Common asking rents fell nationally to $2,109 in December on a year-over-year foundation, marking a 17-month low, based on a brand new report.
A month-to-month report from Leases.ca and Urbanation says common asking rents throughout Canada had been down 3.2 per cent from the identical month final yr, as December marked the fifth consecutive month of declines.
The report says the decline in common asking lease costs final yr adopted development of 8.6 per cent in 2023 and 12.1 per cent in 2022, with rents nonetheless 16.8 per cent larger than they had been 5 years in the past.
Urbanation president Shaun Hildebrand mentioned the rental market softened in 2024 amid multi-decade highs for condominium completions, slowing inhabitants inflows and a weakening financial system.
Amongst Canada’s costliest provinces to be a renter, Ontario recorded a 4.7 per cent year-over-year lower in condominium rents to a mean ask of $2,332, whereas British Columbia noticed a 0.5 per cent lower to a mean of $2,487.
Manitoba led all provinces for lease development in 2024, with a 5 per cent annual enhance in rents to a mean of $1,618.
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