For many newcomers, finding housing in Canada has been the hardest part of arriving, often harder than the cold or the job search. So here is some good news: according to the latest Rentals.ca and Urbanation National Rent Report, released on October 7, average asking rents in Canada have fallen year over year for 24 consecutive months.

The numbers

In September 2026, the average asking rent for all residential properties in Canada was $2,034, down 4.2% from a year earlier and slightly lower than August’s $2,035.

For apartments and condos, Ontario led the annual declines at 3.7%, followed by Manitoba and Alberta (3.4% each), British Columbia (2.3%) and Quebec (1.3%). Nova Scotia (+1.2%) and Saskatchewan (+0.4%) were the only provinces where these rents rose.

In the six largest cities in September:

Toronto: $2,554 (down 1.4% year over year, although three-bedroom units rose 1.8% to $3,586)
Vancouver: $2,741
Ottawa: $2,164
Montreal: $1,959
Calgary: $1,823 (down 3.9%, one of the biggest drops)
Edmonton: $1,522 (down 3.2%)

For the first time in years, some tenants have room to negotiate.

Why it is happening, and why it may not last

Shaun Hildebrand, president of Urbanation, says new supply has driven the drop. A wave of new rental and condo units came onto the market just as population growth slowed. He also warns that in Toronto and Vancouver this new supply “is moving past its peak,” which could bring rents back up. If you have been waiting for a better time to move, it may be now rather than next year.

Your newcomer housing playbook

1. Negotiate, politely. In a falling market, landlords would rather fill a unit than leave it empty. Ask for a month free, included parking or utilities, or a lower rent in exchange for a longer lease.

2. Compare listings at renewal. Before you sign a renewal, look at what similar units nearby are listed for. If new tenants are paying less than you, raise it with your landlord.

3. Large families, budget carefully. Three-bedroom units in Toronto are going up while other unit sizes come down. If you are bringing family over, plan for that.

4. Know your rights. Rules on deposits, rent increases and evictions vary by province. Read your province’s landlord–tenant rules before you send any money, and never pay a deposit for a unit you have not seen or verified.

Read our earlier guide, The Canadian Rent Decoder, for how to spot a scam listing and build a rental history from scratch.