Average asking rents fall annually for 10th straight month to $2,121: report

Canada's national average asking rent fell 3.6% year-over-year in July to $2,121, marking the 10th consecutive monthly decline and the largest drop in 2025. Purpose-built apartment rents dropped 1.7%, condo rents fell 5.7%, and house/townhome rents declined 8.2%. Nova Scotia, B.C., and Ontario saw the largest decreases, while Saskatchewan experienced a 4% rent increase. Calgary, Vancouver, Toronto, and Montreal rents also declined, but Ottawa and Edmonton saw slight growth.