Canada’s avg. asking rent fell to $2K in Late-Q1, the lowest level in nearly 3 yr, as slower population growth and new apartment supply pressured landlords.
National asking rents were ↓5.3% yearly and ↓1.1% MoM, marking an 18th straight yearly decline and the biggest yearly drop in nearly 5 yr.
The downturn reflected post-pandemic forces: declining population growth, affordability strain, economic uncertainty, and record apartment completions, which pushed vacancy rates higher and conditions toward renters.
As vacancies rose, landlords in many cities increasingly offered incentives to attract tenants, including several months of free rent or waived parking fees.
An economics report estimated Canada’s 2026 rental vacancy rate could exceed 3%, a balanced-market threshold and the first such level in a decade for 2-bedroom units.
