Rent Declines in Toronto, Vancouver, Calgary 2025

For the first time in years, advertised rents in Toronto, Vancouver, and Calgary have declined year-over-year in 2025. CMHC data shows rents fell 2 to 8% in Q1 2025, marking a significant reversal from the rapid rent inflation of 2022 to 2024. This shift stems from surging rental supply, reduced immigration targets, and longer vacancy lease-up times across all three markets.