Rental prices in Canada experienced a decrease in 2024, marking a 17-month low. The report highlights a significant drop in both one-bedroom and two-bedroom units across various cities.
Rental prices dropped during the last month and throughout the year during 2024. According to Rentals.ca's January report, a one-bedroom unit hit an average of $2,366 in December while a two-bedroom averaged $3,055. December's numbers equated to a 0.5 per cent monthly drop compared to November. Burnaby experienced a decrease of nine per cent throughout 2024 for one-bedroom rentals, as well as a dip of 0.2 per cent monthly and 3.1 per cent annually for a two-bedroom unit.
The number one spot still belongs to Vancouver with a one-bedroom average of $2,512 and $3,430 for two-bedrooms. According to the data, compiled by Rentals.ca and Urbanation, rents also dropped three per cent throughout Canada last year compared to 2023, noting the 2024 numbers equated to a 17-month low of $2,019 last month. Provincially, B.C. still has the highest average of anywhere else in the country with a price of $1,930 for a bachelor, $2,188 for one-bedroom, $2,797 for two-bedrooms and $3,466 for three. Other B.C. cities to make the top 35 highest rental prices in Canada for December were Victoria (ninth), Kelowna (15th) and Nanaimo (22nd)
Rental Prices Canada 2024 Decline Housing Market
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