Rents Stabilize, Offering Relief to Renters Nationwide

Canada's residential rents fell 3.2% year-over-year to $2,123, marking 12 months of declines and the first two-year drop since 2022. Rent decreases occurred across all property types, with condos and houses/townhomes dropping more sharply. Vancouver and Toronto saw the largest declines, with rents at their lowest in nearly four years. Some provinces like Manitoba experienced rent growth, while shared accommodation rents also declined in most regions.