Toronto Asking Rents Rose. The Canadian Average Still Fell.

Asking rents in Toronto and Vancouver turned up in October even as the Canadian average kept falling. A Rentals.ca and Urbanation report, covered by Global News on Thursday, Nov. 5, put the average asking rent for all residential types in Canada at $2,036. That was down 3.2 percent from October 2025 and was the 25th straight month of national declines, though the smallest annual drop since February.

Toronto’s average asking rent for apartments and condos rose 1.6 percent from a year earlier, the first increase after 36 months of declines. Vancouver’s average rose 0.2 percent, the first increase after 34 months. Ottawa was up 0.3 percent. Calgary fell 2.4 percent, the largest annual drop among the six biggest markets. In the wider Toronto area, asking rents fell 7.7 percent in Oakville, 5.4 percent in Markham, 4.8 percent in Vaughan, and 4.3 percent in Mississauga.

These are advertised asking rents, not the payment on a lease already signed. Urbanation’s Shaun Hildebrand attributed the turn in the two largest cities to declining supply and said he expects that pattern to continue. That is his forecast, not a new regulated rent.

Does a higher Toronto asking rent raise the payment on a lease you already have? No change to an existing lease was announced. The Nov. 5 report is about October asking rents: up 1.6 percent in Toronto apartments and condos, while the Canadian average still fell to $2,036.