Rents in Canada have declined by 3.2% in 2024, the lowest in 17 months, but remain 16.8% higher than pre-pandemic levels. Burnaby ranks second for the highest rents in Canada, with one-bedroom apartments averaging $2,366 (down 9%) and two-bedroom apartments at $3,055 (down 3.1%). Overall, BC saw a slight rent decline of 0.5%, while Ontario experienced a 4.7% drop. Manitoba had the highest rent increase at 5.0%, and Alberta's growth slowed significantly to 1.6%.