Canada’s Rental Market Sees Fifth Consecutive Monthly Decline
The March 2025 Rentals.ca Rent Report reveals a continued decline in average asking rents across Canada. In February, rents dropped 4.8% year-over-year, bringing the average rent down to $2,088, the lowest since July 2023. This trend reflects a major shift from February 2024, when rents had surged by 10.5% annually.
National & Regional Rental Trends
- Toronto & Vancouver Lead Declines – Toronto’s average one-bedroom rent dropped 5.4% YoY to $2,359, while Vancouver saw a 5.1% decrease to $2,518.
- Affordability in Calgary & Edmonton – Calgary’s rental prices fell 7.5% YoY, making it one of Canada’s more affordable major markets.
- Guelph & Halifax See Increases – Guelph’s one-bedroom rent grew 5% YoY, while Halifax saw a 4.9% increase.
- Ontario Rent Decline – Ontario saw one of the steepest provincial declines, with a 4.2% drop in asking rents, averaging $2,329.
- Quebec City Leads Rent Growth – Quebec City experienced the fastest annual growth at 12.1% YoY, making it Canada’s most rapidly rising rental market.
Property Type Breakdown
- Condo rents hit a 26-month low, with 7.6% YoY declines to an average of $2,192.
- Studio apartments saw the largest drop (-10.0%), now averaging $1,772.
- Purpose-built rental apartments declined slightly (-1.9%) to an average of $2,070.
- Three-bedroom apartments remained in demand, with rents rising 3.8% YoY.
Shared Housing & Affordability
- Shared rental prices dropped 4.6% YoY nationwide.
- Toronto (-8.2%) and Montreal (-8.0%) saw the steepest shared accommodation rent declines.
Looking Ahead
Despite a cooling rental market, the demand for affordable and family-sized units remains high, with three-bedroom apartments showing the strongest demand. The report suggests that the rental market will remain in flux, influenced by economic factors, interest rates, and housing supply.
Canada Housing Market 
Leave a comment