Rentsync National Rental Demand Report: October 2026

Demand Trends for the Canadian Market

September brought the expected seasonal slowdown in Canadian rental demand, with national prospect counts down -19.5% month-over-month.

While some markets began to cool in August, by September the decline was felt across the country. Every market in our primary, secondary, and tertiary rankings posted a monthly decline in active prospects.

This decline sits within the typical range for the month. It was milder than the -22.6% declines of both September 2023 and September 2024, though steeper than the -17.6% decline in September 2025.

Year-over-year, active prospects were down -6.1% nationally, widening from the -3.9% annual gap recorded in August and marking the softest annual decline of 2026. Year-to-date, active prospects through the first nine months of the year are -3.3% below the same period in 2025, extending the gap recorded through August.

The broader market continues to reflect the structural pressures facing Canadian renters. Affordability constraints, economic and employment uncertainty, and an overall cautious approach to rental decision-making continue to weigh on mobility and renter confidence. Reduced international student arrivals and the wave of new condominium and purpose-built rental completions have also added to a softer demand base in many markets.

September’s decline doesn’t signal a structural break in demand. However, the widening annual gap suggests a more muted fall leasing season than in 2025. With October typically bringing further monthly declines, demand is likely to continue cooling through the rest of the year.

Western Markets Return to the Top as Demand Cools

Across our top 50 markets in demand, active prospects fell -19.3% month-over-month, while active properties declined -1.8%. Together, that lowered average prospects per property by -17.8%.

The top 10 markets in demand followed the national trend. Active prospects were down -19.0% and active properties were down -3.2%, resulting in a -16.3% decline in average prospects per property. Lead volumes eased -22.4% month-over-month as renters become less motivated to move heading into the winter months.

The monthly momentum seen in Eastern Ontario and Quebec markets in August didn’t carry into September, with several of these markets posting some of the steepest monthly declines this month. Instead, Western markets moved back to the top of our rankings, with six of the top 10 markets in demand located in British Columbia and Alberta.

Breaking Down the Numbers:

National Stats (Month-over-Month):

•  Active Prospects: -19.5%
• Active Properties: -2.7%
• Prospects per Property:  -17.2%
  

National Stats (Year-over-Year):

• Active Prospects: -6.1%
• Active Properties: -2.7%
• Prospects per Property:  -3.5%

By Market Segment (Active Prospects, MoM):

• Primary Markets: -20.2%
• Secondary Markets: -18.5%
• Tertiary Markets: -19.5%

Top Canadian Cities in Demand: Sept 2026

Notable Changes in Demand Over the Past Month

Demand conditions across our top markets cooled in September, in line with the broader seasonal trends. Across our top 50 markets, active prospects fell (-19.3%) month-over-month while available properties declined (-1.8%), lowering average prospects per property by (-17.8%).

The top 10 markets in demand moved with the broader market this month, with active prospects dropping (-19.0%) at a marginally slower pace than the broader national average; while available properties were down (-3.2%), resulting in a (-16.3%) decline in average prospects per property.

Coquitlam claimed the top position in our rankings, climbing from 8th place in August. Its demand score held steady at 7.1, supported by strong market fundamentals,  accessibility and, and prevalence of natural amenities  that continue to draw prospects from the surrounding region.
 

Month-Over-Month (M/M)

• Primary: Demand scores are down -18.9%
• Secondary: Demand scores are down -15.2%
• Tertiary: Demand scores are down -18.8%

Month-over-month (M/M):  Within our top 50 markets, demand scores were down (-17.8%) in September 2026 compared with August 2026. With the same demand score divisor applied in both months, this month's scores move directly in line with average prospects per property. Declines were consistent across all three segments: active prospects fell (-20.2%) in primary markets, (-18.5%) in secondary markets, and (-19.5%) in tertiary markets.

