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EconomyCanada edition

Canada rent inflation 2.8% in September 2026, now below overall CPI

Rent prices in Canada were 2.8% higher in September 2026 than a year earlier, slightly behind overall consumer price inflation of 3.09%. Rents fell behind the overall rate in July 2026 and have stayed there, a sharp change from September 2025, when rent inflation ran well ahead.

Published 2 min read

Canada · Rent inflationCanada: Oct 2015 0.93%, Nov 2015 0.85%, Dec 2015 0.85%, Jan 2016 0.85%, Feb 2016 0.76%, Mar 2016 0.68%, Apr 2016 0.59%, May 2016 0.68%, Jun 2016 0.59%, Jul 2016 0.51%, Aug 2016 0.59%, Sep 2016 0.51%, Oct 2016 0.51%, Nov 2016 0.51%, Dec 2016 0.5%, Jan 2017 0.5%, Feb 2017 0.5%, Mar 2017 0.59%, Apr 2017 0.59%, May 2017 0.59%, Jun 2017 0.67%, Jul 2017 0.67%, Aug 2017 0.59%, Sep 2017 0.67%, Oct 2017 0.67%, Nov 2017 0.75%, Dec 2017 0.75%, Jan 2018 0.84%, Feb 2018 0.92%, Mar 2018 0.92%, Apr 2018 1%, May 2018 1.09%, Jun 2018 1.08%, Jul 2018 1.17%, Aug 2018 1.33%, Sep 2018 1.33%, Oct 2018 1.33%, Nov 2018 1.41%, Dec 2018 1.41%, Jan 2019 2.24%, Feb 2019 2.49%, Mar 2019 2.73%, Apr 2019 2.23%, May 2019 2.15%, Jun 2019 2.39%, Jul 2019 2.56%, Aug 2019 3.04%, Sep 2019 2.96%, Oct 2019 3.69%, Nov 2019 3.11%, Dec 2019 3.44%, Jan 2020 2.44%, Feb 2020 2.75%, Mar 2020 2.58%, Apr 2020 2.35%, May 2020 1.46%, Jun 2020 1.77%, Jul 2020 1.21%, Aug 2020 1.36%, Sep 2020 1.6%, Oct 2020 0.95%, Nov 2020 1.51%, Dec 2020 0.55%, Jan 2021 0.87%, Feb 2021 0.08%, Mar 2021 0.55%, Apr 2021 0.95%, May 2021 2.47%, Jun 2021 2.14%, Jul 2021 2.62%, Aug 2021 1.57%, Sep 2021 1.89%, Oct 2021 1.8%, Nov 2021 1.72%, Dec 2021 2.76%, Jan 2022 3.14%, Feb 2022 4.25%, Mar 2022 4.14%, Apr 2022 4.54%, May 2022 4.43%, Jun 2022 4.26%, Jul 2022 4.88%, Aug 2022 4.73%, Sep 2022 4.24%, Oct 2022 4.7%, Nov 2022 5.85%, Dec 2022 5.82%, Jan 2023 5.79%, Feb 2023 5.35%, Mar 2023 5.33%, Apr 2023 6.07%, May 2023 5.66%, Jun 2023 5.8%, Jul 2023 5.46%, Aug 2023 6.51%, Sep 2023 7.32%, Oct 2023 8.24%, Nov 2023 7.42%, Dec 2023 7.75%, Jan 2024 7.92%, Feb 2024 8.16%, Mar 2024 8.55%, Apr 2024 8.19%, May 2024 8.95%, Jun 2024 8.78%, Jul 2024 8.54%, Aug 2024 8.9%, Sep 2024 8.2%, Oct 2024 7.34%, Nov 2024 7.65%, Dec 2024 7.12%, Jan 2025 6.27%, Feb 2025 5.76%, Mar 2025 5.05%, Apr 2025 5.22%, May 2025 4.46%, Jun 2025 4.72%, Jul 2025 5.09%, Aug 2025 4.47%, Sep 2025 4.78%, Oct 2025 5.19%, Nov 2025 4.65%, Dec 2025 4.89%, Jan 2026 4.33%, Feb 2026 3.88%, Mar 2026 4.25%, Apr 2026 3.6%, May 2026 3.53%, Jun 2026 3.52%, Jul 2026 2.45%, Aug 2026 2.81%, Sep 2026 2.8% Canada · Rent inflation % · Oct 2015–Sep 2026 0%4.47%8.95%Canada Oct 2015: 0.93%Canada Nov 2015: 0.85%Canada Dec 2015: 0.85%Canada Jan 2016: 0.85%Canada Feb 2016: 0.76%Canada Mar 2016: 0.68%Canada Apr 2016: 0.59%Canada May 2016: 0.68%Canada Jun 2016: 0.59%Canada Jul 