Average asking rents fell nationally to $2,109 in December on a year-over-year basis, marking a 17-month low, according to a new report.
A monthly report from Rentals.ca and Urbanation says average asking rents across Canada were down 3.2 percent from the same month last year, as December marked the fifth consecutive month of declines.
The report says the decline in average asking rent prices last year followed growth of 8.6 per cent in 2023 and 12.1 percent in 2022, with rents still 16.8 percent higher than they were five years ago.
Urbanation president Shaun Hildebrand says the rental market softened in 2024 amid multi-decade highs for apartment completions, slowing population inflows, and a weakening economy.
Among Canada’s most expensive provinces to be a renter, Ontario recorded a 4.7 percent year-over-year decrease in apartment rents to an average ask of $2,332, while B.C. saw a 0.5 percent decrease to an average of $2,487.
Manitoba led all provinces for rent growth in 2024 with a five percent annual increase in rents to an average of $1,618.
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