July brought the seasonal lift that had been missing all early summer. National average prospect counts rose 7.6% month-over-month, a welcome bounce after June closed out the first half of 2026 as the softest month of the year so far.
This rebound lines up with the summer leasing season, even though it showed up later than usual. (June, remember, actually softened rather than building toward the typical summer peak.) A 7.6% monthly gain is right in line with normal seasonal patterns for this time of year: it's seasonal strength, not a structural shift in demand.
Year-over-year, the picture looks different. Active prospects were down 5.8% nationally, a slightly steeper annual decline than June's 4.3% drop. That comparison is measured against July 2025, one of the busiest months of last year, so it's a tough baseline to match. Rather than undercutting the significance of July's rebound, that wider annual gap really just reflects how strong last summer was.
Looking at the full year so far, active prospects through the first seven months of 2026 are running 2.9% below the same period in 2025, a bit wider than the 2.4% gap through June. That confirms the softening we saw through the first half of the year has carried into summer.
Zooming out, the broader market still reflects the same structural pressures Canadian renters have been facing all year. July's seasonal uplift was a welcome jump in activity, but affordability concerns, economic uncertainty, and weaker renter confidence are still weighing on mobility and decision-making. So while July's numbers look good, they don't signal a structural reversal or a return to prior demand levels. Coming off a stronger month, expect the rest of the summer leasing season to stay uneven and highly market-specific.
Among the top 50 markets in demand, active prospects climbed 9.8% month-over-month, outpacing the national average. Available properties held essentially flat, which pushed average prospects per property up by that same 9.8%. The top 10 markets did even better, with active prospects up 10.7%, and seven of those ten markets are in British Columbia and Alberta, continuing the regional pattern we've seen for months, where Western Canada is outperforming much of the East.
On an annual basis, the top 10 markets remain the only segment showing positive prospect growth, up 3.7% year-over-year. Available properties within that group were down 49.5% year-over-year, but that's less about a real supply crunch and more about several smaller markets, which typically carry fewer listings, climbing into the rankings.
National Stats (Month-over-Month):
National Stats (Year-over-Year):
By Market Segment (Active Prospects, MoM):
Demand conditions across our top markets strengthened in July, reversing the softening seen in June. Consistent with the national trend, active prospects across the top 50 markets rose +9.8% monthly, while available properties were essentially flat. This tightened the overall market and lifted average prospects per property by 9.8%. The top 10 markets in demand posted an even stronger monthly uplift of +10.7% in active prospects, with available properties up +3.2% and prospects per property up +7.2%.
Month-over-month (M/M): Within our top 50 markets, demand scores were up 9.8% in July 2026 compared with June 2026. All three market segments posted gains in demand scores alongside rising prospect counts, pointing to a broad seasonal rebounding of rental demand across the country.
Year-over-year, our top 50 markets posted an average prospect decline of (-3.7%), while available properties grew +0.6%, drawing average prospects per property down (-4.3%). The top 10 markets continued to outperform on an annual basis, with prospects up +3.7% and prospects per property effectively doubling, up 105.5%. This annual gain, however, reflects the (-49.5%) drop in available properties within the group, as several smaller markets carrying fewer properties climbed into the top 10.
Demand scores across all three segments posted substantial annual gains this year, but these increases stem primarily from the lower demand score divisor applied in 2026 rather than a proportional acceleration in underlying renter activity.
Year-over-year (Y/Y): Within our top 50 markets, demand scores are up +36.7% in July 2026 compared with July 2025. Despite the scale of these annual gains, underlying prospect activity tells a more measured story, with active prospects still down across the top 50 and across all three market segments.
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 up +8.1% month-over-month, unique prospects are up +7.1%, and properties are down (-0.9%).
Primary markets rebounded broadly in July, with eight of the ten markets in our primary rankings posting monthly gains in active prospects. Toronto led the segment at 20.1%, followed by North York at 17.4% and Scarborough at 12.2%. Montreal recorded the steepest monthly decline in the segment at (-9.8%), followed by Calgary at (-3.7%). Montreal and Calgary’s softening coincides with market rents that are beginning to ease, though they remain relatively flat.
*Year-over-year demand scores are up +34.4%, prospects are down (-3.1%), and properties are up +2.9%.
Year-over-year comparisons for primary markets present a more measured picture than the segment's 34.4% demand score gain would suggest, with active prospects down (-3.1%) overall. Vancouver led annual prospect growth at 9.9%, followed by Edmonton at 3.5% and Calgary at 2.5%, continuing the trend of BC and Alberta markets finding firmer footing through 2026. Montreal posted the steepest annual decline at (-25.2%), followed by North York at (-20.7%) and Winnipeg at (-16.3%). This underscores that the segment's 34.4% demand score gain reflects the lower 2026 demand score divisor rather than a broad-based improvement in renter activity.
