Canada’s rental market has now logged 11 straight months of declines, but the long-awaited relief still isn’t enough to ease the affordability crunch facing tenants. The latest National Rent Report from Rentals.ca and Urbanation shows that average asking rents dropped 2.3 percent in August compared to a year earlier, bringing the national average down to $2,137. While the slowdown marks a shift from the rapid growth seen in recent years, rents remain far above pre-pandemic levels—up from $1,718 in August 2020.
The steepest annual declines were recorded in Alberta, where average apartment rents fell 3.5 percent, followed by British Columbia at 2.7 percent, Ontario at 2.5 percent, Nova Scotia at 2.2 percent, and Quebec with a marginal 0.2 percent drop. Even so, a recent study by the Centre for Policy Alternatives highlights just how steep the affordability barrier remains. In Vancouver, a renter would need to earn nearly $79,000 annually to afford a one-bedroom apartment; in Toronto, that threshold is just over $78,000.
Vancouver remains the country’s most expensive market despite rents tumbling nearly 10 percent over the past year to $2,820 a month. Toronto holds second place at $2,606, down three percent. Calgary, which has seen surging rental demand in recent years, posted a sharp seven percent decline, with rents now averaging $1,911.
Not all parts of the country saw relief. Saskatoon recorded a seven percent jump, pushing average rents to $1,443, while Regina, Edmonton, and Winnipeg each saw modest one percent increases, averaging $1,432, $1,585, and $1,618 respectively. Edmonton’s longer-term trend stands out: rents there are still 10 percent higher than two years ago and more than 25 percent higher than three years ago.
Despite Alberta leading the recent declines, many of the province’s smaller cities remain the most affordable places to rent in Canada. Lloydminster, Medicine Hat, and Fort McMurray all reported average monthly rents well below the national figure, at $1,179, $1,287, and $1,364 respectively.
The mixed picture underscores the unevenness of Canada’s housing market. For renters in major cities, even with nearly a year of steady declines, affordability pressures remain intense, leaving many Canadians still struggling to keep pace with the cost of shelter.