Notable Changes in Demand Over the Past Year

Year-over-year, active prospects across our top 50 markets declined (-3.8%) while available properties fell (-2.3%), lowering average prospects per property by (-1.5%). The top 10 markets in demand posted a (-7.1%) annual decline in active prospects. Available properties fell further, by (-11.7%), which lifted average prospects per property 5.2%. Annual demand score gains are considerably smaller this month than the gains above 50% reported earlier in 2026.

This reflects a narrower gap between the demand score divisors applied this year and last year, and does not indicate a sudden drop in rental demand. These comparisons measure relative demand levels, and the modest gains this month sit alongside annual declines in active prospects across all three segments.

Year-Over-Year (Y/Y)

• Primary: Demand scores are up +1.6%
• Secondary: Demand scores are up +9.6%
• Tertiary: Demand scores are down -3.7%
  
  

Year-over-year (Y/Y):  Within our top 50 markets, demand scores are up +3.2% in September 2026 compared with September 2025. Underlying prospect activity tells a softer story, with active prospects down (-1.4%) in primary markets, (-13.9%) in secondary markets, and (-7.5%) 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 100-235)

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: Sept 2026 vs. Aug 2026

Notable Changes in Primary Markets Over The Past Month

*Overall demand scores are down (-18.9%) month-over-month, unique prospects are down (-20.2%), and properties are down (-1.6%).

Primary markets followed the broader national slowdown in September, with all 10 markets in our rankings posting monthly declines of active prospects. Scarborough followed by Mississauga reported the mildest declines of all primary markets at (-9.4%), and (-11.6%) respectively. The steepest declines  came from Winnipeg at (-24.0%), Ottawa at (-23.7%), and Edmonton at (-23.5%), with North York and Montreal close behind at (-23.3%) and (-23.1%) respectively.

Primary Market Drill Down (Y/Y): Sept 2026 vs. Sept 2025

Notable Changes in Primary Market Demand Over The Past Year

*Year-over-year demand scores are up 1.6%, prospects are down (-1.4%), and properties are up 1.6%.

Year-over-year, primary markets posted a modest (-1.4%) decline in active prospects, while demand scores edged up 1.6%, a gain that reflects the difference in demand score divisors between this year and last. Vancouver led annual prospect growth at 14.0%, followed by Scarborough at 10.3% and Edmonton at 6.0%, while Mississauga and Toronto held effectively flat, each up 0.4%.

Montreal recorded the steepest annual decline at (-29.7%), as market rents continue to ease alongside new rental supply. Winnipeg followed at (-15.0%) and Ottawa at (-9.6%), while North York was down (-8.2%) and Calgary held relatively flat at (-0.5%).

Demand scores, although suggestive of a rebounding in demand across select markets, are a reflection of the lower divisor used to calculate demand scores in 2026. The overall picture is of modest overall movements, alongside a divergence between individual markets.

Secondary Markets (Populations ~235-600k)

Secondary Markets Drill Down (M/M): Sept 2026 vs. Aug 2026

Notable Changes in Secondary Market Demand Over The Past Month

*Secondary markets demand scores are down (-15.2%) month-over-month, unique prospects are down (-18.5%), and properties are down (-4.0%).

While secondary markets recorded a cooling of rental demand in September, this market segment reported the lowest relative month-over-month decline in active prospects of all market segments. All ten markets in our secondary rankings posted monthly declines in active prospects. Oshawa recorded the mildest decline at (-8.0%), followed by Surrey at (-11.4%) and Brampton at (-13.4%). Halifax posted the steepest decline at (-37.3%). Its strong August was supported by new stock entering the market, which brought an influx of overall market activity. With some of that new supply now absorbed, Halifax has returned to a more conventional seasonal pattern.

Secondary Market Drill Down (Y/Y): Sept 2026 vs. Sept 2025

Notable Changes in Secondary Market Demand Over the Past Year

*Overall, year-over-year demand scores are up 9.6%, prospects are down (-13.9%), and properties are down (-17.7%).

