The report exhibits that common lease costs dropped 4.4% year-over-year in January, touchdown at $2,100. This marks the fourth month in a row that costs have fallen.

Nonetheless, this follows a interval of 38 straight months of annual lease will increase, with rents nonetheless 5.2% increased than two years in the past and up 16.4% in comparison with three years in the past.

“The downward development for rents in Canada accelerated throughout the first month of 2025,” stated Shaun Hildebrand, President of Urbanation. “Heightened draw back dangers for the economic system, mixed with declining worldwide inhabitants inflows and multi-decade highs for house completions, counsel rents will proceed to weaken within the months forward. It will lead to improved affordability for renters.”

The decline was primarily seen within the secondary rental market, with condominium rents dropping 6.5% to a median of $2,219, and rents for homes and townhomes falling 8.9% to $2,144.

Ontario sees the most important drop in rents

Ontario skilled the biggest lower in rental costs, with common house rents falling by 5.2% to $2,329. Regardless of this drop, Ontario stays probably the most costly locations to lease in Canada, second solely to British Columbia, the place rents decreased by 2.6%, bringing the common lease to $2,463.

Whereas many areas noticed lease costs drop, others noticed rents proceed to climb. Manitoba, Saskatchewan, and Alberta all posted modest will increase of 2-3%. Manitoba’s common lease reached $1,618, whereas Saskatchewan—Canada’s most inexpensive rental market—noticed its common rise to $1,303.

In Quebec, lease costs had been practically flat, rising simply 0.4% to a median of $1,972.

Right here’s a have a look at the year-over-year lease will increase in among the nation’s metropolitan areas:

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Final modified: February 6, 2025