The nationwide common hire value in February fell to $2,088, in response to the newest Leases.ca Rent Report.

This marks the fifth consecutive month of year-over-year hire declines, with February’s 4.8% lower being the most important since April 2021.

Regardless of these declines, hire costs stay 16.9% greater than pre-pandemic ranges and 5.2% greater than two years in the past.

“Rents in Canada are softening as provide is outweighing demand,” stated Shaun Hildebrand, President of Urbanation.

“House completions are presently operating at file highs, whereas on the identical time, inhabitants progress has slowed and the economic system faces heightened dangers as a consequence of a possible commerce struggle with the U.S.,” he added. “Count on rents to proceed lowering within the near-term as these tendencies doubtless stay in place.”

Since February 2024, the typical asking hire in Canada has fallen by $105 per thirty days—a steeper decline than the one seen throughout the pandemic from February 2020 to February 2021. Against this, rents rose by $209 per thirty days between February 2023 and February 2024.

Regardless of the current drop, common rents stay $302 per thirty days greater than they have been 5 years in the past.

Ontario accounts for many of the hire decline in Canada

The general decline in asking rents was largely pushed by Ontario, the place hire costs for purpose-built and apartment leases dropped 4.2% year-over-year to $2,329. British Columbia (-1.0% to $2,457) and Quebec (-0.6% to $2,329) additionally recorded declines.

In distinction, hire costs elevated in Alberta (+1.4% to $1,732) and Nova Scotia (+1.2% to $2,171). The strongest hire progress was recorded in Saskatchewan (+5.2% to $1,329) and Manitoba (+3.4% to $1,606), the 2 most reasonably priced provinces.

Throughout most areas, three-bedroom residences held up higher than smaller items. In Ontario, rents for these items dipped simply 0.3%, whereas different unit sorts noticed bigger declines. B.C. recorded a slight enhance, whereas Quebec led hire progress, adopted by Alberta and Manitoba.

Calgary leads hire declines in main markets

Amongst Canada’s largest rental markets, Calgary noticed the largest annual drop, with house rents falling 7.0% to a mean of $1,916. Toronto rents fell 6.7% year-over-year to $2,615, marking the thirteenth consecutive month of annual declines and reaching a 2.5-year low.

Vancouver’s common asking hire dropped 4.8% to $2,870, its lowest degree since April 2022. Montreal and Ottawa noticed milder declines of three.0% and 0.2%, respectively, whereas Edmonton bucked the development with a 2.9% annual enhance to $1,531.

Among the many most reasonably priced rental markets, Regina had the bottom common hire at $1,322, adopted by Saskatoon at $1,409.

In the meantime, Quebec Metropolis recorded the very best annual hire progress (+12%), with studio rents surging 29% to $1,252.

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Final modified: March 11, 2025