TORONTO
The average asking price for a rental unit across Canada in October was $2,036, down 3.2 percent compared with a year ago.
A monthly report from Rentals.ca and Urbanation says October’s decrease marks the smallest year-over-year decline since February, when rents were down 2.8 percent from the same month a year earlier.
Average asking rents have now fallen year-over-year for 25 consecutive months, with prices down 5.4 percent compared with two years ago and reaching their lowest October level since 2022.
Rents were essentially flat on a monthly basis, edging 0.1 percent higher from September.
Urbanation president Shaun Hildebrand says the window for cheaper rents is closing in Toronto and Vancouver as prices are starting to rise for the first time in nearly three years amid declining supply.
“The window for cheaper rents is closing in Toronto and Vancouver as prices are starting to rise for the first time in nearly three years amid declining supply, while renters still hold the advantage in Calgary, Edmonton and much of Ontario, where prices continue to fall,” said Urbanation president Shaun Hildebrand.
Asking rents for purpose-built apartments fell 2.1 percent year-over-year to an average of $2,040 last month, while asking rents for condominium apartments decreased 5.5 percent to $2,048.
The report was released as the federal government tabled a budget proposing a one-time top up to the Canada Groceries and Essentials Benefit, lowering the income threshold for the Canada Workers Benefit and making the Canada Caregiver Credit refundable.
The government proposes another 50 percent one-time top up for the 2026-27 benefit year to be paid in early 2027. Under the existing regime, a single person could receive a maximum of $950 and a couple with two children could get $1,890. The 2027 boost brings those maximums up to $1,290 and $2,570, respectively.
The one-time top up is expected to cost $4.1 billion.
The government also wants to rename the Canada Workers Benefit to the Build Canada Workers Benefit, lowering the minimum earnings threshold to $500 from $3,000 and for the disability supplement, to $200 from $1,150.
The maximum benefit will also be raised to $1,859 from $1,709 for single individuals and to $3,143 from $2,943 for families.
At the same time, it intends to phase out BCWB advance payments over two years. Advance payments will be halved in 2027 to 25 percent and eliminated beginning in the 2028 tax year.
The BCWB enhancements are expected to cost $2.1 billion in the four years from 2027 to 2031, while phasing out advance payments will save $3.1 billion over the same period.
The federal government also proposed making the Canada Caregiver Credit refundable beginning in the 2027-28 tax year. This will cost about $845 million between 2027 and 2031 and expand its recipient pool by 180,000 people who would otherwise receive no benefit.
The maximum credit for 2027 is $1,260.
This report by The Canadian Press was first published Nov. 5, 2026.
This story was written by the e2gold.ca newsroom from reporting by BNN Bloomberg, Toronto Star, Investment Executive and Global News. Quotes are checked word for word against that reporting.