Lawless Brown Mortgage Team

The average asking rent for a two-bedroom apartment across all census metropolitan areas (CMAs) combined was $2,130 per month in the second quarter of 2026, down 3.6% from the second quarter of 2025.

These findings are from the Quarterly Rent Statistics program for the second quarter of 2026. These new data are compiled for CMAs across Canada's 10 provinces.

In the second quarter, asking rent for a two-bedroom apartment decreased year over year in many CMAs, such as Abbotsford–Mission (-6.4%), Calgary (-6.4%), Montréal (-5.2%) and Vancouver (-4.1%); however, it increased year over year in other CMAs, such as Thunder Bay (+6.5%), Sherbrooke (+5.7%), Halifax (+5.3%) and Saskatoon (+5.2%). Average monthly asking rent was highest in Vancouver ($3,030), Toronto ($2,650), Victoria ($2,640) and Halifax ($2,400).

Where available, the concept of paid rent has been added to the estimates from the first quarter of 2019 onward. While asking rent refers to the price posted on major rental listing platforms, paid rent reflects the current amount paid by existing renters, typically based on a formal lease agreement and, if applicable, subsequent rent increases. Paid rent estimates for the second quarter of 2026 are available for 18 CMAs.

In the second quarter, the average asking rent for a two-bedroom apartment was higher than the average paid rent in almost all CMAs where both figures were available. The only exceptions were Calgary (asking rent of $1,890 per month and paid rent of $1,930 per month), Regina (asking rent of $1,480 and paid rent of $1,580) and Edmonton ($1,570 each). Average monthly paid rent for a two-bedroom apartment was highest in Vancouver ($2,470) and Toronto ($2,160) in the second quarter.

The number of home sales recorded over Canadian MLS® Systems decreased by 0.7% on a month-over-month basis in August 2026. Monthly activity has now remained largely unchanged since May.

“Sales activity and price trends were largely unchanged for a fourth consecutive month in August,” said Shaun Cathcart, CREA’s Senior Economist. “What has changed is the broader economic environment, with the Bank of Canada recently warning of rising inflation risks, along with doubts about the durability of recent economic growth. For borrowers, fixed mortgage rates have already increased on higher bond yields. Meanwhile, on the variable rate side, a rate hike is not only back on the table for this year but already priced in by markets. This fresh round of incoming headwinds is expected to dampen the prospects for further housing market momentum heading into 2027.”

August Highlights:

• National home sales fell by 0.7% month-over-month.
• Actual (not seasonally adjusted) monthly activity came in 6.9% below August 2025.
• The number of newly listed properties climbed 3.3% on a month-over-month basis.
• The MLS® Home Price Index (HPI) was unchanged on a month-over-month basis and was down 3% year-over-year.
• The actual (not seasonally adjusted) national average sale price was up 0.6% on a year-over-year basis in August 2026.

New listings rebounded by 3.3% on a month-over-month basis in August 2026, reversing three straight declines earlier in the summer.

On Wednesday, September 2, 2026, the Bank of Canada held its overnight lending rate steady at 2.25% where it has now remained for almost a year. This move was widely expected by analysts.

Gross Domestic Product (GDP) grew by 3.3% in the second quarter, while the unemployment rate edged down to 6.4% in July. Combined with persistently high oil prices, the risk of broader inflationary pressures and the potential impact of Canadian counter-tariffs taking effect September 8, these factors could shift the probability back towards a potential rate hike in the not-too-distant future.

Inflation fears around the world are once again already causing financial conditions to tighten. The Bank noted that, “long-term bond yields have moved up globally, including in Canada,” which means borrowers are already facing higher fixed mortgage rates, similar to what happened back in March and April 2026.