November offered no relief for Canada’s rental market, as national demand continued to weaken for the fourth consecutive month following the July peak. Active renters are exiting the market faster than listings are being added, leaving available properties essentially flat month-over-month and signalling that many prospective movers are abandoning their searches without securing a new lease. With prospect counts already below last December’s levels, this winter is on track to record the lowest active renter pool since 2021.
Nationally, active prospects declined -13.9 percent month-over-month, -19.5 percent year-over-year, and -30.5 percent year-to-date. While the year-to-date gap appears severe, it reflects the contrast between November — the annual low point for rental activity — and January, which typically delivers one of the strongest seasonal recoveries. Even so, 2025’s overall trajectory has been defined by weaker mobility, fewer new entrants into the rental market, and a persistent backdrop of affordability pressure and economic caution.
As we move deeper into winter, renter sentiment remains subdued. A smaller pool of active renters, combined with reduced confidence in the broader economy and ongoing dissatisfaction with rental affordability, continues to limit turnover. Many renters are choosing to stay put longer, delaying moves and constraining leasing velocity across major markets.
This compressed environment won’t resolve quickly. Without improvements to affordability or broader economic confidence, demand will remain soft, and any recovery in early 2026 will be gradual, uneven, and slower to materialize in large urban centres where competition is highest.
National Stats (Month-over-Month):
National Stats (Year-over-Year):
By Market Segment (Active Prospects, MoM):
December will almost certainly extend the slowdown, pushing the market deeper into underperformance through year-end. January will bring a seasonal rebound, but early indicators suggest it will fall short of historical norms, leaving demand well below 2024 levels through winter.
Until affordability improves and renter confidence begins to return, leasing activity will remain muted. Properties that emphasize value, convenience, and livability will be best positioned to attract a smaller, more cautious renter pool in the months ahead.
Demand scores declined by (-12.1%) in November across our top markets in demand. Active prospects declined (-13.2%), while active properties declined by only (-1.2%), resulting in a decline of (-12.1%) in average prospects per property. Looking at the movement of active prospects and properties over the past few months suggests that with each passing month, a greater relative proportion of renters are exiting the market without having successfully signed a lease, as reflected by the gradually shrinking monthly rate of decline in active properties, suggesting that each month fewer are coming off market after having been leased. Amongst the top 10 markets in demand, prospect counts declined at a lower relative rate (-10.9%) while properties actually grew 2.3% monthly. Likely related to a combination of new units entering the market, turnover units, and a slow stream of renters relocating outside of larger urban centres.
Month-over-month (M/M): Within our top 40 markets, demand scores were down (-12.1%) in November 2025 compared with October 2025. Each passing month continues to see a slower relative decline compared to the previous, suggesting a softer landing in the new year.
Annual demand comparisons indicate a long-term trajectory of declining rental demand from 2024 to 2025. Annual demand scores are down (-22.4%), active prospects are down a lower relative (-18.5%), while active properties are relatively down marginally (-0.8%). Among the top 10, market conditions show a relative improvement, with demand scores down (-11.2%), active prospects (-9.1%), and properties (-3.3%), indicating greater relative leasing activity within these markets compared to the broader country.
Year-over-year (Y/Y): Within our top 40 markets, demand scores are down -22.4% in November 2025 compared with November 2024. While active prospects are down, and rental demand continues to trend downwards into the winter months, we are likely to see a marginal recovery in the new year.
To provide a more detailed analysis of the rental demand in specific markets across Canada, we have segmented our market data into 3 key market segments.
Examining these market segments individually offers a deeper understanding of demand patterns within larger population centres, and allows us to identify trends across markets.
*Overall demand scores are down -12.1% month-over-month, unique prospects are down -13.7%, and properties are down -1.8%.
Primary markets continue to experience relative declines squarely between those of secondary and tertiary markets, showing greater relative stability than tertiary markets, which experienced the largest single month of declining prospects, and secondary markets, which reported the lowest relative monthly declines in November. Nearly all primary markets reported declining rental demand, with the one exception being Montreal, which saw a slight uptick in month-over-month renter activity, up 2.4% from October. Conversely, Edmonton experienced the single largest monthly decline in active prospects of all primary markets, down (-21.7%) monthly.
*Year-over-year demand scores are down -24.5%, prospects are down -19.0%, and properties are up 1.3%.
Year-over-year demand comparisons in primary markets show declining renter activity, accompanied by a growth in available units largely due to new product entering the market. Over half of the primary markets in our rankings show growth in available properties, averaging 9.9% across the markets which showed growth. North York, an inner-city suburb of Toronto, reported the largest year-over-year gains in active properties, up 25.6%, followed by Mississauga, Montreal, Calgary, and Toronto proper, all of which experienced annual gains in active properties, alongside declining renter counts.
