The report exhibits that common hire 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 hire will increase, with rents nonetheless 5.2% larger 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 through the first month of 2025,” mentioned 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. This can 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 most important lower in rental costs, with common house rents falling by 5.2% to $2,329. Regardless of this drop, Ontario stays one of the costly locations to hire in Canada, second solely to British Columbia, the place rents decreased by 2.6%, bringing the typical hire to $2,463.
Whereas many areas noticed hire costs drop, others noticed rents proceed to climb. Manitoba, Saskatchewan, and Alberta all posted modest will increase of 2-3%. Manitoba’s common hire reached $1,618, whereas Saskatchewan—Canada’s most inexpensive rental market—noticed its common rise to $1,303.
In Quebec, hire costs have 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 hire will increase in among the nation’s metropolitan areas:
| Common hire (January 2025) |
Annual % change | |
|---|---|---|
| Toronto, ON | $2,615 | -8% |
| Calgary, AB | $1,925 | -6% |
| Winnipeg, MB | $1,604 | -6% |
| Vancouver, BC | $2,896 | -5% |
| Montreal, QC | $1,986 | -2% |
| Victoria, BC | $2,342 | -1% |
| Ottawa, ON | $2,214 | 0% |
| Regina, SK | $1,314 | 0% |
| Halifax, NS | $2,291 | +4% |
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Final modified: February 6, 2025