2016: 0.51%Canada Aug 2016: 0.59%Canada Sep 2016: 0.51%Canada Oct 2016: 0.51%Canada Nov 2016: 0.51%Canada Dec 2016: 0.5%Canada Jan 2017: 0.5%Canada Feb 2017: 0.5%Canada Mar 2017: 0.59%Canada Apr 2017: 0.59%Canada May 2017: 0.59%Canada Jun 2017: 0.67%Canada Jul 2017: 0.67%Canada Aug 2017: 0.59%Canada Sep 2017: 0.67%Canada Oct 2017: 0.67%Canada Nov 2017: 0.75%Canada Dec 2017: 0.75%Canada Jan 2018: 0.84%Canada Feb 2018: 0.92%Canada Mar 2018: 0.92%Canada Apr 2018: 1%Canada May 2018: 1.09%Canada Jun 2018: 1.08%Canada Jul 2018: 1.17%Canada Aug 2018: 1.33%Canada Sep 2018: 1.33%Canada Oct 2018: 1.33%Canada Nov 2018: 1.41%Canada Dec 2018: 1.41%Canada Jan 2019: 2.24%Canada Feb 2019: 2.49%Canada Mar 2019: 2.73%Canada Apr 2019: 2.23%Canada May 2019: 2.15%Canada Jun 2019: 2.39%Canada Jul 2019: 2.56%Canada Aug 2019: 3.04%Canada Sep 2019: 2.96%Canada Oct 2019: 3.69%Canada Nov 2019: 3.11%Canada Dec 2019: 3.44%Canada Jan 2020: 2.44%Canada Feb 2020: 2.75%Canada Mar 2020: 2.58%Canada Apr 2020: 2.35%Canada May 2020: 1.46%Canada Jun 2020: 1.77%Canada Jul 2020: 1.21%Canada Aug 2020: 1.36%Canada Sep 2020: 1.6%Canada Oct 2020: 0.95%Canada Nov 2020: 1.51%Canada Dec 2020: 0.55%Canada Jan 2021: 0.87%Canada Feb 2021: 0.08%Canada Mar 2021: 0.55%Canada Apr 2021: 0.95%Canada May 2021: 2.47%Canada Jun 2021: 2.14%Canada Jul 2021: 2.62%Canada Aug 2021: 1.57%Canada Sep 2021: 1.89%Canada Oct 2021: 1.8%Canada Nov 2021: 1.72%Canada Dec 2021: 2.76%Canada Jan 2022: 3.14%Canada Feb 2022: 4.25%Canada Mar 2022: 4.14%Canada Apr 2022: 4.54%Canada May 2022: 4.43%Canada Jun 2022: 4.26%Canada Jul 2022: 4.88%Canada Aug 2022: 4.73%Canada Sep 2022: 4.24%Canada Oct 2022: 4.7%Canada Nov 2022: 5.85%Canada Dec 2022: 5.82%Canada Jan 2023: 5.79%Canada Feb 2023: 5.35%Canada Mar 2023: 5.33%Canada Apr 2023: 6.07%Canada May 2023: 5.66%Canada Jun 2023: 5.8%Canada Jul 2023: 5.46%Canada Aug 2023: 6.51%Canada Sep 2023: 7.32%Canada Oct 2023: 8.24%Canada Nov 2023: 7.42%Canada Dec 2023: 7.75%Canada Jan 2024: 7.92%Canada Feb 2024: 8.16%Canada Mar 2024: 8.55%Canada Apr 2024: 8.19%Canada May 2024: 8.95%Canada Jun 2024: 8.78%Canada Jul 2024: 8.54%Canada Aug 2024: 8.9%Canada Sep 2024: 8.2%Canada Oct 2024: 7.34%Canada Nov 2024: 7.65%Canada Dec 2024: 7.12%Canada Jan 2025: 6.27%Canada Feb 2025: 5.76%Canada Mar 2025: 5.05%Canada Apr 2025: 5.22%Canada May 2025: 4.46%Canada Jun 2025: 4.72%Canada Jul 2025: 5.09%Canada Aug 2025: 4.47%Canada Sep 2025: 4.78%Canada Oct 2025: 5.19%Canada Nov 2025: 4.65%Canada Dec 2025: 4.89%Canada Jan 2026: 4.33%Canada Feb 2026: 3.88%Canada Mar 2026: 4.25%Canada Apr 2026: 3.6%Canada May 2026: 3.53%Canada Jun 2026: 3.52%Canada Jul 2026: 2.45%Canada Aug 2026: 2.81%Canada Sep 2026: 2.8%2.8%Oct 2015Apr 2021Sep 2026 Statistics Canada https://vernumo.com/en-ca/a/canada-rent-inflation-2-8-in-september-2026-now-below-overall-cpi-etxqq
Statistics Canada

