Average asking rents in Canada fall for 16th straight month: report

Rents continue national fall

Photo: The Canadian Press

A real estate sign a condo for rent in Montreal on Monday, March 24, 2025. THE CANADIAN PRESS/Christinne Muschi

Asking rents in Canada fell two per cent year-over-year in January to an average of $2,057, marking the 16th consecutive month of annual rent decreases.

A report from Rentals.ca and Urbanation says that rents fell to their lowest level in 31 months in January and were down 6.3 per cent compared with two years ago, but were 12.9 per cent higher than levels seen before the COVID pandemic.

The report says lower rents and a softer market helped improve affordability, with the average rent-to-income ratio falling slightly below 30 per cent in January for the first time in six years.

Shaun Hildebrand, president of Urbanation, says in a news release that the improvement in affordability shows that more supply brings down costs.

The report says shrinking unit sizes have also contributed to the decrease in average rents over the past two years. The average size of rental listings fell to 857 square feet in January, from 885 square feet last year.

Across provinces, average apartment rents declined the most in B.C. at 4.7 per cent, 4.3 per cent in Alberta, 3.3 per cent in Ontario and 2.6 per cent in Quebec.