We're seeing early signs of stability in Canada’s rental market. As of early Q3, the average asking rent sits around $2,000—a slight dip of about 4% year-over-year, but a modest increase of less than 1% month-over-month. This marks the smallest annual decrease since early Q1 2026. While rents had been declining for 22 consecutive months, the past four months have seen consistent monthly gains after hitting a near three-year low. This suggests some seasonal momentum, particularly as we enter the back-to-school period, and hints at a market that’s beginning to steady.
Purpose-built rentals have shown the most resilience, with rents holding close to $2,000—down just 3% from last year—and three-bedroom units remaining stable. Meanwhile, condo apartments saw a decrease of about 6%, and houses and townhomes dropped roughly 8%. National apartment and condo rents both averaged around $2,000 in early Q3, up slightly from late Q2. Toronto is especially notable, with rental listings down 6% year-over-year and rents approaching positive growth.
Right now, the overall trend is stabilization rather than recovery. Seasonal demand may help maintain this momentum, and Toronto is emerging as a key market to watch for future shifts. As a licensed residential and commercial broker, I keep a close eye on these movements to guide clients through changing conditions in Laval and beyond.
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