CANADA, Nov. 3, 2026: Canadian apartment rent growth slowed to 1.7% in the year to the third quarter of 2026 in purpose-built rentals. Yardi's Fall 2026 Canadian National Multifamily Report calls that "the smallest increase since Yardi began tracking rents in 2020." The national average in-place rent rose $7 in the quarter to $1,790. New leases on re-let units came in 0.2% below the previous lease, so almost all of the growth now comes from renewals.
What did Yardi's Fall 2026 report find?
Rents are still rising, but more slowly than at any point in Yardi's series. Its summary: "The robust post-pandemic growth cycle is over, but there's no sign of a demand downturn as tenants largely remain in place."
Yardi measures in-place rent: the average monthly rent per unit across all leases, whether new, renewed or existing. Lease-over-lease growth compares a unit's new lease with its previous one, so it shows what happens to the rent at turnover.
- New leases: -0.2% nationally, the third straight negative quarter, though better than -0.6% in Q2.
- Renewals: up 2.1% on average. Renewal growth has slowed for 10 quarters in a row, from a peak of 4.4% in Q1 2024.
- Vacancy: 4.7% nationally, unchanged.
Which cities are rising, and which are falling?
Halifax and Winnipeg lead; Calgary is the only major market where in-place rents fell over the year.
| Metro (CMA) | In-place rent, year over year | New leases vs previous lease | Vacancy |
|---|---|---|---|
| Halifax | +5.0% (to $1,752) | +3.6% | 2.7% |
| Winnipeg | +4.1% (to $1,615) | +3.0% | 2.6% |
| Ottawa–Gatineau | +2.1% | +1.5% | 3.9% |
| Toronto | +1.7% | -2.1% | 4.6% |
| Saskatoon | +0.9% | +0.4% | 5.0% |
| Edmonton | +0.8% | -0.2% | 5.5% |
| Vancouver | +0.6% | -0.9% | 3.9% |
| Calgary | -1.3% (to $1,821) | -1.9% | 5.9% |
Calgary rents have now fallen for six quarters in a row, though by less each time, according to Yardi. The report gives no figures for Regina.
Why do other reports say rents are falling?
They measure something different. The October Rentals.ca and Urbanation National Rent Report tracks asking rents on listed units across all property types. It put the September average at $2,034, down 4.2% year over year and the 24th straight month of annual declines. Asking rents show what vacant units list at; in-place rents show what existing tenants pay. Both say new tenants pay about the same as, or less than, the last one. Our earlier analysis, Canadian rents have fallen for two straight years, covers the asking-rent side.
What it means for landlords
Rent growth now comes mainly from renewals, not re-letting: a unit that turns over may re-let for little more than its last rent, or less in Toronto, Vancouver and Calgary. Provincial rules cap a sitting tenant's increase:
- Ontario: the 2027 guideline is 1.9%. It applies to most units first occupied on or before November 15, 2018. You need 90 days' written notice, and 12 months must have passed since the last increase. See our 2027 N1 guide.
- British Columbia: the 2027 limit is 2.2% (2.3% in 2026), from January 1, 2027. You need three months' notice on the Notice of Rent Increase form, once every 12 months. See the BC 2027 limit.
- Alberta: there is no cap on the amount. A monthly tenancy needs three tenancy months' written notice, and 365 days must pass between increases (RTA s.14).
- Saskatchewan: there is no cap. A periodic tenancy needs a 12-month Notice of Rent Increase, once every 12 months. Members of a prescribed landlord association use a six-month notice, once every six months. See Saskatchewan's rules.
What it means for tenants
Tenants who are thinking of moving have more room to negotiate in most large markets. Yardi reports new-lease rents below the previous lease in Toronto, Vancouver, Calgary and Edmonton.
What to do now
- Price renewals on the rules and the local market. Compare nearby listings for similar units and check your province's cap.
- Weigh turnover cost against a smaller increase. A few weeks of vacancy can cost more than a modest renewal increase brings in.
- Serve on time. A late or defective notice delays the increase. In Alberta, a notice that does not comply with s.14 is void.
Tenon10 fills the Ontario N1, creates leases and sends rent reminders. More coverage: the Canadian Landlord Resource Center.
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