Canada’s Priciest Rental Markets Continue to Cool
At the top of the rankings, several of Canada’s most expensive rental markets are still seeing notable annual declines. Vancouver, Burnaby, Toronto, and Victoria all posted year-over-year drops, with Toronto’s continued cooling pushing it down another spot to become the fourth most expensive market last month. Halifax stands out as a key exception, continuing to record mid-single-digit annual increases in both one- and two-bedroom rents, suggesting that strong demand and tighter supply are still supporting price growth there.
Meanwhile, Prairie markets are holding up relatively well compared to the country’s largest markets. Saskatoon continues to post steady gains, while Regina and Winnipeg have remained more stable overall. Kingston also stands out this month, particularly for two-bedrooms, where rent saw an unusually large year-over-year jump. However, it’s worth noting that smaller markets with fewer listings tend to experience greater price volatility.
National Rents Down Annually for 17th Straight Month, Though Declines Are Slowing
Canada’s national rent index revealed that one-bedrooms fell 3.8% year-over-year to a median of $1,779, while two-bedrooms dropped 3.9% to $2,197. Annual rents for both bedroom types have now been in the negatives for 17 consecutive months, though the pace of those declines has been steadily slowing. The national market saw its sharpest year-over-year drops in November 2025, when one-bedroom rents fell 5% and two-bedroom rents declined 5.3%. Since then, the deceleration has gradually eased, with annual declines moderating to 4.7% and 5.1% in December, 3.9% and 4.6% in January, and 3.8% and 3.9% in February for one and two-bedroom units, respectively.
These trends suggest the sharpest phase of the correction may be behind us and that the national market appears to be stabilizing as the spring leasing season approaches. Much of this shift is being driven by easing declines in high-cost markets, while several secondary markets continue to see demand outpace available supply.
Canada’s 5 Most Expensive Rental Markets
- Vancouver, BC continued to rank as the most expensive city, though one-bedroom rent declined 1.2% last month to $2,390.
2. Burnaby, BC was second with rent decreasing 0.5% to $2,200.
3. Halifax, NS placed third with rent inching up 0.9% to $2,170.
3. Toronto, ON dropped down to fourth with rent falling 0.5% to $2,140.
5. Kingston, ON rounded out the top five markets with one dipping 1% to $2,000.
Biggest Movers: Annual Growth
A few markets are still seeing meaningful annual growth, underscoring that demand remains tight in some pockets. These cities tend to have more limited housing pipelines and steady population growth, conditions that push rents to continue rising even as larger, supply-heavy markets soften.
- Kingston, ON +15.6%
- Halifax, NS: +5.3%
- Saskatoon, SK: +4.8%
Biggest Movers: Annual Declines
The steepest declines are largely occurring in markets that experienced some of the fastest rent growth earlier in the cycle.
- Kelowna, BC: -11.9%
- Quebec, QC: -8.6%
- Toronto, ON: -7.4%
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 | $2,390 | -1.20% | -5.90% | $3,280 | -2.40% | -6.00% |
| 2 | 0 | Burnaby, BC | $2,200 | -0.50% | -7.20% | $2,780 | -0.70% | -7.30% |
| 3 | 0 | Halifax, NS | $2,170 | 0.90% | 5.30% | $2,530 | 0.40% | 5.40% |
| 4 | -1 | Toronto, ON | $2,140 | -0.50% | -7.40% | $2,710 | -0.70% | -9.10% |
| 5 | 0 | Kingston, ON | $2,000 | -1.00% | 15.60% | $2,530 | 5.90% | 34.60% |
| 6 | 0 | Victoria, BC | $1,940 | -2.00% | -5.80% | $2,550 | 0.80% | -7.30% |
| 7 | 0 | Ottawa, ON | $1,920 | 2.10% | -2.50% | $2,430 | 1.30% | 1.30% |
| 8 | 0 | Barrie, ON | $1,810 | 3.40% | -7.20% | $2,010 | 0.50% | -6.50% |
| 9 | -1 | Montreal, QC | $1,770 | 1.10% | 4.70% | $2,230 | 1.40% | 1.40% |
| 10 | -2 | Kitchener, ON | $1,750 | 0.00% | -2.20% | $2,040 | 2.00% | -2.90% |
| 11 | 0 | Oshawa, ON | $1,710 | 0.60% | -4.50% | $2,000 | 0.00% | -7.80% |
| 12 | 0 | Kelowna, BC | $1,700 | 0.60% | -11.90% | $2,100 | -2.30% | -5.80% |
| 13 | 1 | Calgary, AB | $1,630 | 1.90% | -1.20% | $1,920 | -0.50% | -4.00% |
| 13 | -1 | Hamilton, ON | $1,630 | -3.60% | -1.20% | $1,950 | -2.50% | -2.00% |
| 15 | 1 | London, ON | $1,620 | 1.90% | -3.60% | $2,060 | 5.60% | 1.50% |
| 16 | 0 | Abbotsford, BC | $1,600 | 0.60% | -3.00% | $2,000 | 2.00% | 5.30% |
| 17 | -3 | St Catharines, ON | $1,570 | -1.90% | -3.10% | $1,900 | 2.70% | -0.50% |
| 18 | 0 | Winnipeg, MB | $1,420 | 1.40% | 0.70% | $1,700 | -1.20% | 1.80% |
| 19 | 0 | Windsor, ON | $1,350 | -0.70% | -3.60% | $1,590 | 1.30% | -3.60% |
| 20 | 1 | Saskatoon, SK | $1,320 | 0.80% | 4.80% | $1,600 | 0.00% | 6.70% |
| 21 | 1 | Edmonton, AB | $1,280 | -1.50% | -1.50% | $1,560 | -2.50% | -2.50% |
| 22 | -2 | Quebec, QC | $1,270 | -5.90% | -8.60% | $1,750 | -1.70% | 0.00% |
| 23 | 0 | Regina, SK | $1,250 | -0.80% | 0.80% | $1,470 | 1.40% | 1.40% |
Related content
