In Q1 2025, advertised rents in Canada's largest rental markets declined due to increased supply, while rents for occupied dwellings rose at a slower pace compared to the same period one year earlier. This according to a new report from Canada Mortgage and Housing Corporation (CMHC) which provides an update on rental market conditions in the Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montréal, and Halifax Census Metropolitan Areas (CMAs).

In addition to increased rental supply, demographic trends such as slower international migration and sluggish job markets are contributing to recent declines in advertised rents.

In Calgary, Toronto, Vancouver, and Halifax, advertised rents declined between 2% to 8% year-over-year, while Edmonton, Ottawa, and Montréal continue to see an annual increase in the average advertised rent, but at a slower pace.

Rental supply growth has been driven by support from the Apartment Construction Loan Program (ACLP) and CMHC's multi-unit mortgage loan insurance products. In 2024, 88% of rental apartment starts received financing or insurance from these programs and products.

• Read the full report on the CMHC website .