Average asking rents in Canada decreased 2.8% from a year ago to $2,127 in April, consistent with the decrease recorded in March and representing the seventh consecutive month of annual rent declines.
National Overview
Rents in Canada Up Nearly 30% from COVID Low
Despite the decrease during the past year, average rents remained 6.2% higher than two years ago and were 28.0% higher than the pandemic low reached four years ago in April 2021.
Rents have started to show signs of stabilization. Consistent with typical seasonal trends, average rents grew month-over-month in April, edging up 0.4% from March to reach a five-month high. It was the second consecutive monthly gain for rents, bringing the three-month increase to 1.3% — the largest increase in rents over a three-month period since December 2023.
Purpose-Built Rents in April Increase from March
Purpose-built rentals were the only property type to experience a month-over-month rent increase in April, rising 0.9% from March to an average of $2,105. Purpose-built rentals also recorded the smallest year-over-year decrease of 0.9%. Meanwhile, average condo rents decreased 1.0% from March and 5.2% from a year ago to $2,210. Other secondary rental units in houses and townhomes saw the largest annual decrease in rents of 6.8%, also falling 0.9% from March to an average of $2,166.
Three-bedroom Purpose-built Rents Rise 4% from Last Year
Average asking rents for purpose-built apartments saw continued growth over the past year for studios (+1.9% to $1,605) and three-bedroom units (+4.4% to $2,757), while declines continued for one-bedroom units (-2.0% to $1,894) and two-bedroom units (-1.4% to $2,304). On a month-over-month basis, purpose-built rents increased for all unit types, led by a 1.7% increase in three-bedroom rents.
Asking rents for condo apartments fell compared to a year ago across all unit types, with the largest year-over-year decline recorded for two-bedroom units (-5.9% to $2,344). Rents fell between March and April for all condo unit types, with studio rents falling the most (-2.5% to $1,780).
Provincial Overview
Saskatchewan Continues to Lead Rent Growth in Canada
Overall, combined apartment rents for purpose-built and condo rentals decreased 1.6% annually but increased 0.7% month-over-month in April to an average of $2,116.
Ontario continued to post the largest annual decrease in average apartment rents (-2.7% to $2,338), although rents in the province moved up by 0.5% from March. Other provinces that recorded annual declines in average apartment rents in April included B.C. (-1.0% to $2,483), Alberta (-1.8% to $1,716), and Quebec (-1.7% to $1,976). Among these provinces, only Alberta saw rents decrease month-over-month (-0.3%).
Average asking rents for apartments continued to rise on an annual basis in Saskatchewan (+4.1% to $1,352), Manitoba (+0.6% to $1,618), and Nova Scotia (+2.6% to $2,226). Rents in these provinces also increased month-over-month.
Two-Bedroom Apartment Rents in Ontario Down 4% from Last Year
Three-bedroom asking rents continued to increase over the past year for most provinces, led by annual growth of 4.4% in Saskatchewan (to $1,746), 4.0% in Quebec (to $2,678), and 3.4% in B.C. (to $3,442).
Overall, the strongest year-over-year increases in apartment rents were found among one-bedroom units in Nova Scotia (+7.6% to $2,031) and two-bedroom units in Saskatchewan (+7.0% to $1,495). Meanwhile, the largest annual rent decreases were for two-bedroom units in Ontario (-4.1% to $2,563), one-bedroom units in Ontario (-3.5% to $2,113) and three-bedroom units in Manitoba (-3.3% to $1,988).
Municipal Overview
Calgary Apartment Rents Fall to More than Two-Year Low
Among Canada’s largest cities, Calgary continued to post the largest annual rent decline for apartments in April (-8.9% to $1,903), with rents also dipping 0.6% from March to a 25-month low. In Toronto, apartment rents fell on an annual basis for the 15th straight month in April, decreasing 5.5% to an average of $2,606. The 4.9% year-over-year decline in apartment rents in Vancouver was the 17th consecutive, down to an average of $2,836. Montreal also recorded an annual rent decline (-3.5% to $1,989), its ninth in a row. Meanwhile, small annual increases in apartment rents were seen in Ottawa (+1.9% to $2,200) and Edmonton (+0.3% to $1,519).
Two-Bedroom Rents Fall 9% Annually in Toronto and Calgary
Three-bedroom apartment rents posted annual growth in Vancouver (+2.5% to $4,384), Montreal (+1.9% to $2,806), and Edmonton (+2.4% to $1,988). The largest rent increase among Canada’s six biggest markets was for two-bedroom apartments in Ottawa (+4.1% to $2,589). Meanwhile, the largest overall decline in apartment rents over the past year was for two-bedroom units in Calgary (-9.2% to $2,080) and Toronto (-9.0% to $2,958).
