Housing

Asking rents fall 3.6% in Q2 as big-city markets cool, smaller centres keep climbing

The average asking rent for a two-bedroom across Canada's metro areas was $2,130 in the second quarter, down 3.6% from a year earlier, Statistics Canada says.

By John Wilson · September 9, 2026

Renters looking for a new place this spring found slightly lower prices in most of Canada's biggest cities. Statistics Canada reported on Wednesday that the average asking rent for a two-bedroom apartment across all census metropolitan areas combined was $2,130 a month in the second quarter of 2026, down 3.6% from the same quarter of 2025.

The figures come from the Quarterly Rent Statistics program, which the agency runs with Canada Mortgage and Housing Corporation and which tracks listings on major rental platforms, covering both purpose-built units and the secondary market.

The numbers

The decline was steeper than in the first quarter, when the same all-metro measure stood at $2,150, down 0.9% year over year. The biggest declines in the second quarter were in markets that ran hot after the pandemic:

Several smaller and mid-sized centres moved the other way, led by Thunder Bay (+6.5%), Sherbrooke (+5.7%), Halifax (+5.3%) and Saskatoon (+5.2%).

Even after the drop, Vancouver remained the most expensive market at an average of $3,030 a month for a two-bedroom, followed by Toronto ($2,650), Victoria ($2,640) and Halifax ($2,400).

Abbotsford–Mission: -6.4%
Calgary: -6.4%
Montréal: -5.2%
Vancouver: -4.1%

Asking rent versus what tenants actually pay

Statistics Canada also published estimates of paid rent, the amount existing tenants are paying under their current leases. In almost every metro area where both figures were available, asking rent was higher than paid rent. The exceptions were Calgary (asking $1,890, paid $1,930), Regina (asking $1,480, paid $1,580) and Edmonton, where both measures were $1,570.

Paid rent for a two-bedroom was highest in Vancouver ($2,470) and Toronto ($2,160). The agency said part of the gap reflects older leases that are subject to rent controls in some provinces, along with differences in the age, location and features of units on the market compared with those already occupied.

Context

The quarterly numbers fit a broader cooling in asking rents that has been visible since last year in Canada's largest cities. They differ from the rent component of the Consumer Price Index, which measures what all renters pay and adjusts for the quality of units; that measure was still rising 2.5% year over year in July. In other words, new listings are getting cheaper in many cities while the average tenant's bill is still edging up.

Caveats

Statistics Canada describes the program as experimental and subject to revision, and it warned that some asking-rent estimates should be used with caution because of missing data from one provider, which required modelling for the second quarter of 2025. The averages also do not adjust for quality, so a shift in the mix of units listed, such as more units with parking or included utilities, can move the numbers. A national average can also hide very different local conditions, as the gains in Halifax and Sherbrooke show.

What it means for an ordinary Canadian household

For renters who are free to move, the data suggests there is more room to negotiate in markets such as Calgary, Montréal and Vancouver than there was a year ago, although rents in those cities remain high in absolute terms. Tenants in rent-controlled units should weigh their current paid rent against today's asking rents before giving notice, since the gap can be large in cities like Toronto and Vancouver.

For people weighing renting against buying, softer rents change the comparison at the margin, but the decision still depends on local prices, mortgage rates and how long you plan to stay. This is general information, not personalized advice.

Sources

General news and information, not individualized financial advice. Figures reflect the publication date.