Average asking rents fall for 17th straight month to $2,030 in February: report

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 % from February 2025.

Prices also fell 1.3% 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% 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% 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% lower year-over-year to an average of $2,030, while asking rents for condominium apartments fell 5.1% year-over-year to $2,082. Average asks for house and townhouse rentals were down 4.5% to $2,009.

Measured by province, Alberta saw the steepest decline in average apartment rents, which were down 4.4% to $1,656. Ontario’s average ask decreased 4.3% to $2,229, followed by B.C.’s decline of 4.2% to $2,354.

In Quebec, average prices dropped 2.7% to $1,916.

Meanwhile, average asking rents rose in Nova Scotia by 6.3% to $2,307. Rents moved 3.3% higher in Saskatchewan to $1,373 and 2.3% in Manitoba to $1,644.

Source: Canadian Mortgage Trends