February 2025 Rentals.ca Rent Report
Author: Rentals.ca & Urbanation
The average asking rent for all residential properties in Canada was $2,100 in January, declining 4.4% compared to a year ago to reach an 18-month low.
| RANK** | CITY/AREA | 1 BED | M/M | Y/Y | 2 BED | M/M | Y/Y |
|
1
|
Vancouver, BC | $2,522 | 0.4% | -6.0% | $3,443 | 0.4% | -4.6% |
|
2
|
Oakville, ON | $2,295 | -1.5% | 0.7% | $3,194 | -0.6% | 16.9% |
|
3
|
Burnaby, BC | $2,320 | -2.0% | -9.1% | $3,009 | -1.5% | -4.1% |
|
4
|
Toronto, ON | $2,353 | -0.3% | -6.3% | $3,063 | -0.5% | -8.0% |
|
5
|
Mississauga, ON | $2,264 | 0.1% | -2.6% | $2,684 | -0.3% | -1.1% |
|
6
|
Etobicoke, ON | $2,197 | 0.0% | -2.5% | $2,794 | 0.7% | -1.4% |
|
7
|
North York, ON | $2,186 | -0.8% | -3.2% | $2,739 | -1.4% | -0.2% |
|
8
|
Burlington, ON | $2,186 | -0.2% | -0.8% | $2,571 | 1.7% | -0.2% |
|
9
|
Brampton, ON | $2,121 | 0.9% | -3.1% | $2,380 | 1.8% | -3.2% |
|
10
|
Surrey, BC | $1,965 | -1.2% | -5.5% | $2,457 | -1.2% | -5.2% |
|
11
|
Victoria, BC | $2,083 | 0.0% | -0.9% | $2,746 | -1.0% | 1.2% |
|
12
|
Guelph, ON | $2,056 | 0.8% | 3.9% | $2,387 | 1.1% | -1.3% |
|
13
|
Halifax, NS | $2,008 | -1.1% | 2.2% | $2,498 | -3.0% | 2.8% |
|
14
|
Waterloo, ON | $2,020 | 0.3% | 1.2% | $2,432 | 2.3% | -1.8% |
|
15
|
Ottawa, ON | $2,026 | 0.7% | -0.7% | $2,530 | 1.9% | 2.0% |
|
16
|
Kelowna, BC | $1,905 | 1.2% | 2.8% | $2,382 | 2.1% | 1.7% |
|
17
|
Barrie, ON | $2,020 | 1.5% | 4.4% | $2,210 | 1.6% | -2.0% |
|
18
|
Oshawa, ON | $1,799 | -1.5% | -2.0% | $2,168 | -0.2% | 0.4% |
|
19
|
Kitchener, ON | $1,850 | -0.9% | -4.5% | $2,231 | 0.4% | -5.2% |
|
20
|
Niagara Falls, ON | $1,801 | 0.0% | 10.2% | $2,096 | -1.0% | 8.7% |
|
21
|
London, ON | $1,766 | 0.3% | -4.3% | $2,148 | -0.6% | -2.9% |
|
22
|
Laval, QC | $1,667 | -0.5% | 3.2% | $2,116 | -0.2% | 6.4% |
|
23
|
Nanaimo, BC | $1,794 | 2.2% | 1.2% | $2,151 | 1.2% | -0.7% |
|
24
|
Gatineau, QC | $1,716 | -3.6% | 0.4% | $2,174 | 0.8% | 15.2% |
|
25
|
Hamilton, ON | $1,720 | -0.2% | -4.2% | $2,077 | -0.3% | -4.8% |
|
26
|
Calgary, AB | $1,600 | -0.3% | -5.6% | $1,926 | -0.4% | -7.1% |
|
27
|
Kingston, ON | $1,811 | 1.4% | -3.5% | $2,051 | -0.6% | -11.8% |
|
28
|
St. Catharines, ON | $1,689 | 1.2% | 5.9% | $1,968 | -0.5% | 0.8% |
|
29
|
Windsor, ON | $1,551 | -0.1% | 0.9% | $1,840 | -1.4% | -5.0% |
|
30
|
Quebec City, QC | $1,436 | 0.8% | 6.9% | $1,877 | -2.3% | 11.3% |
|
31
|
Edmonton, AB | $1,331 | 0.2% | 2.0% | $1,662 | 0.4% | 2.8% |
|
32
|
Winnipeg, MB | $1,410 | -0.4% | 6.3% | $1,742 | -1.7% | 0.5% |
|
33
|
Saskatoon, SK | $1,217 | -0.5% | 2.1% | $1,487 | 1.2% | 5.4% |
|
34
|
Fort McMurray, AB | $1,211 | 1.5% | -3.4% | $1,438 | -0.2% | 1.5% |
