Average asking rents across Canada hit an 18-month low in January, declining 4.4 per cent on an annual basis to $2,100.
A monthly report by Rentals.ca and Urbanation, which analyzes listings in the former鈥檚 network, said January marked the fourth straight month of annual rent declines after 38 consecutive increases.
鈥淭he downward trend for rents in Canada accelerated during the first month of 2025,鈥� said Urbanation president Shaun Hildebrand in a press release.
鈥淗eightened downside risks for the economy, combined with declining international population inflows and multi-decade highs for apartment completions, suggest rents will continue to weaken in the months ahead. This will result in improved affordability for renters.鈥�
Despite the declines though, the report said average rents in Canada were still 5.2 per cent higher than two years earlier and 16.4 per cent higher than three years ago. That translates to a $104 monthly increase since January 2023 and $296 increase since January 2022.
Much of the latest decline was concentrated in the secondary rental market, where asking rents for condominium apartments fell 6.5 per cent to an average of $2,219, while rents for houses and townhomes declined 8.9 per cent to $2,144.
Average asking rents for purpose-built rentals decreased 1.7 per cent to $2,070.
Ontario recorded the steepest rent declines among all provinces, with apartment rents falling 5.2 per cent to an average of $2,329 in January.
Meanwhile, the country鈥檚 most expensive rental market of B.C. saw a 2.6 per cent decrease to $2,463. Nova Scotia鈥檚 rents ticked 0.7 per cent lower to an average of $2,195.
All other regions saw average asking rent prices for apartments increase, led by Manitoba at 3.1 per cent to $1,599. Average rents in Saskatchewan and Alberta rose 2.7 and 2.4 per cent, respectively, to $1,311 and $1,731.
Apartment rents in Quebec were effectively flat with a 0.4 increase to $1,966.
Measured by city, Vancouver and Toronto remained the most expensive cities to rent in Canada. The average asking price for an apartment rental in Vancouver was $2,896 per month, down 5.2 per cent annually, while Toronto鈥檚 average rents fell to a 30-month low of $2,615 鈥� down 7.6 per cent.
Calgary also saw a significant decrease, with average apartment asking rents down six per cent to $1,925.
This report by The Canadian Press was first published Feb. 6, 2025.
Sammy Hudes, The Canadian Press
