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Cooling Rents: Relief for Tenants as Prices Drop Across Canada
After years of relentless increases, Canada’s rental market is finally showing signs of easing. According to the latest data from Rentals.ca and Urbanation, average asking rents in September 2025 fell 3.2% year-over-year, marking the 12th consecutive month of decline.
The steepest drops were recorded in Calgary and Vancouver, where new apartment completions and shifting demand have pushed prices down more sharply than in other major cities. Alberta and British Columbia, in particular, saw declines of over 5% compared to last year.
Experts point to a combination of factors driving the trend:
- Record-high apartment completions, boosting supply
- Reduced population growth among non-permanent residents
- A weakening job market, softening demand
For renters, this shift offers long-awaited relief after years of affordability challenges. While it remains to be seen how long the trend will last, the current cooling suggests a more balanced rental market may be emerging across Canada.
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