Rental prices across Canada have dropped to an 18-month low, with January’s average monthly rent at $2,100, marking a 4.4% annual decline. The decrease is driven by economic risks, declining international population inflows, and a surge in apartment completions.

Key findings from the report:

• Condo apartments saw a 6.5% rent drop, while houses and townhomes decreased by 8.9%.
• Purpose-built rentals saw only a 1.7% decline.
• Studio and three-bedroom rents slightly increased by 0.5% and 2.1%, respectively.

Regional highlights:

• Ontario experienced the steepest decline at 5.2%, averaging $2,329.
• British Columbia saw a 2.6% decrease but remains the priciest market at $2,463.
• The Prairies saw rent increases of 2-3%, reflecting ongoing demand.

City-specific changes:

• Toronto rents fell 7.6% to $2,615, a 30-month low.
• Vancouver saw a 5.2% decline, with rents down 13% since their peak in July 2023.
• Calgary rents dropped 6%, while Edmonton saw a 3.3% increase.

Despite the decline, rents remain 5.2% higher than two years ago and 16.4% above 2022 levels.

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