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

A rental sign is seen outside an apartment in Montreal on Thursday, June 26, 2025. THE CANADIAN PRESS/Christinne Muschi

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 says average asking rents were down 2.8 per cent from February 2025, as prices also fell 1.3 per cent on a month-over-month basis.

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.

Measured by province, Alberta saw the steepest decline in average apartment rents at 4.4 per cent, followed by Ontario at 4.3 per cent, B.C. at 4.2 per cent and Quebec at 2.7 per cent. Average apartment rental asks rose in Nova Scotia, Saskatchewan and Manitoba.

The report says national rents are now at their lowest level in 33 months, down 7.4 per cent compared with two years ago, however average asks are still 2.3 per cent higher than three years ago.

Urbanation president Shaun Hildebrand says Canada is going through its largest downturn in rents in recent history amid an influx of supply and slow demand, which has led to “a rare opportunity for renters to take advantage of better affordability.”

This report by The Canadian Press was first published March 9, 2026.