Overview
- Rentals.ca and Urbanation, which released March data Thursday, put the national average asking rent at $2,008, down 5.3% from a year earlier and 1.1% from February.
- The report shows a 35‑month low for asking rents, the largest monthly drop in nearly five years, and an 18th straight year‑over‑year decline with prices now 7.9% below two years ago.
- Urbanation’s Shaun Hildebrand linked the slide to slower population growth, strained affordability, economic uncertainty, and record apartment completions that are adding supply.
- RBC Economics projects the 2026 vacancy rate could top 3%, which it calls a balanced level, and landlords are using incentives like free months and waived fees to fill units.
- Most major markets posted year‑over‑year declines, with B.C., Calgary, Toronto and Vancouver down, while Nanaimo rose and Vancouver has notched small month‑to‑month gains since January.