{"id":4655,"date":"2025-02-06T11:02:38","date_gmt":"2025-02-06T15:02:38","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=4655"},"modified":"2025-02-06T11:02:38","modified_gmt":"2025-02-06T15:02:38","slug":"january-2025-rentals-ca-rent-report","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/january-2025-rentals-ca-rent-report","title":{"rendered":"January 2025 Rentals.ca Rent Report"},"content":{"rendered":"<p data-block-key=\"zpi9c\"><b>Author: Rentals.ca &amp; Urbanation<\/b><\/p>\n<p data-block-key=\"67juu\">The average asking rents for all residential property types in Canada ended 2024 down 3.2% compared to the end of 2023, falling to a 17-month low of $2,109 in December.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4687\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Untitled-1.png\" alt=\"\" width=\"1044\" height=\"2200\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Untitled-1.png 1044w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Untitled-1-980x2065.png 980w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Untitled-1-480x1011.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1044px, 100vw\" \/><\/p>\n<h2>National Overview<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4660\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM.png\" alt=\"\" width=\"1082\" height=\"378\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM.png 1082w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-300x105.png 300w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-1024x358.png 1024w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-768x268.png 768w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-1080x377.png 1080w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-980x342.png 980w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.32.51\u202fAM-480x168.png 480w\" sizes=\"(max-width: 1082px) 100vw, 1082px\" \/><\/p>\n<p data-block-key=\"srm7l\"><b>Asking Rents in Canada Declined 3% in 2024<\/b><\/p>\n<p data-block-key=\"16ggv\">The decline in rents last year followed growth of 8.6% in 2023 and 12.1% in 2022, representing the first time that rents experienced an annual decrease since the COVID-19 pandemic in 2020 when rents fell 5.4%. Overall, rents increased by a total of 16.8% over the past five years, which equates to an average of 3.15% per year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4662\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/1_-_AvgAskRentAPT_-_Jan2025-01.webp\" alt=\"\" width=\"800\" height=\"511\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/1_-_AvgAskRentAPT_-_Jan2025-01.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/1_-_AvgAskRentAPT_-_Jan2025-01-480x307.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4663\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/2_-_AnnChngeAvgAskRentAPT_-_Jan2025-01.webp\" alt=\"\" width=\"800\" height=\"561\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/2_-_AnnChngeAvgAskRentAPT_-_Jan2025-01.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/2_-_AnnChngeAvgAskRentAPT_-_Jan2025-01-480x337.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p>December marked the fifth consecutive month of rent declines. Between September and December, average asking rents fell by 3.8%, indicating a steepening decline for rents heading into 2025.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4664\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/3_-_3moChngAvgAskRentAPT_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"564\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/3_-_3moChngAvgAskRentAPT_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/3_-_3moChngAvgAskRentAPT_-_Jan2025-480x338.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p data-block-key=\"9erjl\"><b>Purpose-built Rents Remain Stable<\/b><\/p>\n<p data-block-key=\"50chi\">Across property types, rentals within houses and townhouses experienced the largest annual decline in asking rents in 2024, falling 7.4% annually in December to an average of $2,181. Condominium rents ended 2024 down 5.2% to an average of $2,219, while units within purpose-built rentals experienced only a 0.3% year-over-year decrease in average asking rents to $2,070. This followed a 12.8% annual increase in purpose-built rents in 2023.<\/p>\n<p data-block-key=\"fn148\">Across all property categories, studios were the only unit type to experience an increase in asking rents last year, rising 1.7% annually to an average of $1,591. All other unit types saw asking rents fall compared to a year ago, led by a 2.8% decline in the largest units with four bedrooms or more to an average of $2,946.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4665\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/5_-_AnnChngAvgAskRentPropType-Jan_2025.webp\" alt=\"\" width=\"800\" height=\"551\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/5_-_AnnChngAvgAskRentPropType-Jan_2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/5_-_AnnChngAvgAskRentPropType-Jan_2025-480x331.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4666\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/6_-_AnnChngAvgAskRentUnit_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"551\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/6_-_AnnChngAvgAskRentUnit_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/6_-_AnnChngAvgAskRentUnit_-_Jan2025-480x331.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p data-block-key=\"6jjn2\"><b>Three-Bedroom Apartment Rents Outperform<\/b><\/p>\n<p data-block-key=\"5c8d9\">The average asking rent for apartments within purpose-built and condominium rentals decreased 1.3% year-over-year in December to $2,088.