Weak economic backdrop could keep rent prices soft this summer: report
A surge in new supply and slower demand growth are easing conditions, with landlords offering incentives as vacancy rises in higher-priced units.
- In May 2026, Canada's average asking rent fell 4.7% year-over-year to $2,029, marking the 20th consecutive month of decline and offering relief for renters after years of outsized inflation.
- A weak economic backdrop, decreasing population, and record apartment completions are fueling a slower-than-usual summer rental market, with average rents down approximately $100 from a year earlier.
- Annual apartment rent declines were concentrated in Canada's largest provinces, led by British Columbia at 5.4%, Ontario at 5%, and Alberta at 4.7%, while condominium rents dropped 6.8% to $2,076.
- North Vancouver currently holds the title for Canada's most expensive rental market with an average rent of $2,927, while Vancouver follows at $2,712.
- Desjardins analysts suggest Vancouver is beginning to resemble major global cities like London, New York, and Sydney, with home ownership reaching levels described as "impossibly unaffordable.
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24 Articles
Rentals have declined due to the influx of completed new housing and the slowdown in population growth, says CMHC.
The Canadian Housing Agency reports that rents have declined due to the influx of new completed housing and the slowdown in population growth, but demand in large cities is expected to increase, in part due to improved affordability.
Thorold Today
Rents fall as new completions surge and demand slows, but rebound expected: CMHC
Canada's housing agency says rental prices have fallen amid an influx of new properties and slower population growth, but demand in major cities is expected to grow in part due to improving affordability. Canada Mortgage and Housing Corp.
Le Journal de Montreal
24heures.caThe rents requested have not changed much in Montreal in the last two years despite the largest number of new housing units available.
Rental conditions ease in major markets, but affordability challenges remain: CMHC
OTTAWA, ON, June 9, 2026 /CNW/ - Increased rental supply and slower demand growth are easing conditions in Canada's largest rental markets. However, this shift is being driven largely by an increase in higher-priced
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