Rent prices across Canada continue to trend downward, according to the latest National Rent Report from Rentals.ca and Urbanation.
The report shows the average asking rent declined 5.3 per cent year over year in March to $2,008, marking the 18th consecutive month of annual decreases. That figure represents the lowest national average in nearly three years and reflects a broader cooling trend across the rental market.
Ontario is among the provinces seeing continued declines, with rents falling 4.4 per cent compared to March of last year. Canada’s largest markets, including Toronto, are contributing to the trend, with rents there reaching multi year lows.
Across property types, the largest decreases were seen in the secondary market. Condo rents dropped 6.9 per cent annually, while houses and townhomes declined 9 per cent. Purpose built rental apartments remained more stable but still saw a nearly 4 per cent decrease.
Experts point to a combination of factors driving the decline, including increased housing supply, economic uncertainty, and affordability challenges. The report also notes that rents have fallen nearly 9 per cent since peaking in mid 2024.
While rents remain high compared to earlier years, the sustained downward trend may offer some relief for renters.
In communities like Northumberland County, where housing affordability continues to be a concern, the national and provincial trends provide important context for local market conditions heading into the spring season.
(Written by: Joseph Goden)
