Canadian National Rent Index shows 12 consecutive months of annual declines
Canada’s rental market continued to cool last month, driven by record levels of new supply and easing demand. Zumper’s National Rent Index showed that the median one-bedroom rent rose 0.1% to $1,821 last month, while two-bedrooms increased 0.1% to $2,258. On an annual basis, rents for one and two-bedroom units are down 4.1% and 4.3%, respectively, marking the twelfth consecutive month of year-over-year declines.
Larger and more expensive markets experiencing surges in supply, such as Toronto and Vancouver, posted notable annual rent drops last month. In contrast, smaller cities like Kingston, Windsor, and Winnipeg, where construction pipelines remain more limited, have shown greater price stability. This divergence points to a broader market rebalancing. Record levels of apartment construction, combined with slowing population growth due to recent immigration policy changes and a softer labor market, are putting sustained downward pressure on rents. While affordability has improved in Canada’s biggest cities, regional disparities persist, and continued supply completions suggest further adjustments ahead. For renters, conditions remain the most favorable they’ve been in several years.
Top 5 Markets
- Vancouver, BC ranked as the most expensive city with one-bedroom rent growing 0.8% to $2,420.
2. Burnaby, BC was the second priciest market with one-bedroom rent increasing 0.4% to $2,310.
3. Toronto, ON saw one-bedroom rent stay flat at $2,200 and placed third.
4. Halifax, NS remained fourth with one-bedroom rent staying stable at $2,100.
5. Victoria, BC rounded out the top five markets with one-bedroom rent dipping 1% to $2,070.
Cities with the Highest Annual Growth in One-Bedroom Rent Rates
–Kingston, ON had the fastest growing rent, up 5% since this time last year.
–Windsor, ON saw rent climb 3.6%, making it second.
–Regina, SK ranked third with rent increasing 3.1% annually.
Cities with The Largest Annual Decline in One-Bedroom Rent Rates
–Barrie, ON experienced the largest annual rent price decline, falling 10.3%.
–Toronto, ON placed second with rent dropping 10.2% since this time last year.
–Kitchener, ON was third with rent decreasing 7.9%.
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 | $2,520 | 0.80% | -4.90% | $3,400 | -1.40% | -8.80% |
| 2 | 0 | Burnaby, BC | $2,310 | 0.40% | -4.90% | $2,900 | -1.00% | -6.50% |
| 3 | 0 | Toronto, ON | $2,200 | 0.00% | -10.20% | $2,790 | -0.40% | -10.90% |
| 4 | 0 | Halifax, NS | $2,100 | 0.00% | 0.00% | $2,600 | -0.80% | -1.50% |
| 5 | 0 | Victoria, BC | $2,070 | -1.00% | -3.70% | $2,650 | -1.90% | -7.00% |
| 6 | 0 | Ottawa, ON | $1,990 | 0.50% | -0.50% | $2,480 | -0.40% | 0.40% |
| 7 | 1 | Kingston, ON | $1,890 | 3.30% | 5.00% | $2,100 | 6.10% | -1.90% |
| 8 | -1 | Kelowna, BC | $1,860 | 0.50% | -7.00% | $2,380 | 0.00% | -5.90% |
| 9 | 1 | Barrie, ON | $1,750 | 0.60% | -10.30% | $2,000 | 0.00% | -9.10% |
| 9 | 4 | Kitchener, ON | $1,750 | 1.70% | -7.90% | $2,090 | -0.90% | -6.30% |
| 9 | 0 | Oshawa, ON | $1,750 | 0.00% | -5.40% | $2,000 | 0.00% | -4.80% |
| 12 | -2 | Montreal, QC | $1,730 | -0.60% | -1.10% | $2,260 | 1.30% | 0.00% |
| 13 | 1 | Calgary, AB | $1,710 | 0.60% | -4.50% | $2,090 | 0.50% | -6.70% |
| 14 | 0 | Hamilton, ON | $1,690 | -0.60% | -0.60% | $1,980 | 1.50% | -5.70% |
| 15 | -3 | London, ON | $1,660 | -4.00% | -5.10% | $2,010 | -2.40% | -8.20% |
| 16 | 0 | Abbotsford, BC | $1,650 | 0.00% | -1.80% | $2,170 | -2.70% | 2.80% |
| 17 | 0 | St.Catharines, ON | $1,550 | 0.00% | -6.10% | $1,850 | -1.10% | -2.10% |
| 18 | 0 | Winnipeg, MB | $1,500 | 0.00% | 2.00% | $1,890 | 3.30% | 7.40% |
| 19 | 0 | Quebec, QC | $1,460 | 3.50% | 0.00% | $1,770 | 1.10% | 9.30% |
| 20 | -1 | Windsor, ON | $1,450 | 2.80% | 3.60% | $1,640 | -1.20% | -0.60% |
| 21 | 0 | Edmonton, AB | $1,380 | 6.20% | -3.50% | $1,720 | 4.90% | 1.80% |
| 22 | -1 | Regina, SK | $1,340 | 3.10% | 3.10% | $1,600 | -0.60% | 3.20% |
| 23 | -2 | Saskatoon, SK | $1,300 | 0.00% | 0.00% | $1,510 | 0.00% | 1.30% |
About
The Zumper Canadian Rent Report analyzes rental data from 50k+ 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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