January was the fourth consecutive month of annual rent declines, following 38 straight months of increases across the country. A monthly report from Rentals.ca and Urbanation states that the average asking rent for all residential properties was $2,100 last month which is down over 4 per cent from a year ago. The highest rent for a one bedroom was in Vancouver, for $2,522 per month.
Of 35 cities, Saskatoon had the second lowest rent for a one bedroom, averaging at $1,217 last month, which is down by 0.5 per cent compared to December but up 2.1 per cent year over year. Regina was third lowest with the asking rent for a one-bedroom averaging at $1,241 a month, down 1.6 per cent from December and up 1.3 per cent year over year. Fort McMurray had the lowest rent at $1,211.
The report says asking rents are down by an average of $96 over the past year but have still shown a significant increase in the past few years, up by almost $300 for the average overall rent since January of 2022.