Asking rents across Canada continued to decline at the end of 2025, but the Town of Ajax emerged as a notable exception, according to the latest National Rent Report.
Data compiled by Rentals.ca and Urbanation shows that average asking rents for all residential property types in Canada stood at $2,060 in December, marking a 2.3 per cent year-over-year decline. This represents the 15th consecutive month of annual rent decreases and the steepest drop since before the COVID-19 pandemic.
December also marked the slowest month for rental demand in two years, concluding five straight months of declining demand since peaking in July. Over the full year, average asking rents across Canada fell 3.1 per cent in 2025, surpassing the annual declines seen during the pandemic years of 2020 and 2021.
National rents are now at their lowest level in 30 months, down 5.4 per cent over the past two years, though they remain 14.1 per cent higher than pre-pandemic levels recorded in December 2019.
Ajax Bucks the National Trend
Ajax, which recently entered the list of the top 20 rental markets tracked in the National Rent Report, was the only town among those markets to see rent increases for one-bedroom units.
One-bedroom rents in Ajax rose 4.5 per cent month-over-month and 1.9 per cent year-over-year, bucking the broader national trend of declining prices. Overall, average rents in Ajax reached $2,230, ranking the town 19th nationally.
According to the report:
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One-bedroom units in Ajax averaged $1,876
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Two-bedroom units averaged $2,155
National and Provincial Trends
North Vancouver continued to lead the country with the highest average rents at $2,924, followed by Coquitlam, Oakville, Burnaby, and Toronto.
At the provincial level, apartment rents declined year-over-year in:
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British Columbia (-5.4%)
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Ontario (-3.2%)
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Alberta (-2.7%)
Apartment rents in both Ontario and B.C. are now down nearly 10 per cent compared to two years ago.
Among Canada’s largest markets, rent declines were steepest in Vancouver, Toronto, and Calgary, with Vancouver and Toronto reaching their lowest rent levels since early 2022.
Outlook for 2026
While rental demand remained subdued toward the end of 2025, the report suggests the pace of decline is easing, as some renters take advantage of improved affordability. Seasonal demand is expected to begin improving in January, though affordability pressures, reduced mobility, and slower in-migration are expected to continue shaping rental behaviour through 2026.
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