Average asking rents hit a 17-month low across Canada in December
Numbers down 3.2 per cent from the same month last year
Average Asking Rents in Canada Drop to 17-Month Low in December
The average asking rent across Canada fell to $2,109 in December, representing a 17-month low, according to a recent report.
The monthly report highlights a 3.2% year-over-year decrease in average rents, marking the fifth consecutive month of declines. This follows significant rent increases of 8.6% in 2023 and 12.1% in 2022. Despite the recent drop, rents remain 16.8% higher than five years ago.
Factors Behind the Decline
The rental market saw a slowdown in 2024 due to a combination of factors, including record-high apartment completions, reduced population growth, and economic weakening, according to Shaun Hildebrand, president of Urbanation.
Regional Rent Trends
Ontario and British Columbia, two of the most expensive provinces for renters, experienced declines in apartment rents. Ontario recorded a 4.7% decrease, with an average rent of $2,332, while British Columbia saw a slight 0.5% drop, bringing the average to $2,487.
In contrast, Manitoba led the nation in rent growth in 2024, with a 5% increase, raising the average rent to $1,618.
The report also noted that while Canada added a record number of rental units in 2024, many of these were unaffordable for the average renter.
