Market update April 2026: Rent relief spreads

Softer rent prices reached more tenants this month. While that’s not always welcome news for landlords, it could help unlock demand to make up for it – filling units that may have sat vacant at higher price points.

• Rentals.ca reports the national average asking rent declined to its lowest level in two and a half years, to $2,030. Asking rents have now fallen for 17 straight months.

• The average asking rent in Ontario dipped 2% month over month, from $2,275 in January to $2,229 in February.

• At the city level, average rents saw slight month-over-month increases in February across Vancouver, Ottawa, Calgary, Edmonton, and Montreal.

• Due to softening overall rent prices, rental affordability is at its healthiest in years. The average rent-to-income ratio now sits at 29%, its lowest level in six years and below the 30% industry benchmark for affordability.

• Meanwhile, the Canadian Real Estate Association (CREA) reports an average national home price of $663,828 in February – up 1.7% from December but down 0.2% year over year.

• No surprises in Ontario, which continues to have among the highest average home prices in the country (second only to British Columbia) at $802,601 – up 3.1% from last month’s average.

• According to CREA, home sales declined 1.3% from January to February.

• The Canada Mortgage and Housing Corporation reports the six-month trend in housing starts was virtually flat from January to 256,005 units in February.