Average asking rents fall for 14th straight month to $2,074 in November: report

A building with "For Rent" and "For Sale" signs is posted in Montreal, Tuesday, Oct. 1, 2024. THE CANADIAN PRESS/Christinne Muschi (Christinne Muschi)

Asking rents in Canada were down 3.1 per cent in November from a year earlier to an average of $2,074, marking the 14th straight month of annual declines.

The latest monthly report from Rentals.ca and Urbanation says average asking rents were also down 1.5 per cent month-over-month, the largest such drop of 2025.

Asking rents for purpose-built apartments moved two per cent lower year-over-year to an average of $2,060, while asking rents for condominium apartments fell 3.7 per cent year-over-year to $2,157.

Measured by province, average apartment rents declined in every region except Saskatchewan and Nova Scotia last month, with the sharpest declines recorded in B.C. at 6.4 per cent, Alberta at 4.3 per cent and Ontario at 3.5 per cent.

The report says rents are now at the lowest level since June 2023, however average asks are still 3.4 per cent higher than three years ago.

Urbanation president Shaun Hildebrand says he expects rents to continue trending down in the coming months amid a typical seasonal slowdown, along with a demand pullback associated with flatter population growth and ongoing economic uncertainty.

This report by The Canadian Press was first published Dec. 8, 2025.