|
35
|
Regina, SK | $1,241 | -1.6% | 1.3% | $1,467 | 1.9% | 4.0% |
| AVERAGE** | $1,860 | 0.0% | -0.1% | $2,284 | 0.1% | 0.6% | |
| Urbanation & Rentals.ca Network Research Data | |||||||
| N/D = insufficient data | |||||||
| *Figures represent previous month's data | |||||||
| **Rankings based on average rent price of vacant 1-bed units | |||||||
| ***Average values encompass entire rental database including all property types |
National Overview
| Average Rent in Canada, Broken down by Property Type and Unit Type | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| TYPE | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| Apartment | $2,070 | $1,583 | $1,876 | $2,258 | $2,654 | -1.7% | 0.5% | -2.4% | -1.8% | 2.1% |
| Condominium | $2,219 | $1,873 | $2,020 | $2,333 | $2,850 | -6.5% | -3.6% | -6.8% | -6.6% | -2.3% |
| House/Townhouse | $2,144 | ND | $1,437 | $1,820 | $2,361 | -8.9% | ND | -6.5% | -9.2% | -5.4% |
| All | $2,100 | $1,597 | $1,855 | $2,194 | $2,479 | -4.4% | -0.5% | -3.5% | -3.8% | -2.5% |
| Source: Urbanation Inc., Rentals.ca Network data |
Asking Rents in Canada Fall by Nearly $100 to 18-Month Low
January represented the fourth consecutive month of annual rent declines, which followed 38 straight months of annual rent increases. Overall, average asking rents in Canada remained 5.2% higher than two years earlier and 16.4% higher than three years earlier.
Asking rents decreased by an average of $96 over the past year. However, rents have still shown significant growth in the past few years combined, with average asking rents increasing by $104 per month since January of 2023 and $296 per month since January of 2022.
Purpose-built Rents Continue to Rise for Studios and Three-Bedroom Units
The secondary rental market continued to drive the majority of rent decreases in Canada during January with average asking rents for condominiums down 6.5% annually to $2,219 and rents within houses and townhomes dropping 8.9% from a year ago to an average of $2,144. In the purpose-built rental market, average asking rents experienced a relatively mild annual decrease of 1.7% to $2,070.
Purpose-built rents continued to increase for studio and three-bedroom apartments, rising 0.5% annually to $1,583 and 2.1% annually to $2,654, respectively. Rents decreased over the past year for all condominium apartment unit types, with the largest decreases of 6.8% for one-bedroom units to $2,020 and 6.6% for two-bedroom units to $2,333. Milder rent decreases were recorded for studio and three-bedroom condos.
Studio and three-bedroom rentals have remained in high demand as renters seek out affordable options and shared accommodations.