<\/p>\n<p data-block-key=\"5lavc\">Purpose-built rents experienced annual growth of 3.1% for studios to an average of $1,566 and 5.0%, annual growth for three-bedroom units to an average of $2,664. One-bedroom asking rents for purpose-built rentals declined 1.1% annually to $1,876, while two-bedroom asking rents were relatively unchanged (-0.3%) at an average of $2,260.<\/p>\n<p data-block-key=\"bbmhl\">Asking rents for condo apartments fell over the past year across all unit types except for three-bedroom units, which saw rents grow 0.7% annually in December to an average of $2,927. One-bedroom condo rents experienced the largest annual decline of 5.9% to an average of $2,014.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4667\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/7_-_AvgAskRentAptUnitType_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"518\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/7_-_AvgAskRentAptUnitType_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/7_-_AvgAskRentAptUnitType_-_Jan2025-480x311.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4668\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/8_-_AnnChngAskRentAptUnitType_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"506\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/8_-_AnnChngAskRentAptUnitType_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/8_-_AnnChngAskRentAptUnitType_-_Jan2025-480x304.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<h2>Provincial Overview<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4669\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM.png\" alt=\"\" width=\"1084\" height=\"548\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM.png 1084w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-300x152.png 300w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-1024x518.png 1024w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-768x388.png 768w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-1080x546.png 1080w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-980x495.png 980w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.35.39\u202fAM-480x243.png 480w\" sizes=\"(max-width: 1084px) 100vw, 1084px\" \/><\/p>\n<p data-block-key=\"in9ab\"><b>Rent Decreases Were Focused in Ontario Last Year<\/b><\/p>\n<p data-block-key=\"817vc\">The decline in rents last year was mainly concentrated in Ontario, where average asking rents for apartments fell 4.7% to $2,332. This followed a 3.7% increase in apartment rents in Ontario during 2023. In B.C., asking rents for apartments ended 2024 down slightly from a year ago (-0.5%) to an average of $2,487. This marked the second year in a row that apartment rents decreased in B.C. following a 1.4% decline in 2023. Despite these decreases, B.C. and Ontario remained the provinces with the highest average rents in Canada.<\/p>\n<p data-block-key=\"chr93\">Manitoba led all provinces in 2024 with a 5.0% annual increase in rents to an average of $1,618, which was consistent with the 4.9% increase in rents for the province in 2023. Rent increases decelerated the most in Alberta last year, where rent growth slowed from 15.6% in 2023 to 1.6% in 2024, with average rents reaching $1,718 in December.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4670\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/9_-_AvgAskRentProvPurpCondo_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"516\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/9_-_AvgAskRentProvPurpCondo_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/9_-_AvgAskRentProvPurpCondo_-_Jan2025-480x310.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4671\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/10_-_AnnChngAvgAskRentRovePurpCondo_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"488\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/10_-_AnnChngAvgAskRentRovePurpCondo_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/10_-_AnnChngAvgAskRentRovePurpCondo_-_Jan2025-480x293.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p>Asking rents for apartments declined over the past year across all unit types in Ontario, led by a 5.0% decrease in one-bedroom rents to an average of $2,126 and a 4.8% decrease in two-bedroom rents to an average of $2,564. In B.C., annual rent declines for apartments were limited to studios (-2.3% to $1,930) and one-bedrooms (-1.3% to $2,188), while three-bedroom rents rose 6.3% to an average of $3,466. Notably, high annual rent growth for three-bedroom apartments was also recorded in Saskatchewan (+6.0% to $1,641), Manitoba (+7.3% to $2,037), and Quebec (+8.1% to $2,633).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4673\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/11_-_AvgAskRentProvBedTypePurpCondo_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"528\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/11_-_AvgAskRentProvBedTypePurpCondo_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/11_-_AvgAskRentProvBedTypePurpCondo_-_Jan2025-480x317.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4674\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/12_-_AnnChngAvgAskRentProvPurpCondo_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"528\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/12_-_AnnChngAvgAskRentProvPurpCondo_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/12_-_AnnChngAvgAskRentProvPurpCondo_-_Jan2025-480x317.