The long view

highest in 10 yrs
8.95% May 2024
lowest in 10 yrs
0.08% February 2021
10-yr average
3.46%
Readings below the latest figure
50%

Vernumo calculation

Next official release: Consumer Price Index, October 2026 —

Canada Rent inflation →

Rents slipped behind overall prices in July

In September 2026 rent prices in the consumer price index were 2.8% higher than in September 2025, while consumer prices as a whole were up 3.09% over the same 12 months. Rent is one component of that same index, so the two rates can be set side by side. By Vernumo's own calculation from the official series, rent inflation now trails the overall rate by 0.29 percentage points. F4+2

The turn came in July. In June rent prices were up 3.52% on a year earlier, still ahead of the overall rate. In July the rent rate dropped to 2.45% while overall inflation rose to 3.03%, and the order of the two flipped. F1+3

A year earlier, rents were far out in front

In September 2025 rent prices were up 4.78% on a year earlier, against 2.36% for all consumer prices, a gap of 2.42 points in favour of rents. That gap had once been much wider: it reached 6.95 points in August 2024, the widest in the past ten years, a few months after rent inflation hit its ten-year high of 8.95% in May 2024. L5+4

The latest negative gap is small, but it points the other way from the readings of August 2024 and September 2025. L12+1

Since the turn, rents have levelled while overall inflation stays high

After July the rent rate settled, at 2.81% in August and barely changed in September. That leaves it right in the middle of its own history: half of the monthly readings in the past ten years were lower, and the ten-year average is 3.46%. F3+3

Overall inflation sits much higher in its range. At 3.09% in September it has been above its ten-year average of 2.74% for 6 months in a row, and 73% of months in the past ten years had a lower reading. For context, motor fuel prices were 27.79% higher than a year earlier and energy prices 18.95% higher. F8+5

For tenants, rent is now rising a little slower than prices overall

For people renting in Canada, the September figures mean rent increases over the past 12 months were a little smaller than the rise in prices overall. In September 2025 the reverse held. F4+3

The rent index tracks how much rents changed, not how much they cost. It does not show what new tenants are being asked to pay or what share of income goes on rent. F4

Three months after the crossover is a short record

The July turn is measured with 12-month rates, which also depend on rent levels in mid-2025, so it does not show rents falling from one month to the next. Only three readings have come in since the crossover, too few to call it a settled pattern. F2+2

AI analyst view

Little change expected medium confidence next 3 months

Estimate range: 2.4–3.2%

Why

  • Momentum in rents has stalled rather than continued downward: the rate went from 2.45% in July to 2.81% in August and stayed close to that in September. F2 F3 F4
  • Rent inflation sits right at the midpoint of its ten-year history, with half of readings lower and an average of 3.46%, which argues against a large move either way in a few months. L4 L3

What would change this view

  • If the rent rate climbs back above the June reading of 3.52%
  • If the rent rate falls below the July low of 2.45%
  • If the rent-minus-overall gap turns positive again

This is the AI’s own interpretation of the official figures above, not an official forecast. It may turn out wrong.

Scenarios to watch

  • Scenario, not a forecast If overall inflation stays elevated while rent increases hold near their August and September pace, rents would remain below the overall rate and the gap could widen.
  • Scenario, not a forecast If overall inflation eases while rent inflation drifts back toward its ten-year average, the two rates could cross again and rents would return to the lead.

What to check next

  • October 2026 rent and overall CPI readings, due next
  • Whether overall inflation's run above its ten-year average continues
  • Monthly moves in the motor fuel and energy components