Year-over-year, secondary markets posted the largest annual decline in active prospects of all market segments at (-13.9%), while available properties fell further at (-17.7%).

This resulted in a lift of average prospects per property 4.7%, and together with the lower 2026 demand score divisor, produced a 9.6% gain in demand scores and suggests a relative improvement in relative market conditions for active properties in select secondary markets. Victoria led annual prospect growth at 11.5%, followed by London at 5.7% and Surrey at 0.7%.

Tertiary Markets (Populations ~100-235k)

Tertiary Markets Drill Down (M/M): Sept 2026 vs. Aug 2026

Notable Changes in Tertiary Market Demand Over The Past Month

*Tertiary markets demand scores are down (-18.8%) month-over-month, unique prospects are down (-19.5%), and properties are down (-0.9%).

Tertiary markets followed the broader seasonal slowdown in September, with all ten markets in our tertiary rankings posting monthly declines in active prospects. Oakville held effectively flat at (-0.3%), followed by Dartmouth at (-5.5%) and Richmond at (-7.5%).

The steepest declines were concentrated in British Columbia, led by Kelowna at (-37.1%), as the reduced international student arrivals noted in August continue to weigh on the market. Coquitlam followed at (-27.0%), Burnaby at (-21.9%), and Abbotsford at (-21.0%). Despite its monthly decline, Coquitlam held a steady demand score of 7.1 as available properties fell at a similar pace, securing the top position in our overall rankings.

Tertiary Markets Drill Down (Y/Y): Sept 2026 vs. Sept 2025

Notable Changes in Tertiary Demand Over the Past Year

*Overall, year-over-year demand scores are down (-3.7%), unique prospects are down (-7.5%), and available properties are up 0.5%.

Tertiary markets were the only segment to post an annual decline in demand scores, down (-3.7%) alongside a (-7.5%) decline in active prospects, even with the lower 2026 demand score divisor applied. Kelowna led annual prospect growth at 21.6%, a gain that largely reflects a weak September 2025 base, followed by Richmond at 4.2%, while Saskatoon held flat at (-0.2%).

Sudbury recorded the steepest annual decline at (-29.9%), followed by Coquitlam at (-22.6%), East York at (-16.1%), and Abbotsford at (-14.7%). These declines show a continuation of the annual declines posted by BC tertiary markets last month.

Conclusion

September’s slowdown was expected, but it also undid much of August’s growth. After several months of a narrowing annual gap, September suggests the stabilization seen throughout 2026 is on softer footing than previously suggested.

The conditions shaping demand remain largely unchanged. Affordability constraints, economic and employment uncertainty, and cautious renter confidence continue to weigh on mobility. At the same time, reduced international student arrivals and the wave of new condominium and purpose-built rental completions have added supply faster than demand has absorbed it in several markets. And as winter approaches, renters are becoming less motivated to move.

What’s Next for Canadian Rental Demand?

October has historically brought further monthly declines, and the widening annual gap points toward a more muted fall and early winter than in 2025. Demand is likely to remain highly market-specific, with markets supported by strong fundamentals and accessibility, such as Coquitlam, better positioned to hold relative demand through the slower months.

For property managers and leasing professionals, September’s results reinforce the importance of planning for a smaller, less motivated renter pool through the end of the year. With available properties holding relatively steady while prospect counts fall, competitive positioning, responsive follow-up on every lead, and pricing discipline will be critical to maintaining occupancy into 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 7.1 this month, versus 7.1 last month. Coquitlam’s demand score held steady 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 -0.07% decrease in September 2026 versus August 2026. The year-over-year demand score in Coquitlam was down 1.8% from September 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, claimed the number 1 position in our Top Canadian Cities in Demand Rankings, climbing from 4th place the previous month.

*This report provides month-over-month rental listing data for September 2026 versus August 2026 and a year-over-year comparison from September 2026 versus September 2025. It also outlines the month-over-month and year-over-year trends in primary, secondary, and tertiary markets.