Kelowna 
The average asking rent for residential properties in Canada fell to $2,100 in January, marking an 18-month low, according to the latest National Rent Report from Rentals.ca and Urbanation.
Credit: Rentals.ca
This represents a 4.4% annual decline, or $96 less than the previous year. The decrease continues a four-month trend of declining rents following 38 consecutive months of increases.
Shaun Hildebrand, President of Urbanation, attributed the decline to economic risks, reduced international migration, and a surge in apartment completions. He suggested rents could continue to weaken, improving affordability for renters.
The most significant declines were seen in the secondary rental market. Condominium apartment rents dropped 6.5% year-over-year to $2,219, while houses and townhomes fell 8.9% to $2,144. Purpose-built rentals saw a more modest 1.7% decline, though studio and three-bedroom units saw slight increases of 0.5% and 2.1%, respectively.
Ontario experienced the sharpest rent decline among provinces, with apartment rents down 5.2% to $2,329. Despite a 2.6% decrease, British Columbia remained the most expensive rental market at $2,463. In contrast, Alberta, Saskatchewan, and Manitoba saw annual rent increases of 2-3%.
Among major cities, Toronto saw the largest drop, with apartment rents down 7.6% to $2,615, a 30-month low. Calgary followed with a 6% decline to $1,925. Vancouver, experiencing 14 months of rent decreases, saw a 5.2% drop to $2,896, marking a 13% decline since its July 2023 peak.
North Vancouver remained Canada’s most expensive rental city at $3,060 with an average apartment rent, despite a 4.6% decline, Oakville, Ontario, ranked second among small- and mid-sized cities, with an average rent of $2,802 in January.
The report finds that the supply of shared accommodations grew by 42% in January, primarily in Calgary, leading to a 7.6% drop in national roommate rents to $933. Ontario and Alberta saw declines of 2.6% and 2.7%, respectively.
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.