*Secondary markets demand scores are down -8.9% month-over-month, unique prospects are down -7.3%, and properties are up 1.7%.
Secondary markets have shown the smallest relative contraction in active prospects of all market segments in November. This average recovery was primarily due to Halifax, Windsor, and London all posting growth in active prospect counts monthly, with the remaining markets in our rankings showing monthly declines in line with broader averages. Secondary markets are also the only segment to post consistent growth in monthly property counts, with Windsor, Halifax, London, and Kitchener all showing growth in active properties.
*Overall, year-over-year demand scores are down -20.4% year-over-year, with prospects down by -21.1%, and properties are down by -6.5%.
Secondary markets outpaced both primary and secondary markets in annual declines of active prospects for the first time since the summer peak in rental demand, with active prospect counts declining by (-21.1%) annually, which is the highest in the nation of all market segments. Among the markets in our rankings, Halifax and Surrey both report annual gains in active prospects, with the remaining markets posting annual declines at or above the average.
*Demand scores in tertiary markets decreased by -17.0% month-over-month, unique prospects are down -17.2%, and available properties are down -0.2%.
Tertiary markets moved in tandem with their larger counterparts and exhibited a month-over-month decline in active prospects; however, unlike the rest of the country, available properties remained effectively flat, declining by a fraction of a percent (-0.2%). For the first time in recent months, none of the tertiary markets within our rankings posted growth in active prospect counts in November.
*Overall, year-over-year demand scores are down by -16.0%, unique prospects are down -16.9%, and available properties are down -6.7%.
Although tertiary markets showed an acceleration in their monthly declines, annual comparisons continue to show greater moderation in year-over-year decreases relative to other market segments. This relative recovery was in part due to Guelph and Burlington, which posted annual growth in active renters, with the remaining markets posting an average yearly decline of (-21.9%).
November marks the continuation of the winter season slowdown, with national rental demand declining for a fourth consecutive month after the peak in July. Active prospects decline (-13.9%) month-over-month and are now down (-19.5%) year-over-year, confirming that this winter is on track to deliver the lowest levels of renter activity since 2021.
Unlike earlier months, which saw the falling demand partially offset by shrinking supply, available properties remained relatively flat in November. This widening of the gap between renters leaving the market and available properties suggests that a greater number of those prospective renters ending their rental searches are doing so without having secured a lease, reinforcing the sense of instability that has weighed on the leasing market throughout much of 2025.
The year-to-date decline of (-30.5%) in active renters highlights how uneven 2025 has been. The broader signal is clear; with renter traffic throughout much of 2025 growing inconsistently, and well below historical norms. With demand already underperforming December 2024 levels before the winter has fully set in, further softening through December 2025 is highly likely, which will result in a lower baseline for 2026.
Structural challenges persist, limiting the likelihood of short-term recovery. Affordability strain, reduced net in-migration, weaker consumer confidence, and a growing reluctance to move among existing renters have all contributed to a compression of the active pool of renters. At the same time, record rental apartment completions and a growing supply of available units are resulting in increased competition between properties vying for the limited pool of prospective renters on market. This further raises the likelihood of a continued softening in rents and slower leasing activity into early 2026 as the market gradually absorbs the new inventory.
What’s Next for Canadian Rental Demand?
Looking ahead, December is expected to bring a continued decline before the typical January bump, which sees an increase in both available properties and active renters as we exit the holiday season and many return to everyday life.
The uncertainty around economic outlook, housing affordability, and the variety of supply make this a critical period for property managers and marketers to ensure their market positioning and maximize value in order to best align with the current market's competitive landscape.
Those who adapt and continue to align with the more cautious renter will be best positioned to withstand the winter slowdown and capture momentum as the market begins its gradual recovery in the new year.
To present this data, Rentsync has determined three key calculations for each area of the report, They are as follows:
Demand Score: Our demand score is rated out of 10 (with 10 being the highest score a city can receive), and is calculated based on unique leads per property, per city, and compared against benchmark data.
For Example: East York, ON received a demand score of 4.7 this month, versus 6.1 last month. East York experienced a 1.4-point decrease in its demand score.
Demand Percentage (% +/-): This is determined according to the year-over-year (YOY) or month-over-month (MOM) increase or decrease in unique leads per property.
For Example: The month-over-month demand scores in East York, ON, experienced a 23% decrease in November 2025 versus October 2025. The year-over-year demand score in East York was down 47% from November 2024
Position: The position is determined by unique leads per property, with cities that have at least *20 properties or more. The position will vary depending on demand.
For Example: This month, East York, ON, maintained its position from last month at the top spot in our Top Canadian Cities in Demand Rankings.
*This report provides month-over-month rental listing data for November 2025 versus October 2025 and a year-over-year comparison from November 2025 versus November 2024. It also outlines the month-over-month and year-over-year trends in primary, secondary, and tertiary markets.