While rental rates remain high, the latest report offers some positive news.
For the first time since its launch in July 2022, the Zumper Canadian National Rent Index reports an annual decline in national rent prices.
This shift reflects a softening market across Canada’s major cities, though Victoria remains one of the most expensive places to rent in the country.
The latest report shows that national rent prices for one-bedroom units have decreased by 0.2% over the past year, bringing the median cost to $1,889.
Two-bedroom rents saw a larger decline of 0.9%, with the median now at $2,329. Canada-wide, these shifts represent a moderation from the double-digit growth seen last year, as new apartment completions and increased rental availability have helped stabilize the market.
Data from the Canada Mortgage and Housing Corporation (CMHC) supports these trends, with record-high apartment completions this year across major urban centres such as Toronto, Ottawa, Calgary, and Edmonton.
Victoria continues to be among the top four most expensive rental markets in Canada, with the median rent for one-bedroom units decreasing by 1.9% to $2,110. The median cost of two-bedroom rentals also declined by 2.5% to $2,780. Despite these reductions, Victoria remains the fourth priciest market in the country.
Vancouver held its spot as the most expensive rental market, with a 1.9% decrease in one-bedroom rent to $2,600 and a 3.5% drop in two-bedroom rent to $3,600.
Toronto follows as the second most expensive, with one-bedroom prices declining by 2% to $2,400 and two-bedrooms by 1% to $3,100. Burnaby ranks third with one-bedrooms down 2.1% to $2,380 and two-bedrooms down 1.6% to $3,050. Halifax completes the top five, with one-bedroom rents holding steady at $2,100 and two-bedroom rents falling 2.3% to $2,580.
Some of Canada’s largest cities experienced significant declines in rent prices over the past year, with Calgary seeing the largest annual decrease in one-bedroom rents, dropping 7.4%. Vancouver and Burnaby also witnessed substantial declines, with rent reductions of 6.5% and 6.3%, respectively.
Meanwhile, more affordable markets, such as Saskatoon, Edmonton, and Québec, saw notable increases in rental costs.
Saskatoon led the country with a 16.8% increase in one-bedroom rents, followed by Edmonton and Québec with growth rates above 16%.