Provincial Overview
| Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: January 2025 | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| PROV. | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| AB | $1,731 | $1,193 | $1,537 | $1,885 | $2,110 | 2% | 8% | 1% | 1% | 3% |
| Atl. Can | $2,044 | $1,496 | $1,809 | $2,178 | $2,529 | 4% | 8% | 1% | 1% | 1% |
| BC | $2,463 | $1,939 | $2,190 | $2,752 | $3,414 | -3% | -2% | -2% | -2% | 2% |
| MB | $1,599 | $1,045 | $1,406 | $1,737 | $2,026 | 3% | 9% | 7% | 1% | 4% |
| ON | $2,329 | $1,777 | $2,121 | $2,566 | $2,977 | -5% | -5% | -5% | -5% | -4% |
| QC | $1,966 | $1,421 | $1,693 | $2,171 | $2,629 | 0% | -1% | 1% | 2% | 7% |
| SK | $1,311 | $963 | $1,206 | $1,442 | $1,656 | 3% | 6% | 3% | 6% | 3% |
| CAN | $2,088 | $1,594 | $1,892 | $2,269 | $2,669 | -2.7% | 0.0% | -3.3% | -2.8% | 1.2% |
| Source: Urbanation Inc., Rentals.ca Network data |
Apartment Rents Fall 5% in Ontario
Ontario continued to lead rent declines in Canada with a 5.2% annual decrease in apartment rents to an average of $2,329 in January. Despite experiencing a 2.6% decline in apartment rents over the past year, B.C. maintained its position as Canada’s most expensive province with an average rent of $2,463 for purpose-built and condominium apartments. Nova Scotia also saw rents deflate slightly with a 0.7% year-over-year decrease to an average of $2,195, while apartment rents in Quebec were effectively flat with a 0.4% annual increase to $1,966. Meanwhile, the most affordable provinces of Alberta, Saskatchewan, and Manitoba posted annual rent growth of 2-3%.
Annual rent declines for apartments in Ontario were consistent across unit types in the 4-5% range. In B.C., annual rent decreases of approximately 2% were seen for studios, one-bedrooms and two-bedrooms, while three-bedroom apartment rents rose nearly 2% annually. The strongest annual rent growth of 7% was recorded for three-bedroom apartments in Quebec, while the largest annual rent decrease of 8.5% was experienced by three-bedroom apartments in Nova Scotia.
Municipal Overview
| Average Rent and Annual Change in Average Rent by Municipality for Apt. and Condo Listings: January 2025 | |||||||||||
| Average Rent | % Change Y/Y | ||||||||||
| RANK | CITY | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| 1 | Vancouver, BC | $2,896 | $2,236 | $2,542 | $3,517 | $4,326 | -5% | -6% | -5% | -7% | -2% |
| 2 | Toronto, ON | $2,615 | $1,921 | $2,364 | $3,084 | $3,643 | -8% | -7% | -7% | -8% | -6% |
| 3 | Etobicoke, ON | $2,557 | $1,967 | $2,195 | $2,795 | $3,315 | -3% | -1% | -4% | -2% | 6% |
| 4 | Mississauga, ON | $2,524 | $1,921 | $2,282 | $2,711 | $3,219 | -3% | 4% | -3% | -2% | 3% |
| 5 | Burlington, ON | $2,457 | ND | $2,186 | $2,576 | $3,128 | -1% | ND | -1% | 1% | -3% |
| 6 | Victoria, BC | $2,342 | $1,786 | $2,085 | $2,751 | $3,131 | -1% | 3% | -1% | 1% | -11% |
| 7 | Halifax, NS | $2,291 | $1,643 | $2,017 | $2,497 | $2,961 | 4% | -4% | 3% | 3% | -4% |
| 8 | Guelph, ON | $2,272 | $1,896 | $2,056 | $2,406 | $2,919 | 1% | 0% | 3% | -1% | 5% |
