A cooler rental market — but still wildly uneven across cities
Public “asking rent” reports entering 2026 show a national cooldown, while CMHC’s purpose-built rental survey provides a grounded benchmark of in-market rents and vacancy conditions across Canada’s largest urban centres.
What jumped out
In CMHC’s October 2025 benchmarks, the median 2-bedroom rent across 20 major markets is $1,857 — yet the spread is enormous, from $1,354 to $2,696. Meanwhile, national vacancy loosened in 2025 as construction surged.
Table 1 — Cross-city rent benchmarks
Averages computed across the 20-city set (CMHC benchmark rents, October 2025).
| Bedroom segment | Mean | Median | Min | Max |
|---|---|---|---|---|
| Studio | $1,289 | $1,249 | $930 | $1,886 |
| 1 BR | $1,556 | $1,579 | $1,142 | $2,107 |
| 2 BR | $1,923 | $1,857 | $1,354 | $2,696 |
| 3+ BR | $2,267 | $2,107 | $1,610 | $3,455 |
| All units | $1,736 | $1,724 | $1,286 | $2,256 |
Table 2 — Highest 2-bedroom averages
Top markets by average 2-bed rent, with vacancy as a quick “tightness” read.
| City | Prov | Avg 2 BR | Vacancy |
|---|---|---|---|
| Vancouver | BC | $2,696 | 3.7% |
| Toronto | ON | $2,547 | 3.0% |
| Victoria | BC | $2,536 | 3.3% |
| Kelowna | BC | $2,442 | 6.4% |
| Hamilton | ON | $2,177 | 3.6% |
Table 3 — Lowest 2-bedroom averages
Lower-cost markets aren’t automatically “loose” — vacancy varies by city.
| City | Prov | Avg 2 BR | Vacancy |
|---|---|---|---|
| Québec | QC | $1,354 | 2.4% |
| Moncton | NB | $1,503 | 3.9% |
| Saskatoon | SK | $1,556 | 3.3% |
| Regina | SK | $1,563 | 2.7% |
| Winnipeg | MB | $1,595 | 2.8% |
Table 4 — Highest vacancy markets (and what 2-beds cost there)
The “looser” markets in this set. Notably, higher vacancy doesn’t always correspond to low rents (Kelowna is the clearest example here).
| City | Prov | Vacancy | Avg 2 BR |
|---|---|---|---|
| Kelowna | BC | 6.4% | $2,442 |
| Calgary | AB | 5.0% | $1,836 |
| Kitchener–Cambridge–Waterloo | ON | 4.1% | $2,111 |
| London | ON | 4.0% | $1,878 |
| St. Catharines–Niagara | ON | 3.9% | $1,911 |
What to watch next
If construction stays elevated and demand growth remains softer than the 2022–2024 period, more cities may see tenants gain negotiating power—especially in markets already showing higher vacancy. At the same time, the rent gap between “top tier” and “value” cities remains large, and local supply constraints can keep specific neighbourhoods tight even as the broader metro loosens.