TORONTO — The national average asking rent in July fell 3.6 per cent from a year earlier to $2,121, marking the 10th straight month of year-over-year decreases and the largest drop of 2025 so far.

The latest monthly report from Rentals.ca and Urbanation said asking rents held roughly steady in July on a month-over-month basis, down $4 from June.

The report said purpose-built apartment asking rents fell 1.7 per cent from a year ago to an average of $2,095, while asking rents for condominium apartments decreased 5.7 per cent to $2,202.

Rents for houses and townhomes declined 8.2 per cent to $2,170.

“Canada’s rental market is experiencing a prolonged softening phase, with price declines accelerating across most provinces and unit types,” said Rentals.ca manager of data services David Aizi

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