Canada’s rental market is caught in a slow thaw. After an 18-month stretch of consecutive year-over-year declines, national asking rents are still falling, but the pace of those declines is softening for the fourth month in a row, a signal that the correction may be approaching its floor. Beneath the national headline, however, the story is distinctly regional: Atlantic Canada and Québec are holding their own, the Prairie cities are quietly gaining ground, while much of British Columbia and Ontario continues to absorb the aftermath of a multi-year immigration-driven surge that has since reversed course.
National Rent Index: Declines continue, but momentum is shifting
Zumper’s Canadian National Rent Index shows that one-bedrooms decreased 0.1% last month to $1,778, while two-bedrooms increased 0.2% to $2,202. On an annual basis, one and two-bedroom rents are down 3.1% and 2.8%, respectively. The declines for both bedroom types mark the 18th consecutive month of year-over-year declines at the national level. However, as noted in the previous report, the trajectory is shifting. The annual pace of decline has now decelerated for four straight months, from a low point of -5% (1-bed) and -5.3% (2-bed) in November 2025 to the current -3.1% and -2.8%, respectively.
The timing aligns with a broader stabilization narrative taking shape across Canadian housing. The national vacancy rate for purpose-built rentals rose to 3.1% in late 2025, up from 2.2% in 2024, as a near-record pipeline of new rental units came to market just as immigration-driven demand dropped dramatically. According to CMHC, immigration fell nearly 20% year-over-year in 2025, draining the demand engine that had powered rent growth through 2022 and 2023.
For renters, this is still a favorable negotiating environment. For property owners, the incentive-heavy conditions seen through late 2025 may slowly begin to ease.
Movement in The Top 10 Cities
Canada’s most expensive rental markets remain anchored by British Columbia and Ontario, though the composition of the top five has shifted in some notable ways.
Toronto reclaims #3. Canada’s largest city climbed one spot to third place after Halifax slipped on a monthly decline. Toronto’s one-bedroom at $2,110 remains down 8.3% year-over-year, one of the steepest annual drops in the country, but its absolute price level still places it in the top three. The city’s continued cooling reflects reduced immigration to Ontario, a flood of condo units shifting to the rental market, and a significant pipeline of new supply reaching completion.
Halifax drops to #4. Nova Scotia’s capital slid one spot after a jarring 5.5% monthly decline in one-bedroom rents, the steepest monthly drop in the top 10 this month. Despite the softening, Halifax remains one of only two cities in the top five with positive year-over-year growth (+2% for both bedroom types), supported by steady interprovincial migration into the province by Canadians seeking relative affordability compared to Ontario and B.C.
Montréal climbs to #8. Québec’s largest city ticked up one spot, with one-bedroom rents rising 1.7% month-over-month and 4.7% year-over-year.
Kelowna jumps three spots to #9. The Okanagan city made the biggest move in the top 10, rising three positions on the strength of a 2.9% monthly one-bedroom gain. Kelowna enters the top 10 for the first time in several months. However, its annual rents remain down by roughly 5-7%, reflecting the broader B.C. softening tied to population outflows and a surge in completed rental supply.
Biggest Movers: Cities with the strongest annual rent growth
1. Kingston, ON: +14.2% Y/Y
2. Montréal, QC: +4.7% Y/Y
3. Saskatoon, SK: +3.8% Y/Y
The markets with the strongest rent growth this month share a common thread: insulated demand. Kingston’s surge is driven by a consistent student and professional renter base anchored to Queen’s University and St. Lawrence College, where limited supply and minimal location flexibility have pushed rents to levels that rival Toronto’s. Montréal and Saskatoon reflect the broader outperformance of Québec and the Prairies, where immigration declines hit harder, and the rental supply pipeline remained active.
Biggest Declines: Cities feeling the most downward pressure
1. Toronto, ON: -8.3% Y/Y
2. Oshawa, ON: -8.2% Y/Y
3. Barrie, ON: -5.4% Y/Y
All three are Ontario markets, underlining where the national declines are the most concentrated. Many condo investors in Ontario flooded the rental market rather than selling into weak ownership conditions, and a substantial pipeline of new supply was completed just as demand softened. Toronto and Oshawa reflect the GTA demand unwind, while Barrie’s decline signals that the softness has extended into commuter markets that had seen outsized pandemic-era rent growth as renters sought affordability beyond the city centers.
Regional Snapshot
British Columbia: Virtually every tracked B.C. city is posting annual rent declines, a sharp reversal from the double-digit gains of 2022-2023. Population outflows and an increase in provincial emigration in 2025 are the primary culprits. New supply continues to flow into this softer environment. However, March monthly data shows early stabilization: Vancouver (+0.4%), Victoria (+2.1%), and Kelowna (+2.9%) all posted month-over-month gains.
