Overview
- The national average asking rent fell 2.3% year over year in December to $2,060, the lowest in roughly two and a half years.
- Despite the yearly decline, listings-based rents remain 14.1% higher than in December 2019, underscoring persistent affordability strains.
- Urbanation attributes the slide to record-high completions and softer population-driven demand, with December also marking the slowest rental interest in two years.
- Provincial results show declines in British Columbia (5.4%), Ontario (3.2%), Alberta (2.7%) and Quebec (1.9%), while Saskatchewan, Manitoba and Nova Scotia recorded increases.
- Vancouver and Toronto rents hit lows last seen in early 2022 with two-year drops of 13.3% and 11.8%, as North Vancouver now leads Metro Vancouver prices and Burnaby saw a small monthly uptick but a yearly decline.