Most Affordable Markets have Apartment Rents Under $2,000
North Vancouver retook the lead as the most expensive city in Canada for average apartment rents ($3,157), followed by three other B.C. cities in Richmond ($2,951), Burnaby ($2,750), and Coquitlam ($2,710). Outside of the six largest markets in Canada, Oakville ($2,707) and Markham ($2,587) ranked as the fifth and sixth most expensive. Overall, 16 of the 25 most expensive mid-sized cities in Canada were located in Ontario. Cities in Ontario that were located outside the GTA included Kanata ($2,478), Gloucester ($2,286), Waterloo ($2,232), and Guelph ($2,217).
Six of the ten least expensive cities, based on average apartment rents in April, were located in Alberta, with the most affordable city being Lloydminster ($1,195). Outside of Alberta, cities with the lowest average rents included Regina ($1,311), Saskatoon ($1,452), Quebec City ($1,562), and Winnipeg ($1,618). Abbotsford ($1,744) was the only city in B.C. included in the list of most affordable, while Ontario had 11 of the top 25 most affordable, including Welland ($1,733), Sarnia ($1,747), and Windsor ($1,747).
Cities with the Largest Rent Declines Concentrated in Ontario
Grande Prairie (AB) maintained its position as the fastest growing rental market in Canada with a 15.6% year-over-year increase in apartment rents, followed by Sherbrooke (QC) in second spot with annual growth of 13.1%. At the same time, Richmond Hill (ON) posted the largest year-over-year decline in average apartment rents in April (-13.9%), with Airdrie (AB) following with a 12.3% annual decrease. Overall, Ontario had eight of the 15 cities with the largest annual apartment rent declines in April.
Roommate Rents Jump 7% in Ottawa
The number of shared accommodation listings in April increased 6% from a year ago, with average asking rents declining 5% annually to $943.
Shared accommodation rents decreased over the past year across each of the four provinces tracked. The largest annual declines were noted in Quebec (-4.4% to $848) and Alberta (-4.0% to $843). By city, roommate rents fell compared to a year ago in Montreal (-8.9% to $862), Vancouver (-7.6% to $1,340), Toronto (-6.5% to $1,186) and Calgary (-5.9% to $855). As was the case with standard accommodation rents, shared accommodation rents increased annually in both Ottawa (+7.7% to $1,027) and Edmonton (+1.1% to $767).
You can check out the previous rent reports here
Rentals.ca Data
The data used in this analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS). This data differs from the numbers collected and published by the Canada Mortgage Housing Corporation (CMHC).
The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses. CMHC’s primary rental data only includes purpose-built rental apartments and rental townhouses. CMHC also collects data on secondary market rentals, but this is reported separately.
CMHC’s rental rates are based on the entire universe of purpose-built rental units (rental stock), regardless of rental tenure. CMHC rental rates are reflective of what the average household spends on rental housing and not the current market rents for vacant units. The data used in this report is based on the asking rates of available (vacant) units only and reflect on-going trends in the market. This covers a smaller sample size but is more representative of the actual market rent a prospective tenant would encounter. The Rentals.ca Network of ILS’s data typically provides much higher rental rates compared to CMHC, as vacant units typically reset to market rates when not subject to rent control.
The average and median rental rates in this report can also skew higher than CMHC’s data for the following reasons: the inclusion of larger more expensive unit types such as single-family homes, townhouse units, and large luxury condominium units; the presence of duplicate or multiple listings at the same property and the survivorship bias where more expensive or over-priced units take longer to lease and remain in the sample longer.
Properties listed for greater than $5,000 per month, and less than $500 per month are removed from the sample. Similarly, short-term rentals, single-room rentals, and furnished suites are removed from the sample when identifiable.
Rentals.ca is Canada’s premier online marketplace for renters and landlords, providing a comprehensive suite of tools and resources tailored to simplify the rental process. With an extensive selection of listings across the country, Rentals.ca offers user-friendly search functionality that helps renters find their perfect home efficiently. For landlords, Rentals.ca delivers effective advertising solutions to maximize visibility and fill vacancies faster. Committed to innovation and excellence, Rentals.ca aims to empower users with up-to-date market insights and expert guidance, making renting easier and more accessible for everyone.
