Canada’s rental market has experienced 24 consecutive months of declining asking rents—the longest downturn in recent history. September 2026 data shows average asking rents fell 4.2% year-over-year to $2,034, marking a significant 9.2% drop from May 2024’s peak of $2,202. Ontario, including the GTA, saw particularly steep declines at 4.8% year-over-year. Condo apartments have been hit hardest, declining 7.8%, while purpose-built apartments showed the smallest decline at 2.7%. Industry experts attribute the correction primarily to oversupply rather than weakening demand. However, there are signs of stabilization: Toronto and Vancouver rents have trended higher over the past six months, with annual declines narrowing significantly. A rising rental vacancy rate in Q2 2026 suggests supply pipelines are peaking, potentially signaling a return to positive rent growth sooner than expected. For GTA renters, this downturn offers temporary relief, but affordability remains a structural challenge despite falling asking rents. Investors in pre-construction condos face continued pressure. The report suggests market conditions in Toronto and Vancouver could support renewed rent growth as construction inventories stabilize. For full details and analysis, visit the original article at mpamag.com.
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