Asking rents in Canada fell year-over-year for the 17th straight month in February to an average of $2,030.
The latest monthly report from Rentals.ca and Urbanation, which is based on average asking rents across the former’s listings network, said prices were down 2.8 per cent from February 2025.
Prices also fell 1.3 per cent on a month-over-month basis from January of this year.
The report said national rents are now at their lowest level in 33 months, down 7.4 per cent compared with two years ago.
“Canada is undergoing its largest downturn in rents in recent history,” said Urbanation president Shaun Hildebrand in a press release.
“The supply that everyone has been waiting so long for has arrived at a time when demand has slowed, creating a rare opportunity for renters to take advantage of better affordability.”
Despite lower prices, average asks are still 2.3 per cent higher than three years ago, when the market surged following the worst of the COVID-19 pandemic.
In February, asking rents for purpose-built apartments moved 1.9 per cent lower year-over-year to an average of $2,030, while asking rents for condominium apartments fell 5.1 per cent year-over-year to $2,082. Average asks for house and townhouse rentals were down 4.5 per cent to $2,009.
Measured by province, Alberta saw the steepest decline in average apartment rents, which were down 4.4 per cent to $1,656. Ontario’s average ask decreased 4.3 per cent to $2,229, followed by B.C.‘s decline of 4.2 per cent to $2,354.
In Quebec, average prices dropped 2.7 per cent to $1,916.
Meanwhile, average asking rents rose in Nova Scotia by 6.3 per cent to $2,307. Rents moved 3.3 per cent higher in Saskatchewan to $1,373 and 2.3 per cent in Manitoba to $1,644.
This report by The Canadian Press was first published March 9, 2026.