Ontario: The province remains the epicenter of Canada’s rental correction. Toronto and Oshawa are leading annual declines, with Hamilton (+1.8%), London (-1.2%), and Ottawa (-1.5%) showing relative resilience. Kingston is the notable outlier, a market that seems to be 2operating by entirely different rules.
Québec: Montréal and Québec City are among the few markets in the country posting consistent positive annual rent growth. Québec’s supply pipeline is absorbing demand without generating the over-supply conditions seen in Ontario.
Prairies: Winnipeg, Saskatoon, and Regina are all posting positive annual gains, with Saskatoon’s two-bedroom at +6.7% among the strongest in the country.
Atlantic Canada: Halifax remains a top-five city by price with positive year-over-year growth despite a rough March, a testament to steady interprovincial migration into Nova Scotia.
Full Data
| 1 Bedroom | 1 Bedroom | 1 Bedroom | 2 Bedrooms | 2 Bedrooms | 2 Bedrooms | |||
|---|---|---|---|---|---|---|---|---|
| Ranking | Ranking Change | City | Price | M/M% | Y/Y% | Price | M/M% | Y/Y% |
| 1 | 0 | Vancouver, BC | $2,400 | 0.40% | -4.00% | $3,370 | 2.70% | -2.30% |
| 2 | 0 | Burnaby, BC | $2,200 | 0.00% | -4.30% | $2,800 | 0.70% | -6.40% |
| 3 | 1 | Toronto, ON | $2,110 | -1.40% | -8.30% | $2,700 | -0.40% | -6.90% |
| 4 | -1 | Halifax, NS | $2,050 | -5.50% | 2.00% | $2,500 | -1.20% | 2.00% |
| 5 | 0 | Kingston, ON | $2,010 | 0.50% | 14.20% | $2,470 | -2.40% | 31.40% |
| 6 | 0 | Victoria, BC | $1,980 | 2.10% | -4.30% | $2,580 | 1.20% | -6.20% |
| 7 | 0 | Ottawa, ON | $1,950 | 1.60% | -1.50% | $2,450 | 0.80% | -1.20% |
| 8 | 1 | Montreal, QC | $1,800 | 1.70% | 4.70% | $2,280 | 2.20% | 4.10% |
| 9 | -1 | Barrie, ON | $1,750 | -3.30% | -5.40% | $2,000 | -0.50% | -1.00% |
| 9 | 3 | Kelowna, BC | $1,750 | 2.90% | -5.40% | $2,100 | 0.00% | -6.70% |
| 11 | 2 | Hamilton, ON | $1,730 | 6.10% | 1.80% | $2,070 | 6.20% | 4.50% |
| 12 | -2 | Kitchener, ON | $1,710 | -2.30% | -4.50% | $2,000 | -2.00% | -4.80% |
| 13 | 2 | London, ON | $1,680 | 3.70% | -1.20% | $2,110 | 2.40% | 1.90% |
| 14 | -3 | Oshawa, ON | $1,670 | -2.30% | -8.20% | $2,000 | 0.00% | -6.10% |
| 15 | -2 | Calgary, AB | $1,600 | -1.80% | -3.00% | $1,880 | -2.10% | -5.50% |
| 16 | 0 | Abbotsford, BC | $1,580 | -1.30% | 0.00% | $2,000 | 0.00% | 5.30% |
| 17 | 0 | St.Catharines, ON | $1,570 | 0.00% | -1.30% | $1,830 | -3.70% | -4.70% |
| 18 | 0 | Winnipeg, MB | $1,410 | -0.70% | 0.70% | $1,710 | 0.60% | 3.60% |
| 19 | 3 | Quebec, QC | $1,350 | 6.30% | 3.10% | $1,670 | -4.60% | 1.20% |
| 19 | 1 | Saskatoon, SK | $1,350 | 2.30% | 3.80% | $1,600 | 0.00% | 6.70% |
| 19 | 0 | Windsor, ON | $1,350 | 0.00% | -3.60% | $1,630 | 2.50% | -1.20% |
| 22 | -1 | Edmonton, AB | $1,240 | -3.10% | -4.60% | $1,600 | 2.60% | 0.00% |
| 22 | 1 | Regina, SK | $1,240 | -0.80% | 0.00% | $1,470 | 0.00% | 0.70% |
About
The Zumper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 23 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Any data that is reported does not include short term listings. View our full methodology here.
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