Canada Rental Market — September 2026
The national average asking rent was $2,034 in September 2026, down 4.2% year over year — the 24th consecutive month of annual decline. The decline was smaller than August’s 4.8% but larger than July’s 4.0%.
The monthly picture has turned seasonal. Rents slipped to $2,034 from $2,035 in August, the second consecutive monthly decrease after four straight increases from April to July, as demand fades after the peak summer leasing season. Over two years rents are down 7.3% from $2,193 in September 2024, and September’s level was the lowest for the month since 2022 — though still 16.2% above five years ago. Rentals.ca notes “signs of stability” in Toronto and Vancouver, where rents have risen over the past six months from their lowest September levels in five years.
Property type separates the market. Purpose-built rentals are the most resilient, down 2.7% to $2,036, while condominium rents fell 7.8% to $2,052 — the steepest annual decline of any property type — and houses and townhomes fell 7.4% to $2,016. Vancouver posted the largest monthly gain among the six largest markets (up 1.4% to $2,741), while Toronto fell 0.6% to $2,554.
Unit size matters more than it used to. Nationally, three-bedroom rents saw the smallest annual decline at 2.8% to $2,489, followed by studios (down 2.8% to $1,571), while four-bedroom-plus units and one-bedrooms fell the most (4.4% each). Average rent per square foot across the six largest markets was $2.48, down 1.5% from a year earlier, while the average unit size shrank to 852 square feet from 858 — renters are paying a little less per square foot for slightly less space.
Average Asking Rents — September 2026
All figures are average asking rents for apartments and condos combined. Year-over-year changes reflect the annual trend in listed rental prices.
| City | Avg. Rent | YoY Change | MoM Trend | vs. National |
|---|---|---|---|---|
| Vancouver | $2,741 | ▼ 1.3% | ▲ 1.4% (strongest) | +$707 |
| Toronto | $2,554 | ▼ 1.4% | ▼ 0.6% | +$520 |
| Montréal | $1,959 | ▼ 1.1% | ▲ 0.2% | −$75 |
| Calgary | $1,823 | ▼ 3.9% | ▼ 0.1% | −$211 |
| Canada (all) | $2,034 | ▼ 4.2% | — | — |
Source: Rentals.ca October 2026 National Rent Report (September 2026 data), published October 7, 2026.
Renting vs. Owning in Canada — September 2026
With average asking rents 4% below last year and buying costs still elevated by higher prices and interest rates, renting continues to be the lower-cost short-term option in most Canadian markets. However, the rent-own calculus varies significantly by city.
| City | Avg. Asking Rent (Apt/Condo) | Avg. Home Price | Est. Monthly Own | Rent Premium/Discount |
|---|---|---|---|---|
| Vancouver | $2,741 | $1,075,900 (benchmark) | ~$5,400 | Renting saves ~$2,700/mo |
| Toronto | $2,554 | $1,006,409 (avg.) | ~$5,100 | Renting saves ~$2,500/mo |
| Calgary | $1,823 | $566,700 (benchmark) | ~$3,200 | Renting saves ~$1,400/mo |
| Montréal | $1,959 | $635,000 (median SFH) | ~$3,500 | Renting saves ~$1,500/mo |
Est. monthly ownership cost assumes 20% down, 25yr amortization at 4.29%, plus property tax (~$500/mo) and maintenance ($200/mo). Rent is the city-wide average for apartments and condos, so the gap overstates the saving for renters of smaller units and understates it for larger homes. Not a substitute for a full mortgage analysis.
What rent can you afford?
What's Driving Canadian Rents
24 straight months of annual decline: After record rent increases in 2022–2023, the pendulum has swung. New rental supply that was approved during the boom is now coming online, and elevated ownership costs have reduced investor demand for condo rentals in some markets. Condo rents are the weakest segment, down 7.8% year over year.
Toronto and Vancouver stabilizing: Rentals.ca says rents in both cities have risen over the past six months from five-year lows, with construction inventory peaking and population data revised from a decline to a modest increase. Toronto’s 1.4% annual decline is its 32nd in a row, but three-bedroom rents there rose 1.8% year over year — the only one of the six largest markets where they increased.
Vancouver still Canada’s most expensive large market: At $2,741/month average — $707 above the national average — Metro Vancouver remains the most expensive of the six largest rental markets. The 4.8% annual decline in one-bedroom rents (to $2,380) is the largest of any major market, but North Vancouver ($2,983), Richmond ($2,572) and Burnaby ($2,548) rank highest among markets outside the six largest.
Calgary’s affordability window: At $1,823/month, Calgary is the most affordable of the four largest markets in this report — but rents fell 3.9% year over year and 0.1% on the month, so the earlier run of monthly gains has paused. Calgary’s strong employment and in-migration story still supports demand, but supply is rising too.