Average asking rents declined to 17-month low across Canada at end of year: report

Condo buildings tower above older two and three-storey walk-up apartment buildings, in Burnaby, B.C., on Wednesday, December 18, 2024. (THE CANADIAN PRESS/Darryl Dyck)

TORONTO — 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 per cent 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 per cent in 2022, with rents still 16.8 per cent 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 per cent year-over-year decrease in apartment rents to an average ask of $2,332, while B.C. saw a 0.5 per cent decrease to an average of $2,487.

Manitoba led all provinces for rent growth in 2024 with a five per cent annual increase in rents to an average of $1,618.

This report by The Canadian Press was first published Jan. 9, 2025.