Marketing Managers
Demand Trends for the Canadian Market
October continued the seasonal cooling that began in September, with national prospect counts down -14.5% month-over-month.
This decline sits within the typical range for October. It was milder than the -15.6% decline in October 2023, though steeper than the declines of -12.7% in October 2025 and -8.7% in October 2024.
Year-over-year, active prospects were down -8.0% nationally, widening from the -6.1% annual gap recorded in September and marking the softest annual reading since November 2025. Year-to-date, active prospects through the first ten months of the year are -3.7% below the same period in 2025.
Seasonal cooling has arrived more sharply in September and October than it did last year, and the annual gap is likely to keep growing through the end of 2026.
The pressures facing Canadian renters remain largely unchanged. Affordability constraints, economic and employment uncertainty, and cautious renter confidence continue to weigh on mobility. Reduced international student arrivals under federal study-permit caps have softened demand in several key student markets. Meanwhile, condominium and purpose-built rental completions throughout 2026 have steadily added to supply and slowed absorption across the market.
October’s decline doesn’t signal a structural break in demand. However, with November bringing monthly declines of between -8.5% and -12.4% over the past four years, demand is likely to continue cooling through the rest of the year.
Top Markets Cool Gently as Western Canada Pulls Ahead
Across our top 50 markets in demand, active prospects fell -14.7% month-over-month, while active properties rose 0.6%. Together, that lowered average prospects per property by -15.2%.
The top 10 markets in demand held up better. Active prospects were down -10.1% and active properties were up 1.9%, resulting in a -11.8% decline in average prospects per property.
Nationally, available properties rose 1.2%. Available properties typically increase as demand slows late in the year, which pulls relative demand down further. Lead volumes eased -14.6% month-over-month as the shift into the colder months slowed renter activity.
Western Canada is seeing a softer seasonal cooling in rental demand. Eight of the top 10 markets in demand are now located in British Columbia and Alberta, up from six in September.
Breaking Down the Numbers:
National Stats (Month-over-Month):
- Active Prospects: -14.5%
- Active Properties: 1.2%
- Prospects per Property: -15.5%
National Stats (Year-over-Year):
- Active Prospects: -8.0%
- Active Properties: -1.1%
- Prospects per Property: -7.0%
By Market Segment (Active Prospects, MoM):
- Primary Markets: -15.2%
- Secondary Markets: -14.2%
- Tertiary Markets: -13.3%
Top Canadian Cities in Demand: October 2026
Notable Changes in Demand Over the Past Month
October brought further seasonal cooling across our top markets. In our top 50 markets, active prospects fell (-14.7%) month-over-month while available properties rose 0.6%, dropping average prospects per property by (-15.2%). Amongst the top 10 markets in demand, a milder slowdown was experienced.
With active prospects down (-10.1%) and available properties up 1.9%, resulting in average prospects per property declining by (-11.8%). Coquitlam held the top position in our rankings for a second month, with its demand score easing from 7.1 to 6.5. With strong market fundamentals, accessibility and natural amenities; Coquitlam continues to draw prospects from the surrounding region. New Westminster held second place, and North Vancouver moved up one spot to fifth.
Month-Over-Month (M/M)
- Primary: Demand scores are down -15.3%
- Secondary: Demand scores are down -17.3%
- Tertiary: Demand scores are down -13.5%
Month-over-month (M/M): Within our top 50 markets, demand scores were down (-15.2%) month-over-month. Active prospects fell (-15.2%) in primary markets, (-14.2%) in secondary markets and (-13.3%) in tertiary markets. Secondary markets posted the steepest drop in demand scores, as available properties there rose 3.7% while prospects declined.
Notable Changes in Demand Over the Past Year
Year-over-year, active prospects across our top 50 markets declined (-4.7%) while available properties fell (-1.8%), lowering average prospects per property by (-3.0%). The top 10 markets in demand held effectively flat year-over-year with both prospects and properties showing little movement annually.
