Rents fell in half of Canada’s major cities, with Toronto and Vancouver seeing average two-bedroom prices drop by $160–$270 yearly.

Weak labour markets, especially in Ontario’s manufacturing regions, are driving renters to double up, move home, or leave the market entirely.

Lower immigration and rising rental supply are further reducing demand, pushing landlords to offer incentives to attract tenants.

Despite rent declines, affordability remains strained — in Toronto, rent still takes over 30% of household income on average.