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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