Toronto and Vancouver Rents Rise as National Average Falls
Toronto and Vancouver rental prices rose in October 2026 for the first time in nearly three years, despite a 3.2 percent drop in Canada's national average.
Average asking rents in Toronto and Vancouver increased in October 2026, ending a nearly three-year trend of declines in Canada's two largest housing markets. According to a report by Urbanation and Rentals.ca, Toronto saw asking rents for apartments and condos rise between 1.3% and 1.6%, while Vancouver recorded a marginal increase of 0.2% to 0.6%.
These localized increases contrast with a broader national trend. The average asking rent across Canada fell 3.2% year-over-year to $2,036, marking the 25th consecutive month of annual declines and the lowest October level since 2022. While markets in Calgary, Edmonton, and much of Ontario continue to see price drops, the recovery in Toronto and Vancouver is attributed to tightening supply and reduced inventory.
Regional disparities remain sharp. British Columbia experienced the steepest three-year rent decline of any province at 10.2%, though it remains the most expensive province overall. North Vancouver recorded the highest average asking rent of all 60 Canadian markets at $3,002. In response to these conditions, the Government of British Columbia capped annual rent increases for existing tenants at 2.3% for 2026 and 2.2% for 2027.
