Stress Test Rents are falling, so why does it still feel so expensive?
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Mar 18, 2026 Sean Hildebrand, president of Urbanation and housing analyst, breaks down Canada’s rental shifts. He explains why rents have fallen after a surge, how condo completions and investor listings flooded supply, and which cities and unit types saw the biggest changes. He also outlines common landlord incentives, why asking rents may not drop, and what could push rents up again.
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Toronto Renter Offers $50 To Win Better Layout
- Aditi moved from a one-bedroom-plus-den paying $1,700 share to a two-bed two-bath listed at $3,000 by offering $50 extra to secure it.
- She found listings stayed up longer and saw incentives, but often higher advertised rents came with perks like two months free or bonus points.
Rents Are Falling But Still Above Pre‑Pandemic Levels
- Rents have been declining for about 18 months and sit near multi-year lows in big cities like Toronto and Vancouver.
- Despite recent falls, rents remain roughly 15% higher than pre-COVID levels when measured across Canada.
Condo Completions Flooded The Rental Market
- A surge of condo completions (about 60,000 in the GTA over two years) flooded rental supply because investors couldn't sell and instead rented units.
- That temporary supply spike plus slower population growth eased rents, but completions will decline soon.