Ontario led the drop, receiving 15,279 fewer immigrants in the first half of the year compared to 2024.
Canada’s population growth slowed to just 0.1% from April to July 2025, according to Statistics Canada. This slowdown happened because the number of non-permanent residents dropped sharply, following stricter federal immigration policies introduced last year.
Even in provinces with only slight declines, like Quebec, rental demand softened.
The impact was immediate in major cities. As of October 2025, year-over-year rents for unfurnished one-bedroom units dropped by $176 in Toronto, $168 in Calgary, $96 in Montreal, $78 in Edmonton, and $58 in Metro Vancouver.
Meanwhile, according to the latest National Rent Report from Rentals.ca and Urbanation, Canada’s rental market continued its downward slide in September, with average asking rents dropping 3.2% year over year to $2,123.