Canada’s average asking rent dropped to its lowest point in 30 months, declining 2.3 per cent year-over-year to $2,060 in December, according to the latest National Rent Report from Rentals.ca and Urbanation.
This marks the 15th consecutive month of annual rent decreases and a 5.4 per cent fall compared to two years ago. Despite the decline, rents remain 14.1 per cent higher than pre-pandemic levels.
"After a sharp run-up coming out of COVID, rents in Canada have been on a downward trend for more than a year," said Shaun Hildebrand, President of Urbanation. He explained that "record-high apartment completions, population growth slowing down, economic uncertainty, and affordability challenges" have contributed to pushing rents down.
Over the full year of 2025, rents fell 3.1 per cent, a larger drop than during the COVID-19 pandemic. Condo rents fell 4.0 per cent to an average of $2,131, while three-bedroom rents edged up 0.2 per cent to $2,501.
At the provincial level, average rents declined in British Columbia (-5.4 per cent), Ontario (-3.2 per cent), Alberta (-2.7 per cent), and Quebec (-1.9 per cent). Vancouver and Toronto saw their rents fall to the lowest levels since early 2022, with declines of 7.9 per cent and 5.1 per cent, respectively.
Edmonton was the only major market to see rent growth in December, rising 0.8 per cent year-over-year.
The report covers a wide range of rental properties, including single-detached homes, townhouses, condos, and apartments, excluding single-room rentals and outliers.
