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In January 2025, average Canadian rent continued its decline, marking a 4.4% decrease year-over-year, reaching an 18-month low. The national average rent dropped to $2,100, with Ontario seeing the most significant relief, including a notable drop in Toronto.

The rent decline is linked to factors like economic uncertainty, slower population growth, and a surge in apartment completions. In particular, condominium rents fell by 6.5%, while purpose-built rentals showed more stability. Shared accommodations also saw a 7.6% drop.

While affordability is improving, rents remain higher than they were three years ago, signaling mixed conditions across the country, with Alberta and Quebec seeing slight increases.

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