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Canadian rents declined for the ninth consecutive month in June, with the national average falling 2.7% year‑over‑year to $2,125, according to Rentals.ca and Urbanation. This trend was driven primarily by the secondary rental market—condos dropped 4.9%, and single‑family/townhomes fell 6.6% year‑over‑year—while purpose‑built apartments only dipped 1.1%. 

Key forces behind this downward pressure include a surge in new rental supply—purpose‑built completions have exceeded ten‑year averages—and slowed immigration, particularly among temporary foreign workers and international students, further reducing demand. CMHC reports confirm that both rental segments face higher vacancies, though landlords of secondary units have generally responded by cutting rents, while purpose‑built landlords prefer offering incentives and rentals are more resistant to price drops—with rents still up significantly over the past several years.

Regionally, the steepest annual rent declines in June were seen in British Columbia and Alberta (both down ~3.1%), with Ontario following at 2.3%. Among major cities, Calgary led with a 7.9% drop, followed by Vancouver (7%), Toronto (4.7%), and Montreal (2.3%); only Edmonton and Ottawa recorded small increases (+0.6% and +1%, respectively). Notably, smaller units like one- and two-bedrooms experienced sharper declines (3.5%), whereas larger purpose-built three-bedroom apartments saw a 4.4% increase, and shared accommodations fell 5.1%, with Vancouver leading that segment’s drop at 11.6%.

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