Average asking rents fell to just over $2K in December — their lowest in

Asking rents in Canada fell 2.3 per cent year-over-year in December to an average of $2,060, marking a full calendar year of declines as prices reached their lowest level in 30 months.

The latest report from Rentals.ca and Urbanation said December 2025 was the 15th consecutive month that average asking rents across Rentals.ca’s listings network moved lower.

When measured across the full year, average asking rents in Canada declined 3.1 per cent in 2025, which was a larger annual drop than during the COVID-19 pandemic.

However, while rents are down 5.4 per cent compared with two years ago, they still remain 14.1 per cent higher than pre-pandemic levels in December 2019.

Urbanation president Shaun Hildebrand says the demand and supply factors that were pushing rents higher between 2022 and 2024 reversed last year.

“A combination of record-high apartment completions, population growth slowing down, economic uncertainty, and affordability challenges has worked together to push down rents,” Hildebrand said in a news release on Monday.

“Looking ahead, rents are likely to continue trending down in the near-term as these conditions persist.”

The report said rent declines have been led by secondary market units.

Average asks for house and townhouse rentals were down five per cent to $2,071 in December, while asking rents for condominium apartments fell four per cent year-over-year to $2,131.

Asking rents for purpose-built apartments moved one per cent lower year-over-year to an average of $2,049.

Measured by province, average apartment rents in December declined 5.4 per cent in B.C. to $2,353 and 3.2 per cent in Ontario to $2,257. Alberta and Quebec also recorded decreases of 2.7 per cent to $1,671 and 1.9 per cent to $1,934, respectively.

Meanwhile, average asking rents rose in Saskatchewan by 7.1 per cent to $1,395. Rents moved 1.8 per cent higher in Nova Scotia to $2,268 and one per cent higher in Manitoba to $1,633.

Across Canada’s six largest markets, annual rent decreases for apartments were steepest last month in Vancouver, down 7.9 per cent to $2,654, and Toronto, down 5.1 per cent to $2,498.

Both cities saw average asking rents fall to their lowest levels since early 2022.

Average asking rents for apartments fell five per cent in Calgary to $1,824 and 2.3 per cent in Montreal to $1,952. Ottawa’s average asking rent ticked 0.5 per cent lower to $2,153, while Edmonton saw rents grow 0.8 per cent to $1,518.