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<h2>Municipal Overview<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4675\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM.png\" alt=\"\" width=\"1076\" height=\"1282\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM.png 1076w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM-252x300.png 252w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM-859x1024.png 859w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM-768x915.png 768w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM-980x1168.png 980w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-05-at-9.38.14\u202fAM-480x572.png 480w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/h2>\n<p data-block-key=\"aiec2\"><b>Rents Fell More than 7% in Toronto and Calgary<\/b><\/p>\n<p data-block-key=\"53fda\">Apartment rents experienced a decline in 2024 across Canada\u2019s five biggest markets, including a 7.1% decrease in the country\u2019s largest market, Toronto, to an average of $2,632. This followed a 2.1% increase for apartment rents in Toronto in 2023. Apartment rents declined in Vancouver for the second straight year. Average apartment rents in Vancouver fell 5.8% in 2024 following a 0.7% decline in 2023, while still representing the most expensive of Canada\u2019s largest markets with an average rent of $2,882.<\/p>\n<p data-block-key=\"4q0hs\">After posting the fastest rent growth among Canada\u2019s largest markets in 2023 with a 14.0% annual increase, Calgary\u2019s apartment rents declined the most last year with a 7.2% drop to an average of $1,921. Average apartment rents in Calgary fell below the average in Montreal ($1,998) for the first time in two years as Montreal rents remained relatively stable in 2024, declining 1.1% following an 11.3% increase in 2023. Ottawa maintained its spot as the third most expensive among Canada\u2019s largest markets, also posting a relatively mild 2.8% decrease in average apartment rents last year to $2,165.<\/p>\n<p data-block-key=\"dd4p7\">Edmonton, the sixth largest rental market in the country, bucked the trend and saw average apartment rents rise 2.7% in 2024 to an average of $1,506, which followed 13.5% growth in 2023. However, apartment rents in Edmonton have begun to slow considerably, declining 6.5% over the past three months.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4676\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/13_-_AvgAskRentCanLrgstMrktsPurpCondo_-_Jan202.webp\" alt=\"\" width=\"800\" height=\"513\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/13_-_AvgAskRentCanLrgstMrktsPurpCondo_-_Jan202.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/13_-_AvgAskRentCanLrgstMrktsPurpCondo_-_Jan202-480x308.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4677\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/14_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja.webp\" alt=\"\" width=\"800\" height=\"513\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/14_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/14_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja-480x308.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p>In Vancouver and Toronto, three-bedroom apartment rents experienced the smallest annual declines in 2024, decreasing 0.1% to $4,380 and down 3.3% to $3,718, respectively. In Ottawa and Calgary, three-bedroom apartments fell the most last year with decreases of 5.2% to $2,575 and 8.2% to $2,420, respectively. Edmonton also experienced an annual decrease in three-bedroom rents of 4.3% to an average of $1,867. Meanwhile, in Montreal, three-bedroom apartment rents grew 8.2% over the past year to an average of $2,777.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4678\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/15_-_AvgAskRentBedTypeLrgstMrktsPurpCondo_-_Ja.webp\" alt=\"\" width=\"800\" height=\"486\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/15_-_AvgAskRentBedTypeLrgstMrktsPurpCondo_-_Ja.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/15_-_AvgAskRentBedTypeLrgstMrktsPurpCondo_-_Ja-480x292.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4679\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/16_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja.webp\" alt=\"\" width=\"800\" height=\"499\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/16_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/16_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_Ja-480x299.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p data-block-key=\"2uddn\"><b>B.C. and Ontario Still Home to Most Expensive Markets Despite Widespread Rent Declines<\/b><\/p>\n<p data-block-key=\"5ugs9\">Outside of Canada\u2019s biggest cities, the most expensive rental markets in Canada as of December were located in B.C., with average apartment rents of $3,083 in North Vancouver and $2,944 in Coquitlam. Oakville ranked third as apartment rents averaged $2,892 in December, with the rest of the top five located in B.C., including Richmond ($2,819) and Burnaby ($2,718). Kanata was the most expensive rental market in Ontario located outside of the Greater Toronto Area, averaging apartment rents of $2,664 in December.<\/p>\n<p data-block-key=\"83i63\">Alberta was home to the two most affordable rental markets in December: Lloydminster ($1,192) and Fort McMurray ($1,301). They were followed by larger cities in Saskatchewan averaging apartment rents of $1,308 in Regina and $1,357 in Saskatoon. Winnipeg, another larger city, was ranked ninth with an average apartment rent of $1,624. Only one of the top 10 most affordable markets was located in Ontario; apartment rents in Windsor averaged $1,682 in December.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4680\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/17_-_AvgAskRentPurpCondoTop25MidszMrktsHighAsk.webp\" alt=\"\" width=\"800\" height=\"549\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/17_-_AvgAskRentPurpCondoTop25MidszMrktsHighAsk.