The nationwide common lease value in February fell to $2,088, in accordance with the newest Leases.ca Lease Report.
This marks the fifth consecutive month of year-over-year lease declines, with February’s 4.8% lower being the most important since April 2021.
Regardless of these declines, lease costs stay 16.9% greater than pre-pandemic ranges and 5.2% greater than two years in the past.
“Rents in Canada are softening as provide is outweighing demand,” mentioned Shaun Hildebrand, President of Urbanation.
“Residence completions are at present working at report highs, whereas on the similar time, inhabitants development has slowed and the economic system faces heightened dangers attributable to a possible commerce warfare with the U.S.,” he added. “Count on rents to proceed reducing within the near-term as these developments doubtless stay in place.”
Since February 2024, the typical asking lease in Canada has fallen by $105 per thirty days—a steeper decline than the one seen in the course of the pandemic from February 2020 to February 2021. Against this, rents rose by $209 per thirty days between February 2023 and February 2024.
Regardless of the latest drop, common rents stay $302 per thirty days greater than they had been 5 years in the past.
Ontario accounts for many of the lease decline in Canada
The general decline in asking rents was largely pushed by Ontario, the place lease costs for purpose-built and rental leases dropped 4.2% year-over-year to $2,329. British Columbia (-1.0% to $2,457) and Quebec (-0.6% to $2,329) additionally recorded declines.
In distinction, lease costs elevated in Alberta (+1.4% to $1,732) and Nova Scotia (+1.2% to $2,171). The strongest lease development was recorded in Saskatchewan (+5.2% to $1,329) and Manitoba (+3.4% to $1,606), the 2 most reasonably priced provinces.
Throughout most areas, three-bedroom residences held up higher than smaller models. In Ontario, rents for these models dipped simply 0.3%, whereas different unit varieties noticed bigger declines. B.C. recorded a slight enhance, whereas Quebec led lease development, adopted by Alberta and Manitoba.
Calgary leads lease declines in main markets
Amongst Canada’s largest rental markets, Calgary noticed the largest annual drop, with residence rents falling 7.0% to a median of $1,916. Toronto rents fell 6.7% year-over-year to $2,615, marking the thirteenth consecutive month of annual declines and reaching a 2.5-year low.
Vancouver’s common asking lease dropped 4.8% to $2,870, its lowest stage since April 2022. Montreal and Ottawa noticed milder declines of three.0% and 0.2%, respectively, whereas Edmonton bucked the pattern with a 2.9% annual enhance to $1,531.
Among the many most reasonably priced rental markets, Regina had the bottom common lease at $1,322, adopted by Saskatoon at $1,409.
In the meantime, Quebec Metropolis recorded the best annual lease development (+12%), with studio rents surging 29% to $1,252.
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Final modified: March 11, 2025
