The national average asking rent in Canada fell to $2,119 in March— its sixth straight month of yearly decreases. The tide is turning on the rental market. This evolution has previously been noted by The Canadian Press on April 8th, 2025. Even considering those caveats, the data paint a striking picture of a province-wide collapse in rental prices, especially in Ontario.
In Ontario, that meant apartment and condominium rents took the largest drop. They decreased by 3.5 percent, to an average of $2,327. This decrease only adds further insult to the injury renters across the province are facing. On Quebec as a whole, the story was similar, with rents dropping 2.5 percent to an average of $1,949.
Rents for purpose-built apartments decreased by 1.5 percent compared to last year, bringing the average asking rent to $2,086. Condominium apartments’ asking rents dropped more significantly by 3.8 percent to $2,232 on average.
While many areas experienced declines, Saskatchewan really shined through with outstanding performance. That’s despite it reaching a year-over-year rent growth rate of three percent, pushing the average rent up to $1,336. Nova Scotia and Manitoba recorded positive trends, with rent growth of 2.4 percent to an average of $2,199 and two percent to $1,592, respectively.
The rental market has recently begun to show month-over-month signs of recovery. It was a notable jump — rents rose by 1.5 percent from February, the largest monthly increase since a 0.9 percent jump last September. This bump occurs against a backdrop of deeper economic anxiety.
“However, rents are likely to continue facing downward pressure in the near-term due to the expected negative economic impact and job losses caused by the trade conflict with the U.S.” – Shaun Hildebrand
