Renters in Canada may welcome news of declining average rents, but those eyeing Victoria may face a different reality.

The average asking rent for residential properties across Canada dropped by 3.2 per cent in 2024, falling to $2,109 in December, according to Rentals.caB次元官网网址檚 January 2025 Rent Report. 

This marks a 17-month low and the first annual decline since 2020, when rents decreased by 5.4 per cent during the COVID-19 pandemic.

This news may come as refreshing for renters as the report notes that rents in recent years had grown by 8.6 per cent in 2023 and 12.1 per cent in 2022. 

In British Columbia, the average asking rent for apartments dipped by 0.5 per cent to $2,487, marking the second consecutive year of declines after a 1.4 per cent decrease in 2023.

Giacomo Ladas, associate director of communications at Rentals.ca, attributes the trend to additional housing supply entering the market, helping to alleviate the long-standing national housing crisis.

B次元官网网址淭here's been a multi-decade high in apartment completions,B次元官网网址� said Ladas. B次元官网网址淲e've seen a lot of supply come into the market, which is probably the number one reason why the rents are going down.B次元官网网址�

Another factor, Ladas added, may be linked to a country-wide slowdown in population growth subsequently leading to a decreasing demand for rental units.

He added that these figures could also be indicative of a shift in renterB次元官网网址檚 preferences amid challenging economic times.

B次元官网网址淧eople are now prioritizing affordability much more than accessibility, and they are just not prioritizing living in these downtown metro cores as much where rent is at a premium. We're seeing a lot of interprovincial migration [and] we're seeing people go to secondary or tertiary markets.B次元官网网址�

Vancouver, still topping this yearB次元官网网址檚 list as CanadaB次元官网网址檚 most expensive rental market, saw a 5.8 per cent decline, marking its second consecutive year of decreases.

B次元官网网址淧eople are frankly moving out [of Vancouver],B次元官网网址� said Ladas. B次元官网网址淧roperty managers and developers are adding a lot more moving incentives to their rental units to try to get people into their buildings.B次元官网网址�

Despite the national downward trend, Victoria continues to see rent increases across all unit types. The average rent in the city reached $2,362 at the end of 2024, reflecting a three per cent overall increase. Studio apartments saw an eight per cent rise, while two-bedroom units jumped four per cent.

This may be attributed to , which outperformed both B.C. and Canada at the end of 2024, Ladas said.  

B次元官网网址淯nlike other areas across the country, Victoria's unemployment rates have been pretty low. [This] really affects the cost of rent, how much money people have and how much people can ask for.B次元官网网址�

Ladas also noted that vacancy rates in the capital city, which are higher than in Vancouver, have reached their highest level since 2013, quoting the Canada Mortgage and Housing Corporation.

The addition of brand new apartments to the rental market naturally drives up the cityB次元官网网址檚 averages, explained Ladas, noting this trend is B次元官网网址渞eflective of a healthier rental ecosystem.B次元官网网址� 

B次元官网网址淒emand is still pretty high, but there has been an influx of new rental units that have increased the amount of options people have.B次元官网网址�

The report concluded that B.C. and Ontario continued to have the highest average rents nationwide. Meanwhile, Manitoba recorded the largest annual rent increase among provinces, with a 5 per cent rise to $1,618.

For more information about the report, visit .