Canada’s Average Rent Falls for 24th Straight Month to $2,034

Canada’s average asking rent has declined for the 24th consecutive month, marking one of the longest downturns in the country’s rental market.

According to the September 2026 report from Rentals.ca and Urbanation, the average asking rent in Canada fell to $2,034, down 4.2% from the same month last year. Rents are now at their lowest level since 2022.

The national average asking rent had reached a record high of $2,202 in May 2024, but has declined steadily since then, driven by increased housing supply and easing interest rates.

Urbanation President Shaun Hildebrand said major markets such as Toronto and Vancouver have seen higher rental supply. However, he noted that rents in both cities have increased over the past six months as more renters have returned to the market, resulting in a smaller year-over-year decline.