Average asking rents in Canada fell year-over-year every month in 2025, with December’s average rent dropping 2.3 per cent to $2,060—the lowest level in about 30 months. Over the full year, national rents declined 3.1 per cent, a larger annual drop than seen during the COVID-19 pandemic, reversing the upward trend that had pushed rents higher between 2022 and 2024. Asking rents for purpose-built apartments in December averaged $2,049, and condominium rents fell four per cent to $2,131. 

Rent changes varied by province: average apartment rents in December declined 5.4 per cent in British Columbia, 3.2 per cent in Ontario, 2.7 per cent in Alberta and 1.9 per cent in Quebec, while Saskatchewan, Manitoba and Nova Scotia each recorded increases. The shift in the rental market was attributed to a reversal of factors that previously pushed rents higher—such as record apartment completions, slowing population growth, economic uncertainty and affordability challenges—which together contributed to the sustained monthly decreases throughout 2025.

Source: Canadian Mortgage Trends