Rent Retreat: Calgary Sees Year-Over-Year Drop in 2-Bedroom Asking Rents

After several years of steep increases, Canadian rental markets are showing signs of cooling—and Calgary is no exception. According to RBC Economics, average two-bedroom asking rents in Calgary fell by $170 year-over-year in Q1 2025, making it the third largest drop in the country behind Vancouver (-$270) and Kelowna (-$230).

This marks a significant reversal from the post-pandemic surge, when population growth and wage gains pushed rents to historic highs. Now, affordability constraints, moderating immigration, and rising rental supply are softening conditions across more than half of Canada's CMAs.

In Calgary, strong rental construction activity has coincided with a broader slowdown in household formation and sector-specific job weakness. While the city’s rental burden remains elevated compared to pre-COVID levels, the new data signals more balanced conditions ahead.

Nationwide, cities with large trade-exposed industries—like Hamilton and Oshawa—are seeing flat or falling rents, while Ottawa stands as a notable outlier, supported by stable public sector employment and rising demand.

Source: RBC Economics, “Rent retreat: Canadian tenants catch a break,” July 30, 2025. https://www.rbc.com/en/thought-leadership/economics/featured-insights/rent-retreat-canadian-tenants-catch-a-break/

Connect with ClearView: Curious how rent trends are shaping multifamily investment strategy in Calgary? Let’s talk: info@cvpartners.ca

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