Average asking rents hit a 17-month low across Canada in December

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 said 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 British Columbia 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.