Cost- Rents in condo-heavy markets with significant new supply completing, particularly the GTA, have softened somewhat in 2026.
- Purpose-built rental and markets with less new supply have generally seen rents hold firmer or continue rising more than the softer condo segment.
- Reduced immigration targets, covered in our demand-effect update, are a contributing factor to softer rental demand in some markets.
Where rents have genuinely softened
Condo-heavy rental markets with significant new supply completing — again, the GTA being the clearest example, tied to the same investor-supply dynamic described in our condo investor update — have seen rents soften somewhat as more units compete for tenants simultaneously.
Where rents have held firmer or kept rising
Purpose-built rental buildings, markets with less new supply completing, and generally the Prairie and Atlantic markets covered elsewhere in this section have seen rents hold firmer or continue rising modestly, a different dynamic than the softer condo-specific segment in Ontario and BC's largest cities.
What's driving the divergence
Reduced immigration targets, covered in our demand-effect update, are contributing to softer rental demand in some markets, but the effect is uneven — it interacts differently with local supply conditions in each specific city, which is exactly why a single national rent trend doesn't capture what's actually happening locally.
If you're evaluating a rental property's income potential, use current, local rent data rather than a national figure — see the rental cash flow calculator for modelling your specific numbers.
- Statistics Canada — accessed September 2026
- Canadian Real Estate Association (CREA) — accessed September 2026