The average asking rent fell to more than $2,000 in December – the lowest in more than 2 years
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Asking rents in Canada fell 2.3 per cent year-on-year in December to an average of $2,060, marking the decline over the entire calendar year as prices reached their lowest level in 30 months.
The latest report from Rentals.CA and Urbanation notes that December 2025 was the 15th consecutive month that the average rent decreased across Rentals.CA’s listing network.
When measured over the entire year, average asking rents in Canada fell by 3.1 per cent in 2025, a larger annual decline than during the COVID-19 pandemic.
Although fares are 5.4 percent lower than two years ago, they are still 14.1 percent higher than pre-pandemic levels in December 2019.
UrbanNation President Shawn Hildebrand says the demand and supply factors that were driving rents up between 2022 and 2024 reversed last year.
“The combination of record-high apartment completions, slowing population growth, economic uncertainty and affordability challenges have combined to drive rents down,” Hildebrand said in a news release Monday.
“Looking ahead, rents are likely to continue to decline in the near future as these conditions persist.”
The report said the decline in rents is due to secondary market units.
The average asking rent for house and townhouse rents declined five percent to $2,071 in December, while asking rents for condominium apartments fell four percent year-over-year to $2,131.
Asking rents for purpose-built apartments declined one percent year-on-year to an average of $2,049.
When measured by province, the average apartment rent in December fell 5.4 per cent to $2,353 in BC and 3.2 per cent to $2,257 in Ontario. Alberta and Quebec also recorded declines of 2.7 per cent to $1,671 and 1.9 per cent to $1,934, respectively.
Meanwhile, the average asking rent in Saskatchewan rose 7.1 per cent to $1,395. Rents rose 1.8 per cent to $2,268 in Nova Scotia and one per cent to $1,633 in Manitoba.
Of Canada’s six largest markets, annual apartment rents fell the most last month in Vancouver, down 7.9 per cent to $2,654, and in Toronto, down 5.1 per cent to $2,498.
Both cities saw average rents fall to their lowest levels since the start of 2022.
The average asking rent for apartments fell five per cent to $1,824 in Calgary and 2.3 per cent to $1,952 in Montreal. Ottawa’s average asking rent decreased 0.5 per cent to $2,153, while Edmonton’s rent increased 0.8 per cent to $1,518.
