Residential rents across Canada rose in March, ending a six-month streak of monthly declines, according to the latest National Rent Report from Rentals.ca and Urbanation.

The average asking rent for apartments and all other types of residential properties increased by 1.5% from February to $2,119. Despite the month-over-month rise, rents remain down 2.8% compared to March 2024 — marking the sixth consecutive month of year-over-year decreases.

Asking rents also fell for the sixth consecutive month.

“Rents in Canada saw an uptick between February and March as renters became more active, likely drawn into the market by the recent improvement in affordability,” said Shaun Hildebrand, president of Urbanation. “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.”

Since the start of the COVID-19 pandemic in March 2020, average asking rents have climbed 17.8%. Purpose-built rental apartments have led that growth, rising 35.5% to an average of $2,086, even after a 1.5% drop over the past year. In contrast, condo rents have remained mostly unchanged over five years, inching up just 0.6% to $2,232 following a 3.8% decline in March. Secondary rental properties fell 5.6% year-over-year but have risen 13.6% since 2020.

Provincial data for purpose-built rentals showed Ontario with the sharpest annual drop in March at -3.2%, while Saskatchewan posted the highest increase at +2.9%. Rents remained relatively stable in B.C. (-0.1%) and grew modestly in Alberta (+1.8%). Over the past five years, Nova Scotia led the country with a 43.9% rent increase, followed by Alberta (38.5%), B.C. (36.9%), and Saskatchewan (33.9%). Ontario’s 16.4% rise was the slowest among the provinces.

Rents in major urban centres continued to fall, hitting multi-year lows. Toronto’s average rent dropped 6.9% annually to $2,589 — the lowest level in 32 months. Vancouver fell 5.7% to a 35-month low of $2,822. Calgary posted the largest annual decline among major cities at 7.8%. Meanwhile, Ottawa (+0.9%) and Edmonton (+1.0%) bucked the trend with modest increases.

The country’s most expensive rental markets remain in British Columbia and Ontario, topped by Richmond, B.C., ($3,042) and North Vancouver, B.C. ($3,005). More affordable cities include Lloydminster, Alta. ($1,206), which is a secondary market, and Regina ($1,320). Grande Prairie, Alta., also a secondary market, saw the fastest annual rent growth at 14.1%.

Shared accommodations also saw a shift, with average asking rents falling 4% year-over-year to $959. Listings rose 7% compared to March 2024. Room rentals dropped in Toronto (-8%) and Montreal (-9%) but increased in Ottawa (+7%).

The analysis was conducted by Urbanation, a Toronto-based real estate research firm. The report includes a variety of housing types, excluding outliers and single-room rentals.

Rentals.ca and Urbanation are related entities.

Pictured: Apartment building in southwest Calgary.

Photo: Rentals.ca

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