Kelowna 
The average rent for residential properties in Canada fell to $2,088 in February, marking a 4.8% annual drop, according to the latest National Rent Report from Rentals.ca and Urbanation.
Credit: Ben Allan on Unsplash
This is the most significant decline since April 2021 and the lowest average rent recorded since July 2023.
The downward trend in rents follows five consecutive months of annual declines, attributed to an increase in apartment completions, slower population growth, and economic uncertainty. Since February 2024, average asking rents have dropped by $105 per month, though they remain higher than pre-pandemic levels.
Here are the highlights of the report:
- Ontario experienced the sharpest rent decline at 4.2% ($2,329), followed by British Columbia (-1.0% to $2,457) and Quebec (-0.6% to $2,329). Alberta (+1.4% to $1,732), Nova Scotia (+1.2% to $2,171), Saskatchewan (+5.2% to $1,329), and Manitoba (+3.4% to $1,606) saw increases.
- Calgary recorded the largest annual rent decline (-7.0% to $1,916) among major markets, followed by Toronto (-6.7% to $2,615) and Vancouver (-4.8% to $2,870). Montreal (-3.0% to $1,974) and Ottawa (-0.2% to $2,217) saw milder drops, while Edmonton rents rose (+2.9% to $1,531).
- Toronto’s steepest rent drop was in two-bedroom apartments (-7.0% to $3,081), while Vancouver’s one-bedrooms saw a 5.8% decrease ($2,526). Calgary’s studio and one-bedroom rents dropped the most (-9.6% to $1,395 and -7.4% to $1,682, respectively).
- Oakville remained one of the most expensive rental markets ($2,829), while Windsor ($1,620), Welland ($1,726), and Chatham-Kent ($1,787) were among the most affordable.
- Quebec City saw the highest annual rent increase (+12.3%), followed by Oakville (+12.1%) and Saskatoon (+10.3%). The biggest declines were in Cote Saint-Luc (-18.2%), Kingston (-10.9%), and Windsor (-6.1%).
- In the shared rental market space, listings dropped 29% from January, with shared rental prices down 8.2% in Toronto ($1,176) and 8.0% in Montreal ($870).
Credit: Rentals.ca
The National Rent Report analyzes monthly, quarterly, and annual rental market rates and trends on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada. Urbanation, a Toronto-based real estate research firm, analyzes Rentals.ca Network data and writes the report.
