Average asking rents fall 4% in July as market 'stabilizing, but not yet recovering'

TORONTO — A new report says the average national asking rent fell four per cent in July compared with last year and now stands at $2,037.

The latest monthly analysis from Rentals.ca and Urbanation says that marks the 22nd consecutive month of year-over-year declines in the average cost being sought by landlords, with asking rents having fallen 7.5 per cent over the past two years.

However, it’s the smallest year-over-year drop since February, and prices continue to rise when comparing month to month.

Prices ticked up 0.2 per cent from June, which was the fourth straight monthly increase.

Urbanation president Shaun Hildebrand says this is typical seasonal momentum heading into the back-to-school period, as Canada’s rental market appears to be “stabilizing, but not yet recovering.”

Asking rents for purpose-built apartments fell 2.6 per cent year-over-year to an average of $2,041 last month, while asking rents for condominium apartments decreased 6.3 per cent to $2,063.

Sammy Hudes, The Canadian Press

This report by The Canadian Press was first published Aug. 7, 2026.