Verified data used in this report

IndicatorValuePeriodSourcesAccessed
F1Canada · Rent inflation3.52%Jun 2026Statistics Canada
F2Canada · Rent inflation2.45%Jul 2026Statistics Canada
F3Canada · Rent inflation2.81%Aug 2026Statistics Canada
F4Canada · Rent inflation2.8%Sep 2026Statistics Canada
F5Canada · Consumer price inflation2.8%Jun 2026Statistics Canada
F6Canada · Consumer price inflation3.03%Jul 2026Statistics Canada
F8Canada · Consumer price inflation3.09%Sep 2026Statistics Canada
L1Canada · Rent inflation · highest in 10 yrs (Vernumo calculation)8.95%May 2024Statistics Canada
L3Canada · Rent inflation · 10-yr average (Vernumo calculation)3.46%Sep 2026Statistics Canada
L4Canada · Rent inflation · share of readings below this in 10 yrs (Vernumo calculation)50%Sep 2026Statistics Canada
L5Canada · Rent inflation4.78%Sep 2025Statistics Canada
L8Canada · Consumer price inflation · 10-yr average (Vernumo calculation)2.74%Sep 2026Statistics Canada
L9Canada · Consumer price inflation · share of readings below this in 10 yrs (Vernumo calculation)73%Sep 2026Statistics Canada
L10Canada · Consumer price inflation · readings in a row above the 10-yr average (Vernumo calculation)6Sep 2026Statistics Canada
L11Canada · Consumer price inflation2.36%Sep 2025Statistics Canada
L12Canada · Rent inflation / Canada · Consumer price inflation · gap (Vernumo calculation)-0.29ppSep 2026Statistics Canada
L13Canada · Rent inflation / Canada · Consumer price inflation · gap a year earlier (Vernumo calculation)2.42ppSep 2025Statistics Canada
L14Canada · Rent inflation / Canada · Consumer price inflation · widest gap in 10 yrs (Vernumo calculation)6.95ppAug 2024Statistics Canada
C18Canada · Energy price inflation18.95%Sep 2026Statistics Canada
C20Canada · Fuel price inflation27.79%Sep 2026Statistics Canada
Other background figures (25)
IndicatorValuePeriodSourcesAccessed
F7Canada · Consumer price inflation3.03%Aug 2026Statistics Canada
L2Canada · Rent inflation · lowest in 10 yrs (Vernumo calculation)0.08%Feb 2021Statistics Canada
L6Canada · Consumer price inflation · highest in 10 yrs (Vernumo calculation)8.13%Jun 2022Statistics Canada
L7Canada · Consumer price inflation · lowest in 10 yrs (Vernumo calculation)-0.37%May 2020Statistics Canada
L15Canada · Rent inflation / Canada · Consumer price inflation · narrowest gap in 10 yrs (Vernumo calculation)-3.87ppJun 2022Statistics Canada
C17Canada · Electricity price inflation3.6%Sep 2026Statistics Canada
C19Canada · Food price inflation2.18%Sep 2026Statistics Canada
C21Canada · Gas price inflation-6.78%Sep 2026Statistics Canada
C22Canada · New home prices-2.04%Sep 2026Statistics Canada
C23Canada · Central bank policy rate2.5%Oct 2026Bank of Canada
C25Canada · Housing cost inflation1.75%Sep 2026Statistics Canada
C26Canada · Unemployment rate6.5%Sep 2026Statistics Canada
C27Canada · Wage growth3.68%Aug 2026Statistics Canada
C28Canada · GDP growth1.74%2025World Bank
C29Canada · House prices-3.5%Q3 2026OECD
C30Canada · Unemployment rate6.91%2025World Bank
C31Canada · Fertility rate1.252024World Bank
C32Canada · Share of population aged 65+20.26%2025World Bank
C33Canada · Population growth0.94%2025World Bank
R85Canada position among OECD member countries by house price growth over 12 months, counted from the lowest (1 = lowest in the OECD)1Q2 2026OECD
R86number of OECD member countries with house price growth over 12 months data for this period31Q2 2026OECD
R87Canada house price growth over 12 months, OECD comparison measure (OECD nominal house price index, 12-month change; can differ from the national release)-4.3%Q2 2026OECD
R262Canada position among OECD member countries by population growth, counted from the highest (1 = highest in the OECD)102025World Bank
R263number of OECD member countries with population growth data for this period382025World Bank
R264Canada population growth, OECD comparison measure (World Bank, population growth; can differ from the national release)0.94%2025World Bank

Sources

  • Source: Statistics Canada. Reproduced and distributed on an "as is" basis with the permission of Statistics Canada — license
  • Source: Bank of Canada — license
  • Source: World Bank, World Development Indicators (CC BY 4.0) — license
  • Source: OECD, accessed 2026-11-06 — license

How this report was checked

  • Data: the newest reference period cited is Q3 2026.
  • Figures were collected from the source on
  • Written by an AI model (claude-opus-5-5) using only the official figures listed in this report.
  • Automatic checks passed: every number matches a cited figure, every paragraph names its evidence, and there is no investment advice or copied source text.
  • A separate quality-check model raised concerns, and the report was rewritten once to address them.
  • An independent AI model (claude-sonnet-5-5), different from the writer, reviewed it before publication and approved it.
  • No person reviewed this report before publication. Automatic checks confirm the numbers, not every interpretation.
Update history
  • 2026-11-05 16:03 UTC — created
  • 2026-11-05 16:03 UTC — held: blocking quality issue
  • 2026-11-05 16:15 UTC — 2차 판단: 보류

This analysis was written by AI from official statistics and passed automated checks. Last checked: 2026-11-05

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