The national average rent price in February fell to $2,088, according to the latest Rentals.ca Rent Report.
This marks the fifth consecutive month of year-over-year rent declines, with February’s 4.8% decrease being the largest since April 2021.
Despite these declines, rent prices remain 16.9% higher than pre-pandemic levels and 5.2% higher than two years ago.
“Rents in Canada are softening as supply is outweighing demand,” said Shaun Hildebrand, President of Urbanation.
“Apartment completions are currently running at record highs, while at the same time, population growth has slowed and the economy faces heightened risks due to a potential trade war with the U.S.,” he added. “Expect rents to continue decreasing in the near-term as these trends likely remain in place.”
Since February 2024, the average asking rent in Canada has fallen by $105 per month—a steeper decline than the one seen during the pandemic from February 2020 to February 2021. By contrast, rents rose by $209 per month between February 2023 and February 2024.
Despite the recent drop, average rents remain $302 per month higher than they were five years ago.
Ontario accounts for most of the rent decline in Canada
The overall decline in asking rents was largely driven by Ontario, where rent prices for purpose-built and condo rentals dropped 4.2% year-over-year to $2,329. British Columbia (-1.0% to $2,457) and Quebec (-0.6% to $2,329) also recorded declines.
In contrast, rent prices increased in Alberta (+1.4% to $1,732) and Nova Scotia (+1.2% to $2,171). The strongest rent growth was recorded in Saskatchewan (+5.2% to $1,329) and Manitoba (+3.4% to $1,606), the two most affordable provinces.
Across most regions, three-bedroom apartments held up better than smaller units. In Ontario, rents for these units dipped just 0.3%, while other unit types saw larger declines. B.C. recorded a slight increase, while Quebec led rent growth, followed by Alberta and Manitoba.
Calgary leads rent declines in major markets
Among Canada’s largest rental markets, Calgary saw the biggest annual drop, with apartment rents falling 7.0% to an average of $1,916. Toronto rents fell 6.7% year-over-year to $2,615, marking the 13th consecutive month of annual declines and reaching a 2.5-year low.
Vancouver’s average asking rent dropped 4.8% to $2,870, its lowest level since April 2022. Montreal and Ottawa saw milder declines of 3.0% and 0.2%, respectively, while Edmonton bucked the trend with a 2.9% annual increase to $1,531.
Among the most affordable rental markets, Regina had the lowest average rent at $1,322, followed by Saskatoon at $1,409.
Meanwhile, Quebec City recorded the highest annual rent growth (+12%), with studio rents surging 29% to $1,252.
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Last modified: March 11, 2025
