By rdnewsNOW staff

3.2 per cent

Rent asking prices dropped across Canada in 2024

Jan 9, 2025 | 2:41 PM

Red Deer was among the cheapest cities in average rent asking price for purpose-built and condo rental apartments among small and midsize markets in December.

According to the latest National Rent Report from rentals.ca and Urbanation, at $1,388 per month, Red Deer is the seventh cheapest with Grande Prairie ($1,367), Medicine Hat ($1,360), Saskatoon ($1,357), Regina ($1,308), Fort McMurray ($1,301) and Lloydminster ($1,192) rounding out the top six.

Red Deer was also among the 15 fastest growing small and midsized markets in annual change in average rent for purpose-built and condo apartments. Quebec City had the highest in Canada at 14.9 per cent but Grande Prairie was the highest in Alberta at 14 per cent followed by Medicine Hat at 12.6 per cent and Lethbridge at 11.8 per cent. Red Deer was the 12th fastest out of 15 listed at 6.6 per cent.

This is highlighted by the provincial and national data provided in the report which states the average asking rents for all residential property types in Canada ended 2024 down 3.2 per cent compared to the end of 2023, falling to a 17-month low of $2,109 in December.

The dip comes after nation-wide increases in 2021 (4.6 per cent), 2022 (12.1 per cent), and 2023 (8.6 per cent).

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3.2 per cent

Rent asking prices dropped across Canada in 2024

12h ago

Despite the recent drop, rents remain up 16.8 per cent over the past five years but current trends suggest another drop by the end of 2025.

According to the national rent rankings, Vancouver, B.C. had the most expensive rent prices for an average price of $2,512 per month for a one bedroom unit. In Alberta, Calgary was the cheapest among larger markets in Canada at $1,606 per month and was 28th in Canada. Cowtown was followed by Lethbridge at $1,366 (32nd in Canada) and Edmonton at $1,328 (33rd in Canada).

For more information, find the full report at rentals.ca.