*Secondary markets demand scores are up 12.7% month-over-month, unique prospects are up 14.2%, and properties are up 1.2%.
Secondary markets posted the strongest monthly gains in active prospect counts of any market segment in July, with active prospects up 14.2% and active prospects per property up by 12.8%. Nine of the top 10 markets in our secondary market rankings posted monthly growth in prospect counts. Etobicoke and Victoria led the segment, each up 26.5%, followed by Gatineau at 21.3% and Kitchener at 19.2%. Oshawa was the only market to decline, down (-6.7%).
*Overall, year-over-year demand scores are up 43.4%, prospects are down (-13.0%), and properties are down (-10.3%).
Year-over-year comparisons for secondary markets show the widest gap between demand score performance, and the underlying prospect and property activity of any individual segment. With prospects down (-13.0%) and average prospects per property down (-3.0%), demand scores still posted a 43.4% annual gain.
Amongst the 13 secondary markets we track, Victoria was the only market with annual prospect growth, up 5.2%. Hamilton recorded the steepest annual decline at (-36.4%), followed by Oshawa at (-26.3%) and Gatineau at (-26.1%).
*Demand scores are up 6.4% month-over-month, unique prospects are up 7.7%, and properties are up 1.2%.
Tertiary markets saw saw strong rebounding in July, coming in second only to secondary markets. Active prospects were up 7.7% and average prospects per property up 6.4%. Seven of the ten markets in our tertiary rankings posted monthly growth in active prospects. East York and Coquitlam led the segment, up 30.4% and 30.3% respectively, followed by Oakville at 23.8%. Dartmouth recorded the largest monthly decline at (-8.6%), followed by Richmond at (-2.7%) and Saskatoon at (-1.4%).
*Overall, year-over-year demand scores are up 30.2%, unique prospects are down (-7.9%), and available properties are up 1.1%.
Year-over-year, tertiary markets posted a prospect decline of (-7.9%) alongside a 30.2% increase in demand scores, again reflecting the lower 2026 demand score divisor rather than a genuine acceleration in renter activity. Coquitlam led annual prospect growth at 18.8%, followed by Kelowna at 17.0% and Abbotsford at 12.4%, continuing the pattern of BC markets leading the segment. Richmond recorded the steepest annual decline at (-30.7%), followed by East York at (-20.3%) and Oakville at (-18.3%).
July's seasonal rebound is best understood as a return to expected form, not a change in direction. The market did what it usually does this time of year; it just did so later than usual after a soft start to summer. That timing matters more than the size of the bounce: it confirms the market is still moving on a seasonal rhythm, even if that rhythm has been delayed and dampened by the pressures shaping 2026.
Worth noting: demand scores rose across all three market segments this month. But since active prospects are still down annually in every segment, that's not a sign of genuine acceleration in renter activity, it reflects the lower 2026 demand score divisor rather than real momentum. It's a useful reminder to look past the segment scores themselves and focus on what's actually happening with prospect counts underneath them.
The forces behind that caution haven't shifted. Affordability pressures and uncertainty about where the economy is headed are still keeping renters slower to move and slower to decide, even as the calendar pushes seasonal activity upward. That's the tension defining this market right now: seasonal mechanics doing their job, while the underlying renter pool stays smaller and more hesitant than usual.
What’s Next for Canadian Rental Demand?
Looking ahead, expect more of the same unevenness rather than a broad turnaround. With July likely at or near the seasonal peak, the coming months should follow the usual late-summer plateau before easing into early autumn, and the softer annual base this year points toward a more muted fall leasing season than 2025 saw. Markets with stronger affordability and employment fundamentals, particularly in British Columbia and Alberta, are better positioned to sustain activity, while several primary and secondary markets in Ontario and Quebec facing steeper annual declines will likely stay soft.
For property managers and leasing professionals, the takeaway is to look past headline demand score gains and focus on the underlying prospect trends specific to each market. With a smaller and more cautious renter pool still defining the landscape, competitive positioning, clear value communication, and pricing discipline will matter more than ever through the peak of the summer leasing season and into the fall.
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: Spruce Grove, AB received a demand score of 7.9 this month, versus 6.4 last month. Spruce Grove experienced a 1.5-point increase 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 Spruce Grove, AB, experienced a 24% increase in July 2026 versus June 2026. The year-over-year demand score in Spruce Grove was up 46% from July 2025.
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, Spruce Grove, AB, claimed the number 1 position in our Top Canadian Cities in Demand Rankings, climbing from 7th place the previous month.
*This report provides month-over-month rental listing data for July 2026 versus June 2026 and a year-over-year comparison from July 2026 versus July 2025. It also outlines the month-over-month and year-over-year trends in primary, secondary, and tertiary markets.