TORONTO – The national average asking rent in July fell 3.6 per cent from a year earlier to $2,121, marking the 10th straight month of year-over-year decreases and the largest drop of 2025 so far.
The latest monthly report from Rentals.ca and Urbanation says asking rents held roughly steady in July on a month-over-month basis, down $4 from June.
The report says purpose-built apartment asking rents fell 1.7 per cent from a year ago to an average of $2,095, while asking rents for condominium apartments decreased 5.7 per cent to $2,202.
Rentals.ca manager of data services David Aizikov says Canada’s rental market “is experiencing a prolonged softening phase, with price declines accelerating across most provinces and unit types,” adding he expects continued rent drops heading into the fall.
But the report says average asking rents in Canada are still two per cent higher than they were two years ago and 11 per cent above levels from three years ago.
Nova Scotia saw the largest rent decline in July with asking rents falling five per cent year-over-year to an average of $2,275, followed by B.C.‘s 4.4 per cent decrease to $2,475 and Ontario’s three per cent drop to $2,325.
This report by The Canadian Press was first published Aug. 8, 2025.
