Is the Rental Market finally Cooling? Canada’s Rent Prices Dip as Immigration Slows
Lower immigration levels ease rental pressures nationwide, while interprovincial migration reshapes regional market dynamics
TORONTO and CALGARY, Alberta and EDMONTON, Alberta and MONTREAL and VANCOUVER, British Columbia, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Canada’s rental market is entering a period of adjustment as slower immigration levels and shifting migration patterns begin to rebalance supply and demand across the country. After several years of record-high population growth, new data shows that easing newcomer arrivals and increasing interprovincial movement are influencing rent trends from coast to coast.
Immigration slowdown cools demand in major rental hubs
Immigration levels fell across most provinces in early 2025, with the most significant declines recorded in Ontario, Alberta, and British Columbia. The Northwest Territories and Nunavut were the only jurisdictions to record gains. Ontario experienced the largest drop, receiving 15,279 fewer immigrants in the first half of the year compared to 2024. Even in provinces where immigration declined only slightly, such as Quebec, rental demand softened — suggesting a wider national cooling trend.
This shift is already visible in rental prices across major hubs. As of October 2025, year-over-year rents for unfurnished one-bedroom units declined across major cities — down $176 in Toronto, $168 in Calgary, $96 in Montreal, $78 in Edmonton, and $58 in Metro Vancouver.
Interprovincial migration rebalances the rental landscape, keeping rents steady in select regions
During the first half of 2025, Ontario recorded the largest net loss of residents, with 11,474 people relocating to other provinces. In contrast, Alberta reported the largest gain, attracting 12,880 new residents. Nova Scotia and Prince Edward Island saw remarkable year-over-year growth in incoming migrants — up 66% and 363%, respectively. These population shifts have helped maintain or even boost rental demand in certain regions. In Edmonton, for instance, furnished one-bedroom rents increased 4.9% to $1,526, while two- and three-bedroom furnished units in Southeast Edmonton increased by $311 and $363 year-over-year.
Canada’s rental market is transitioning from a period of intense demand to one of rebalancing, shaped by demographic changes and shifting regional economies. While some urban centres are seeing rents ease, growing interprovincial migration continues to support housing demand in select regions, particularly in Alberta and the Atlantic provinces.
For a detailed look at city-by-city rental data and emerging trends, visit our latest Monthly Rent Report (MRR). Also, subscribe to our newsletter to be the first to access the 2026 Annual Rent Report — releasing in early February — featuring an in-depth analysis of key factors shaping Canada’s rental landscape, from population trends to the expected influence of the 2026 FIFA World Cup.
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Data Collection Methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites. Our data collection methods differ from some government agencies in that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied and may be rent-controlled or rented for significantly lower than the current rates.
For data related to influencing factors, our team refers to data from trusted sources like Statistics Canada, Canada.ca, CMHC, as well as gathering supporting information from media outlets such as CBC News, Calgary Herald, Daily Hive, and Globe and Mail.
For more information on our data collection methodology, please refer to our monthly rent reports.
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media@liv.rent
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