Story perspectives

Canada’s Rent Prices Drop: New Supply Eases Pressure

9/9/2025

Summary

Story summary

Canada’s average rental prices dropped for the 11th month, now at $2,137, down 2.3% from last year.
Toronto's rent fell by 3.3%, while Vancouver experienced an 8.1% decrease for one-bedroom units.
New rental supply surged, with Toronto's completions increasing by 173% year-over-year.
Slowed immigration rates reduced demand, easing rental pressures in major cities.
Rents are still 1% higher than two years ago, highlighting ongoing affordability issues.

History

Historical Context

Canada's National Housing Strategy, launched in 2019, aims to reduce homelessness by 50% by 2027. The Canada Mortgage and Housing Corporation reported a 173% increase in new rental completions in Toronto, responding to rising housing demands. Despite recent rental price drops of 3.3% in Toronto and 8.1% in Vancouver, affordability challenges persist, with current rents still 1% higher than two years ago.

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Story summary

Canada’s average rental prices dropped for the 11th month, now at $2,137, down 2.3% from last year.
Toronto's rent fell by 3.3%, while Vancouver experienced an 8.1% decrease for one-bedroom units.
New rental supply surged, with Toronto's completions increasing by 173% year-over-year.
Slowed immigration rates reduced demand, easing rental pressures in major cities.
Rents are still 1% higher than two years ago, highlighting ongoing affordability issues.

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