In June 2026, Canada's rental market experienced a significant decline, with average asking rents falling over 4% compared to the same month in 2025. According to a report from and Urbanation, the average cost of an apartment in Canada was $2,033 in June 2026, marking the 21st consecutive month of year-over-year declines.
The report highlights that purpose-built apartments saw a 3.1% decrease in asking rents year-over-year, averaging $2,034, while condominium apartments experienced a 6.8% decline, with average rents at $2,058. Provincially, British Columbia and Ontario reported the largest year-over-year drops at 5.3% each, bringing average asking rents to $2,377 and $2,233, respectively. Conversely, Atlantic Canada saw a 5.3% increase in average asking rents, reaching $2,271 across the region.
Urbanation president Shaun Hildebrand commented on the trend, stating, "The Canadian rental market downturn has deepened, with rents in March falling at their fastest pace since Covid." This decline is attributed to factors such as record-high apartment completions, slowing population growth, economic uncertainty, and affordability challenges.
Despite the recent declines, rents remain higher than pre-pandemic levels. In December 2025, average asking rents were 14.1% higher than in December 2019, indicating that while rents have decreased from their peaks, they have not returned to pre-pandemic figures.
The ongoing decline in rental prices reflects a softening in Canada's housing market, influenced by various economic and demographic factors. Prospective renters may find more favorable conditions, but challenges related to affordability and availability persist in certain regions.
For a more detailed analysis of the rental market trends, you can watch the following video:
[Asking rents jump 8.6% to hit record high in Canada: Urbanation](