Average asking rents in Canada dropped 5.3% in March, marking the largest decline in nearly five years and the 18th consecutive year-over-year decrease. Rents averaged $2,008, down 1.1% from February. Higher vacancy rates and economic uncertainty have shifted the market in renters' favor, with landlords offering incentives. Vacancy rates may exceed 3% in 2026, the first time in a decade. Rent declines were steepest in B.C. and Alberta, while some provinces saw rent increases.