Average asking rents fell nationally to $2,109 in December on a year-over-year basis, marking a 17-month low, according to a new report. The report says the decline in average asking rent prices followed growth of 8.6% in 2023 and 12.1% in 2022, with rents still 16.8% higher than they were five years ago. Urbanation president Shaun Hildebrand says the rental market softened in 2024 amid multi-decade highs for apartment completions, slowing population inflows, and a weakening economy.
Among Canada's most expensive provinces to be a renter, Ontario recorded a 4.7% year-over-year decrease in apartment rents to an average ask of $2,332, while B.C. saw a 0.5% decrease to an average of $2,487. Manitoba led all provinces for rent growth in 2024 with a five percent annual increase in rents to an average of $1,618
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Canadian Rental Market Sees Fifth Consecutive Month of DeclineAverage asking rents in Canada fell to a 17-month low in December, marking the fifth consecutive month of declines. The report attributes the softening rental market to factors such as high apartment completions, slower population growth, and a weakening economy.
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Victoria Surpasses Toronto as Second Most Expensive Rental Market in CanadaHigh demand for rentals in Victoria has pushed average rental costs higher, causing the city to surpass Toronto for the second most expensive rental market in Canada.
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