Rents across Canada are still high, but prices have cooled compared to last year’s record-breaking highs. According to the June 2025 Rentals.ca Rent Report (in partnership with Urbanation), the average asking rent in May was $2,129, down 3.3% from May 2024, when rents peaked at $2,202.
📉 National Snapshot, Rents Dip but Stay Elevated Long-Term
- 🔽 Down 3.3% year-over-year
- 🔼 Still 5.7% higher than two years ago
- 🔼 Up 12.6% compared to three years ago
While rents have decreased for eight straight months, affordability is still worsening when you consider that average rent growth (4.1%/year) continues to outpace wage growth (3%/year).
🏘️ What’s Happening by Unit Type?
- Three-bedroom purpose-built apartments saw the only annual increase, +3.9% to $2,743
- Studios in condos dropped the most, –5.1% to $1,762
- Two-bedroom purpose-built units fell 3.9% to $2,288
Condo rentals also declined overall by 3.6% year-over-year, and single-family home rentals in the secondary market dropped the most, down 7%.
🧭 Provincial Breakdown, Where Rents Are Dropping (and Rising)
Most expensive provinces (May 2025):
- British Columbia: $2,462 (–2.6% YoY)
- Ontario: $2,335 (–3.6% YoY)
Declining provinces:
- Alberta: $1,745 (–2.4%)
- Quebec: $1,964 (–1.8%)
Rising provinces:
- Saskatchewan: $1,386 (+3.9%)
- Nova Scotia: $2,284 (+2.1%)
- Manitoba: $1,624 (+0.1%)
📍 Municipal Trends, Big Drops in Big Cities
Out of Canada’s six largest cities, four saw rent declines in May:
- Calgary: –7.9% → $1,928
- Toronto: –6.8% → $2,594
- Vancouver: –5.9% → $2,830
- Montreal: –3.3% → $1,970
Ottawa and Edmonton were the only major cities to record slight rent increases.
Interestingly, Vancouver’s three-bedroom condo rents rose 14.7%, but this was due to more luxury units entering the market, not actual price growth across all units.
💡 Rent Growth Hotspots
- Longueuil, QC: +10.5% → $1,949
- Niagara Falls, ON: +7.7% → $2,041
- Lethbridge, AB: +7.2% → $1,519
- Saskatoon, SK: +5.7% → $1,442
- Abbotsford, BC: +4.7% → $1,933
🏚️ Most Affordable Cities in Canada (Outside the Big Six)
- Lloydminster, AB: $1,231
- Windsor, ON: $1,705
- Quebec City, QC: $1,549
- Winnipeg, MB: $1,623
👥 Shared Accommodation Trends
- National average: $945 (–4.7% YoY)
- Ottawa: +10% to $1,030
- Edmonton: +2.3%
- Vancouver: –9.9%
- Montreal: –8.8%
- Quebec (province): –5.7%
📌 Final Takeaway
Rental prices are easing, but not everywhere. The spring and summer market usually brings upward pressure, and renters in BC and Ontario are still facing some of the highest rates in the country. While smaller cities like Saskatoon, Lethbridge, and Longueuil are heating up, renters in major hubs like Toronto and Vancouver are finally getting a bit of breathing room.
📚 Source
June 2025 Rentals.ca Rent Report, in partnership with Urbanation
Canada Housing Market 
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