Average apartment asking rents in Canada fell for the fifth consecutive month in February, Rentals.ca and Urbanation reported.

The national average asking rent declined 4.8% year-over-year to $2,088—the lowest level recorded since July 2023. This drop marks the steepest annual drop since April 2021 and signals a significant reversal from the rapid rent increases seen in early 2024.

Several major markets experienced notable decreases. Calgary led the declines among major urban centres, with one-bedroom asking rents dropping 7.5% to $1,583 and two-bedroom units also declining 7.5% to $1,919.

Toronto saw a 5.4% year-over-year decrease in average one-bedroom asking rents to $2,359, while two-bedroom units dropped 6.7% to $3,066. Meanwhile, Vancouver recorded a 5.1% decline for one-bedrooms, bringing average asking rents down to $2,518, with two-bedroom units averaging $3,442, a 2.8% annual drop.

Edmonton saw more stability, with a marginal 0.1% decrease in one-bedroom asking rents to $1,330 and a slight increase in two-bedroom rents to $1,651.

In Montreal, one-bedroom asking rents increased marginally (0.1%) to $1,744, while two-bedroom units experienced a modest 1.1% decline to $2,255. Meanwhile, several Ontario cities outside the Greater Toronto Area also saw significant declines. Those markets included Hamilton, where one-bedroom rents fell 5.3% to $1,720, and London, Ont., which saw a 3.5% drop to $1,766.

Despite the downturn, average asking rents in Canada remained 5.2% higher than in February 2023 and 16.9% above pre-pandemic levels in February 2020, according to the report.

Rentals.ca is a leading online rental platform that also provides market insights, while Urbanation specializes in real estate data and analysis. Together, the two related organizations provide comprehensive reports on multi-family rental trends across Canada.

Pictured: Apartment building in southwest Calgary.

Photo: Rentals.ca

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