An aerial view of Vancouver on May 2, 2024. Sebastien ST-JEAN / AFP
Average asking rents in Canada’s major cities have been gradually declining since late 2024, mirroring a downturn in home prices that peaked during the pandemic. Meanwhile, asking rents fell by roughly 3 to 5 per cent last year, depending on the region.
The key question for the rest of 2026, whether planning to find a rental deal or property for revenue, is whether the decline reflects a short-term market correction or the beginning of a longer trend toward more affordable rents.
Why Are Rents Falling?
According to Rentals.ca and Urbanation, December marked the 15th straight month of year-over-year declines in average asking rents nationally, with the average falling to $2,060—a 2.3 percent drop from a year earlier.
