BusinessFEATUREDGeneralNews

Canadian Average Asking Rents Drop to 17-Month Low in December

Average asking rents across Canada fell to $2,109 in December on a year-over-year basis, marking a 17-month low, according to a new report.

The monthly report from Rentals.ca and Urbanation revealed that average rents were down 3.2% compared to December 2023, marking the fifth consecutive month of declines.

Despite the recent downturn, the report noted that rents had grown significantly in prior years, with an increase of 8.6% in 2023 and 12.1% in 2022. Rent levels remain 16.8% higher than five years ago.

Urbanation president Shaun Hildebrand attributed the rental market’s softening in 2024 to several factors, including record-high apartment completions, slowing population growth, and a weakening economy.

Among Canada’s priciest provinces for renters, Ontario experienced a 4.7% year-over-year drop in apartment rents to an average of $2,332, while British Columbia saw a 0.5% decline to an average of $2,487.

On the other hand, Manitoba led the country in rent growth in 2024, with a 5% annual increase bringing the average rent to $1,618.

Leave a Reply

Your email address will not be published. Required fields are marked *