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/17_-_AvgAskRentPurpCondoTop25MidszMrktsHighAsk-480x329.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4681\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/18_-_AvgAskRentPurpCondoTop25SmMidMrktsLowAskR.webp\" alt=\"\" width=\"800\" height=\"446\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/18_-_AvgAskRentPurpCondoTop25SmMidMrktsLowAskR.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/18_-_AvgAskRentPurpCondoTop25SmMidMrktsLowAskR-480x268.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p data-block-key=\"8q58n\"><b>Quebec City Becomes Fastest Growing Rental Market in Canada<\/b><\/p>\n<p data-block-key=\"9p8k4\">Quebec City became the fastest-growing market for apartment rents with annual growth of 14.9% in December, overtaking Saskatchewan which fell to the 15th spot with rents rising 5.5% annually. Oakville\u2019s 14.3% annual rent growth placed it in second spot, followed by another Quebec market in third place as Gatineau apartment rents grew 14.0% annually. Alberta had six markets in the top 15 fastest-rising in December, led by Grande Prairie in a tie for third spot with 14.0% annual growth and Medicine Hat in fifth place with a 12.6% increase. Other Ontario markets that made the list of fastest-growing rents over the past year included Niagara Falls in the seventh spot (+10.6%), Sarnia in the 10th spot (+7.7%), and Brantford placing 14th with annual growth of 5.9%.<\/p>\n<p data-block-key=\"eeg7p\">Outside of Cote Saint-Luc, a smaller market in Quebec experiencing a shifting composition of rental listings, the small and mid-sized markets with the fastest declining rents were all located in B.C. and Ontario. North Vancouver apartment rents fell 8.3% annually in December, followed by a 7.9% annual decrease in Surrey and a 7.2% drop in Burnaby. Brampton and Richmond Hill led apartment rent declines in Ontario with annual decreases of 7.1% and 7.0%, respectively.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4682\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/19_-_AnnChngAvgRentPurpCondo15fastgrowsmMidMrk.webp\" alt=\"\" width=\"800\" height=\"429\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/19_-_AnnChngAvgRentPurpCondo15fastgrowsmMidMrk.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/19_-_AnnChngAvgRentPurpCondo15fastgrowsmMidMrk-480x257.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4683\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/20_-_AnnChngAvgRentPurpCondo15SlowMrkts_-_Jan2.webp\" alt=\"\" width=\"800\" height=\"473\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/20_-_AnnChngAvgRentPurpCondo15SlowMrkts_-_Jan2.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/20_-_AnnChngAvgRentPurpCondo15SlowMrkts_-_Jan2-480x284.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p data-block-key=\"5lpfr\"><b>Roommate Rents Sink in Toronto<\/b><\/p>\n<p data-block-key=\"7k72h\">Year-over-year comparisons continue to show growth in the volume of shared accommodation listings, which increased 18.4% in December. However, demand for shared units appears to be waning, in line with the broader rental market. The national average asking rent for shared accommodations decreased 1.2% monthly and 1.9% annually to $986.<\/p>\n<p data-block-key=\"eck76\">Alberta experienced the largest decline in asking rents, down 1.1% from a year ago to $860. Ontario rents for shared accommodations were essentially flat over the past year at an average of $1,096, while annual growth of 0.6% and 0.8% was recorded in Quebec ($920) and B.C. ($1,163), respectively.<\/p>\n<p data-block-key=\"973so\">Among Canada\u2019s biggest cities, the largest annual declines in shared accommodation rents were found in Toronto (-9.0% to $1,194), Montreal (-3.8% to $914) and Calgary (-3.3% to $882). Conversely, shared accommodation rents continued to rise in Vancouver (+4.0% to $1,394), Edmonton (+3.3% to $772), and Ottawa (+4.9% to $1,034).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4684\" src=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/21_-_RoommateRents_-_Jan2025.webp\" alt=\"\" width=\"800\" height=\"518\" srcset=\"https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/21_-_RoommateRents_-_Jan2025.webp 800w, https:\/\/rentals.ca\/blog\/wp-content\/uploads\/2025\/02\/21_-_RoommateRents_-_Jan2025-480x311.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/p>\n<p><b>You can check out the previous rent reports<\/b>\u00a0<a href=\"https:\/\/rentals.ca\/blog\/canada-national-rent-reports\"><b>here<\/b><\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author: Rentals.ca &amp; Urbanation The average asking rents for all residential property types in Canada ended 2024 down 3.2% compared to the end of 2023, falling to a 17-month low of $2,109 in December. National Overview Asking Rents in Canada Declined 3% in 2024 The decline in rents last year followed growth of 8.6% in [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":4658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"coauthors":[35,38],"class_list":["post-4655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada-national-rent-reports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>January 2025 Rentals.ca Rent Report<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rentals.ca\/blog\/january-2025-rentals-ca-rent-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"January 2025 Rentals.ca Rent Report\" \/>\n<meta property=\"og:description\" content=\"Author: Rentals.ca &amp; Urbanation The average asking rents for all residential property types in Canada ended 2024 down 3.2% compared to the end of 2023, falling to a 17-month low of $2,109 in December. 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