Calgary had the greatest decline in rental rates in all of Canada last year, according to a new report.
The January 2025 rent report from Urbanation and Rentals.ca says that after posting the fastest rent growth among Canada’s largest markets in 2023 with a 14 per cent annual increase, Calgary’s apartment rents declined the most in 2024 with a 7.2 per cent drop.
The overall average rent in Calgary – including studio to three-bedroom condos and apartments – sat at $1,921 in December 2024, according to the report.
It means Calgary has the 16th highest average rent in Canada.
Vancouver, B.C., Toronto, Ont. and Mississauga, Ont. placed first, second and third respectively.
The report notes that last year was the first time in two years that Calgary’s average apartment rent had fallen below Montreal’s (15).
“The rental market softened across most parts of the country last year following record-breaking growth in 2022 and 2023 …