The report reveals a 3.2% decline in rents compared to December of the previous year, marking the fifth straight month of decreases.
This follows years of significant rent price growth, with average rents rising 8.6% in 2023 and a sharp 12.1% in 2022. Despite the recent cooling, rents are still 16.8% higher than five years ago.
Shaun Hildebrand, president of Urbanation, attributes the market slowdown to record-high apartment completions, a deceleration in population growth, and economic challenges in 2024.
“The rental market softened across most parts of the country last year,” he said in a release.
“Current trends suggest rents may experience further decreases in 2025, which so far have been focused on secondary market units,” he added. “However, any rent declines should be temporary and remain minimal mostly due to a long-term under-supply of rental units in the country, with rents set to accelerate in the coming years as the current slowdown in construction works to restrict supply.”

Rent price declines concentrated in Ontario
Ontario saw the biggest drop in rental prices last year, with average apartment rents falling 4.7% to $2,332. This was a sharp reversal from the 3.7% increase in 2023, showing how quickly market conditions can change. Even with the decline, Ontario remains one of the most expensive places to rent in Canada, second only to British Columbia.
In B.C., rents dipped slightly by 0.5% to an average of $2,487. This marks the second straight year of declines, following a 1.4% drop in 2023. Despite these decreases, B.C. and Ontario continue to top the list as the priciest provinces for renters.
On the flip side, Manitoba saw rents climb 5% in 2024, bringing the average to $1,618. This was right in line with the 4.9% increase seen in 2023, making Manitoba the leader in rent price growth last year.
Alberta, meanwhile, experienced the most noticeable slowdown. After rents soared 15.6% in 2023, growth cooled to just 1.6% in 2024, with the average rent reaching $1,718 by December. It’s a reminder of how rental trends can vary widely depending on the region and market conditions.

Here’s a look at the year-over-year rent increases in some of the country’s key markets:
Average rent (December 2024) | Annual % change | |
---|---|---|
Calgary, AB | $1,921 | -7% |
Halifax, NS | $2,323 | +10% |
Montreal, QC | $1,998 | -1% |
Ottawa, ON | $2,165 | -3% |
Regina, SK | $1,308 | +1% |
Toronto, ON | $2,632 | -7% |
Winnipeg, MB | $1,624 | +4% |
Vancouver, BC | $2,882 | -6% |
Victoria, BC | $2,362 | +3% |
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Last modified: January 10, 2025