scored for article 63074 · logged 2026-10-07
Average rents across Canada fell for the 24th consecutive month, marking two full years of rent declines and one of the longest downturns for the Canadian rental market in recent history, a report by Rentals.ca and Urbanation said.
asserted
report → fall → Rentals.ca
The average asking rent for all residential properties in Canada was $2,034 in September, down 4.2 per cent compared to the month in 2025.
asserted
rent → ask → 2025
This marked the lowest level of average asking rents for September since 2022.
asserted
This → mark → 2022
Average asking rents in Canada reached a record high of $2,202 in May 2024.
uncertain
rents → ask → May
After hitting $2,142 in September 2024, rents have steadily declined across the country.
asserted
rents → hit → country
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Last month, rents were 7.3 per cent below September 2024 levels and 9.2 per cent below the peak of May 2024.
uncertain
rents → get → May
“Two straight years of falling rents is the longest downturn the Canadian rental market has seen in recent history,” said Shaun Hildebrand, president of Urbanation.
asserted
Hildebrand → fall → Urbanation
The key driver of falling rents is over-supply in key rental markets like Toronto and Vancouver, he added.
asserted
he → fall → Toronto
“Rents in both cities have trended higher over the past six months, and annual declines have narrowed significantly as renters come off the sidelines.
asserted
renters → trend → sidelines
Where Toronto and Vancouver go, the rest of the country follows,” Hildebrand said.
asserted
Hildebrand → go → country
Condos saw the sharpest decline in rents, with rents falling to $2,052 for all condo types, a drop of 7.8 per cent compared to September 2025.
asserted
rents → see → September
Studio condos saw an even sharper decline, with a 9.6 per cent drop.
asserted
condos → see → drop
Other secondary housing units, such as houses and townhomes, saw rents fall by 7.4 per cent to $2,016.
asserted
rents → see → 2,016
Purpose-built rents remained the most resilient of all property types, down 2.7 per cent to $2,036.
asserted
rents → build → 2,036
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