Year-Over-Year (Y/Y)
- Primary: Demand scores are up +1.6%
- Secondary: Demand scores are up +0.2%
- Tertiary: Demand scores are down -3.3%
Year-over-year (Y/Y): Within our top 50 markets, demand scores are up 1.6% in October 2026 compared with October 2025. Active prospects were lower in all three segments: down (-3.5%) in primary markets, (-15.1%) in secondary markets and (-5.3%) in tertiary markets.
An Analysis of Key Canadian Markets
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.
- Primary (Populations Over 600K)
- Secondary (Populations Between 235-600K)
- Tertiary (Populations Between 100-235K)
Examining these market segments individually offers a deeper understanding of demand patterns within larger population centres, and allows us to identify trends across markets.
Primary Markets (Populations >600k)
Primary Market Month-Over-Month: Oct 2026 vs. Sept 2026
Notable Changes in Primary Markets Over The Past Month
*Overall demand scores are down (-15.3%) month-over-month, unique prospects are down (-15.2%), and properties are up 0.2%.
All 10 markets in our primary rankings posted monthly declines in active prospects in October. Vancouver showed the strongest resilience, with prospects down (-9.4%). This follows in line with previous years trends with Vancouver posting smaller October declines than other primary markets, suggesting that seasonal cooling is slower to reach select Western markets. Calgary followed at (-12.0%), with Toronto and North York close behind at (-13.0%) and (-13.1%). While Ottawa recorded the steepest decline of all primary markets at (-22.1%).
Seasonal cooling explains much of that drop, but Ottawa renters have also faced growing uncertainty. September data showed the public sector workforce had shrunk by 23,000, alongside an announcement on cutting government operating costs, and a federal workforce reduction initiative (announced late in October). These facts are likely to keep weighing on renter sentiment, pulling down rental demand in Ottawa in the months ahead.
Primary Market Drill Down (Y/Y): Oct 2026 vs. Oct 2025
Notable Changes in Primary Market Demand Over The Past Year
*Year-over-year demand scores are up 1.6%, prospects are down (-3.5%), and properties are down (-0.5%).
Year-over-year primary markets posted a (-3.5%) decline in active prospects, while demand scores edged up 1.6%. That gain comes from the lower divisor used to calculate demand scores in 2026 and does not reflect stronger renter activity. Vancouver led annual prospect growth at 20.0%, in line with the relative strength of Western markets this fall.
Calgary and North York followed with more modest gains of 3.4% and 3.2%. Edmonton, Toronto, Mississauga and Scarborough were moderately lower, between (-2.5%) and (-5.0%). Winnipeg and Ottawa posted the steepest declines among the remaining primary markets, at (-21.0%) and (-15.2%), with Montreal posting the largest annual decline down (-27.7%).
Secondary Markets (Populations ~235-600k)
Secondary Markets Drill Down (M/M): Oct 2026 vs. Sept 2026
Notable Changes in Secondary Market Demand Over The Past Month
*Secondary markets demand scores are down (-17.3%) month-over-month, unique prospects are down (-14.2%), and properties are up 3.7%.
Secondary markets have historically cooled sharply in October, and last year they posted the largest monthly decline in prospects of any segment. This October, secondary markets recorded the steepest drop in demand scores of all three segments, as available properties rose 3.7% while active prospects fell (-14.2%). Surrey posted the mildest decline at (-5.1%), followed by Victoria at (-10.1%) and London at (-10.6%). The largest overall declines were concentrated in Ontario markets. Oshawa fell (-24.0%), Brampton (-22.0%), Kitchener (-20.6%) and Etobicoke (-18.5%). Halifax slipped out of our secondary top 10 to 11th place, as demand continues to settle following the surge of new stock that entered the market over the summer.
Secondary Market Drill Down (Y/Y): Oct 2026 vs. Oct 2025
Notable Changes in Secondary Market Demand Over the Past Year
*Overall, year-over-year demand scores are up 0.2%, prospects are down (-15.1%), and properties are down (-11.3%).
Year-over-year, secondary markets posted the largest annual declines in active prospects of all market segments at (-15.1%). Representing the second consecutive month of this trend, remaining true in the previous 6 months in all but August which saw secondary markets post the largest single month of growth across all market segments.
