Saskatchewan posted the highest annual increase in rent for purpose-built rental apartments in March, against the national trend of year-over-year declines in the Canadian rental market.
The average asking rent for all residential properties across Canada rose 1.5 per cent month-over-month to $2,119 in March, according to the latest National Rent Report by Rentals.ca and Urbanation. This marks the first month-over-month increase since September 2024.
Nationally, rents were still down 2.8 per cent compared to a year earlier — the sixth straight month of annual declines.
“Rents in Canada saw an uptick between February and March as renters became more active, likely drawn into the market by the recent improvement in affordability,” said Shaun Hildebrand, president of Urbanation. “However, rents are likely to continue facing downward pressure in the near-term due to the expected negative economic impact and job losses caused by the trade conflict with the U.S.”
In Saskatchewan, rents for purpose-built apartments increased 2.9 per cent year-over-year, the strongest growth among all provinces. Alberta followed with a 1.8 per cent increase, while British Columbia rents were flat, and Ontario saw the sharpest decline at 3.2 per cent.
Over the past five years, purpose-built apartment rents in Saskatchewan have risen 33.9 per cent, placing the province behind only Nova Scotia (+43.9%), Alberta (+38.5%), and B.C. (+36.9%) for long-term rent growth.
Despite the gains, Saskatchewan remains among the most affordable rental markets in the country. Regina posted an average rent of $1,320 in March, while Lloydminster averaged $1,206 — among the lowest of all cities surveyed.
By comparison, rents in major urban centres continued to fall. Toronto's average rent dropped 6.9 per cent to $2,589, a 32-month low, while Vancouver fell 5.7 per cent to $2,822, reaching its lowest level in nearly three years. Calgary saw the steepest decline among major cities at 7.8 per cent.
Condo rents across Canada have barely budged over the last five years, up just 0.6 per cent to $2,232, despite falling 3.8 per cent over the past year. Secondary rentals such as basement suites and investor-owned units declined 5.6 per cent annually but remain 13.6 per cent higher than in March 2020.
Shared accommodations saw a national average rent of $959 in March, down four per cent from a year earlier, with listings up seven per cent. Rents for room rentals fell in Toronto and Montreal but increased seven per cent in Ottawa.
The report uses data from listings on the Rentals.ca Network and is compiled by Urbanation, a Toronto-based real estate research firm.