Average asking rents fall 3.2% in October but prices rising in Toronto, Vancouver

The average asking price for a rental unit across Canada in October was $2,036, down 3.2 per cent compared with a year ago.

A monthly report from Rentals.ca and Urbanation says October's decrease marks the smallest year-over-year decline since February, when rents were down 2.8 per cent from the same month a year earlier.

Average asking rents have now fallen year-over-year for 25 consecutive months, with prices down 5.4 per cent compared with two years ago and reaching their lowest October level since 2022.

Rents were essentially flat on a monthly basis, edging 0.1 per cent higher from September.

Urbanation president Shaun Hildebrand says the window for cheaper rents is closing in Toronto and Vancouver as prices are starting to rise for the first time in nearly three years amid declining supply, while renters still hold the advantage in Calgary, Edmonton and much of Ontario, where prices continue to fall.

Asking rents for purpose-built apartments fell 2.1 per cent year-over-year to an average of $2,040 last month, while asking rents for condominium apartments decreased 5.5 per cent to $2,048.

This report by The Canadian Press was first published Nov. 5, 2026.

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