Available properties fell (-11.3%) annually. Demand scores held effectively flat at 0.2% year-over-year. Victoria led annual prospect growth at 12.4%, followed by London at 2.9% and Surrey at 2.8%. Annual declines were again concentrated in Ontario, led by Hamilton at (-34.9%), Brampton at (-30.3%) and Oshawa at (-27.0%), with Etobicoke and Kitchener down (-14.7%) and (-11.8%).
Tertiary Markets (Populations ~100-235k)
Tertiary Markets Drill Down (M/M): Oct 2026 vs. Sept 2026
Notable Changes in Tertiary Market Demand Over The Past Month
*Tertiary markets demand scores are down (-13.5%) month-over-month, unique prospects are down (-13.3%), and properties are up 0.3%.
Tertiary markets posted the mildest monthly decline in active prospects of all three segments. Richmond was the only tertiary market to grow, with prospects up 1.9%. Oakville and Guelph posted marginal declines at (-3.8%) and (-4.5%) respectively. Coquitlam eased (-5.5%) and kept the top position in our overall rankings with a demand score of 6.5. Burnaby followed at (-9.1%) and Kelowna at (-11.2%). Saskatoon recorded the steepest decline among larger tertiary markets at (-23.5%). Dartmouth also cooled sharply as the new stock entering the Halifax region continued to be absorbed.
Tertiary Markets Drill Down (Y/Y): Oct 2026 vs. Oct 2025
Notable Changes in Tertiary Demand Over the Past Year
*Overall, year-over-year demand scores are down (-3.3%), unique prospects are down (-5.3%), and available properties are up 2.5%.
Tertiary markets were the only segment to post an annual decline in demand scores, down (-3.3%) even with the lower 2026 demand score divisor applied. Available properties rose 2.5% over the year while active prospects fell (-5.3%), and expanding supply in these markets continues to weigh on relative demand. Kelowna led annual prospect growth at 35.5%, followed by Oakville at 13.2% and Saskatoon at 3.1%. Guelph posted the steepest annual decline at (-16.7%), with Burnaby and Richmond close behind at (-13.5%) and (-13.3%).
Conclusion
October’s slowdown was broad, but it landed within the typical range for the month, with every market in our primary rankings posting a decline. The annual gap also widened for a second consecutive month, after sitting at -3.9% in August. Much of that widening reflects seasonal cooling arriving more sharply this fall than last, a pattern that is likely to hold through the end of the year.
Western markets have held up best through the slowdown, with Vancouver posting the mildest decline of any primary market. Secondary markets, particularly in Ontario, continue to show the deepest annual declines.
Affordability constraints, economic and employment uncertainty, and cautious renter confidence continue to weigh on mobility. Reduced international student arrivals have softened demand in key student markets, while steady condominium and purpose-built rental completions have added to supply and slowed absorption.
What’s Next for Canadian Rental Demand?
Based on recent years, demand is likely to keep cooling through November and December. As available properties continue to rise late in the year, properties undergoing lease-up will face further pressure.
For property managers and leasing professionals, October’s results point to a smaller, less motivated renter pool through the end of the year. With lead volumes down and many renters working on longer decision timelines, incentives continue to draw prospects in. Competitive positioning, fast follow-up on every lead, and pricing discipline will be critical to holding occupancy through the winter leasing season.
Methodology
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: Coquitlam, BC received a demand score of 6.5 this month, versus 7.1 last month. Coquitlam’s demand score eased month-over-month.
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 Coquitlam, BC, experienced a -7.9% decrease in October 2026 versus September 2026. The year-over-year demand score in Coquitlam was up 23.3% from October 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, Coquitlam, BC, maintained the number 1 position in our Top Canadian Cities in Demand Rankings, for a second consecutive month.
*This report provides month-over-month rental listing data for October 2026 versus September 2026 and a year-over-year comparison from October 2026 versus October 2025. It also outlines the month-over-month and year-over-year trends in primary, secondary, and tertiary markets.
