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Rents in Canada have fallen for 24 consecutive months, report says

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Rana, U. (2026, October 7). Rents in Canada have fallen for 24 consecutive months, report says. Global News. https://globalnews.ca/news/12091033/rent-canada-falling-24-months/

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Global News · collected 2026-10-07 · by Uday Rana

Quick Summary

Average rents across Canada have fallen for 24 consecutive months according to a report by Rentals.ca and Urbanation, with September’s average asking rent at $2,034, marking the longest downturn in recent history. The decline is particularly sharp in Toronto and Vancouver due to over-supply, though other markets like studio condos experienced an even steeper drop of 9.6 per cent compared to September 2025.
Written by AI on 2026-10-07, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

Average asking rents across Canada fell for the 24th consecutive month in September, marking two full years of declines and one of the longest downturns for the Canadian rental market in recent history, according to a report by Rentals.ca and Urbanation. The average asking rent for all residential properties was $2,034, down 4.2% compared to September 2024, marking the lowest level since 2022. This follows a peak of $2,202 in May 2024.

In British Columbia, average asking rents decreased by 2.9%, continuing a two-year trend of decreases. The report highlights that rents are also down 7.3% over the past two years and 9.2% from their peak, with significant declines seen particularly for condominium apartments at $2,052, down 7.8% annually.

The key driver behind these falling rents is an oversupply in major rental markets like Toronto and Vancouver, where annual rent declines have narrowed but remain substantial due to increased housing supply. Additionally, the federal government's decision in October 2024 to reduce immigration levels has slowed population growth, further contributing to the decline in rental prices.

Written for “Rent Decline Canada” on 2026-11-03, grounded in this article and the 2 other(s) covering the same event.

Story

📰 Rent Decline Canada
Economy/Business · 3 article(s) covering the same event. Compare every outlet's account →

Compared with similar articles

This article reads unscored and hedges 14% of its claims. Each row says how that neighbour differs.
Average asking rent down 2.9% in B.C. in September, marking 2 years of decreases: report Same event
CBC News
Hedges 1 of 20 claims Outlet record 74/100
FIRST READING: Just as predicted, immigration cuts keep yielding lower rents Same event
National Post
⚖️ Leans right Hedges 8 of 37 claims Outlet record 60/100
Greater Toronto home sales in September down from year ago, average price also lower Different event
Global News
Hedges 0 of 7 claims Outlet record 63/100
“The articles discuss different aspects of the housing market (home sales and average prices vs. rental prices), covering distinct data and time periods.”
‘I’ve been applying for everything’: Melbourne rents at record highs Different event
The Sydney Morning Herald
Hedges 2 of 31 claims Outlet record 61/100
“The articles describe different aspects of rent trends across Canada and focus on separate regions and times.”
How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
14
sentences that state something as happening or true
Uncertain
14%
2 of 14 hedged ("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
63/100
Global News's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
3
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-07 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

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Running correction rate · 11 correction(s)
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Who wrote this

Uday Rana
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All 33 articles by Uday Rana →

Topics

Canada Canadian Toronto Urbanation Vancouver

Subjects

Canada GPE · 3× Canadian NORP · 2× Toronto GPE · 2× Urbanation ORG · 2× Vancouver GPE · 2× Hildebrand ORG · 1× Rentals.ca ORG · 1× Shaun Hildebrand PERSON · 1×

Narrative

Average rents across Canada fell for the 24th consecutive month, marking two full years of rent declines and one of the longest downturns for the Canadian rental market in recent history, a report by Rentals.ca and Urbanation said.
framing: assertive · carried by 1 article(s) · first seen 2026-10-07
🔮 Average asking rents in Canada reached a record high of $2,202 in May 2024.
2026-10-07 · Global News
Rents in Canada have fallen for 24 consecutive months, report says · assertive framing

Claims (14 extracted, 2 hedged)

Average rents across Canada fell for the 24th consecutive month, marking two full years of rent declines and one of the longest downturns for the Canadian rental market in recent history, a report by Rentals.ca and Urbanation said. asserted
report → fall → Rentals.ca
The average asking rent for all residential properties in Canada was $2,034 in September, down 4.2 per cent compared to the month in 2025. asserted
rent → ask → 2025
This marked the lowest level of average asking rents for September since 2022. asserted
This → mark → 2022
Average asking rents in Canada reached a record high of $2,202 in May 2024. uncertain
rents → ask → May
After hitting $2,142 in September 2024, rents have steadily declined across the country. asserted
rents → hit → country
Get daily National news Last month, rents were 7.3 per cent below September 2024 levels and 9.2 per cent below the peak of May 2024. uncertain
rents → get → May
“Two straight years of falling rents is the longest downturn the Canadian rental market has seen in recent history,” said Shaun Hildebrand, president of Urbanation. asserted
Hildebrand → fall → Urbanation
The key driver of falling rents is over-supply in key rental markets like Toronto and Vancouver, he added. asserted
he → fall → Toronto
“Rents in both cities have trended higher over the past six months, and annual declines have narrowed significantly as renters come off the sidelines. asserted
renters → trend → sidelines
Where Toronto and Vancouver go, the rest of the country follows,” Hildebrand said. asserted
Hildebrand → go → country
Condos saw the sharpest decline in rents, with rents falling to $2,052 for all condo types, a drop of 7.8 per cent compared to September 2025. asserted
rents → see → September
Studio condos saw an even sharper decline, with a 9.6 per cent drop. asserted
condos → see → drop
Other secondary housing units, such as houses and townhomes, saw rents fall by 7.4 per cent to $2,016. asserted
rents → see → 2,016
Purpose-built rents remained the most resilient of all property types, down 2.7 per cent to $2,036. asserted
rents → build → 2,036
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