| 9 | Waterloo, ON | $2,254 | ND | $2,026 | $2,451 | $2,628 | -3% | ND | 1% | -1% | -4% |
| 10 | Ottawa, ON | $2,214 | $1,638 | $2,030 | $2,553 | $2,618 | 0% | -5% | -1% | 2% | -5% |
| 11 | Barrie, ON | $2,151 | ND | $2,063 | $2,272 | ND | -4% | ND | 1% | -2% | -11% |
| 12 | Kitchener, ON | $2,059 | $1,592 | $1,849 | $2,232 | $2,575 | -5% | -9% | -5% | -5% | -8% |
| 13 | London, ON | $2,006 | $1,395 | $1,770 | $2,152 | $2,555 | -3% | -3% | -5% | -3% | -4% |
| 14 | Gatineau, QC | $1,988 | $1,356 | $1,722 | $2,179 | $2,455 | 11% | -2% | 1% | 15% | 22% |
| 15 | Montreal, QC | $1,986 | $1,441 | $1,729 | $2,251 | $2,771 | -2% | 0% | -1% | 0% | 6% |
| 16 | Calgary, AB | $1,925 | $1,422 | $1,691 | $2,079 | $2,412 | -6% | -7% | -6% | -6% | -9% |
| 17 | Hamilton, ON | $1,916 | $1,389 | $1,728 | $2,092 | $2,604 | -3% | -6% | -5% | -3% | -1% |
| 18 | Kingston, ON | $1,907 | $1,381 | $1,812 | $2,052 | $2,074 | -10% | -5% | -4% | -12% | -7% |
| 19 | St. Catharines, ON | $1,860 | $1,434 | $1,723 | $1,968 | $2,306 | 1% | -5% | 7% | 1% | 2% |
| 20 | Quebec City, QC | $1,669 | $1,133 | $1,437 | $1,875 | $2,272 | 7% | 5% | 7% | 12% | 3% |
| 21 | Windsor, ON | $1,645 | $1,360 | $1,551 | $1,828 | $2,017 | -6% | 6% | 0% | -7% | -2% |
| 22 | Winnipeg, MB | $1,604 | $1,045 | $1,409 | $1,746 | $2,077 | 2% | 9% | 6% | 0% | 2% |
| 23 | Edmonton, AB | $1,529 | $1,091 | $1,363 | $1,687 | $1,930 | 3% | 8% | 2% | 3% | -1% |
| 24 | Saskatoon, SK | $1,367 | $977 | $1,217 | $1,475 | $1,707 | 4% | -2% | 2% | 6% | 6% |
| 25 | Regina, SK | $1,314 | $991 | $1,239 | $1,477 | $1,742 | 0% | 11% | 1% | 6% | -1% |
Toronto Rents Fall to 30-Month Low
Apartment rents in Toronto declined on an annual basis for the 12th consecutive month in January, declining 7.6% year-over-year to an average of $2,615 — a 30-month low. Calgary experienced the second-largest annual decline in apartment rents among Canada’s biggest cities with a 6.0% decrease to an average of $1,925. Rents in Calgary have declined year-over-year in each of the past six months. In Vancouver, apartment rents have declined for 14 consecutive months, down 5.2% annually in January to an average of $2,896. Rents in Vancouver have dropped by a total of 13%, or $443 per month, since reaching a record high of $3,340 in July 2023.
Relatively small annual declines for apartment rents were experienced in Ottawa (-0.2% to $2,214) and Montreal (-2.2% to $1,986), while Edmonton continued to post annual rent increases in January (+3.3% to $1,529).
In both Vancouver and Toronto, two-bedroom apartment rents declined the most over the past year, decreasing 7.0% to $3,517 in Vancouver and by 8.1% to $3,084 in Toronto. Three-bedroom apartment rents saw the largest annual declines in Ottawa (-5.4% to $2,618) and Calgary (-8.7% to $2,412). As well, three-bedroom apartments were the only unit type in Edmonton to experience a year-over-year decrease in rents (-0.9% to $1,930). Conversely, three-bedroom apartment rents increased in Montreal (+5.8% to $2,771)
North Vancouver is the Only City with Apartment Rents Above $3,000
North Vancouver remained the most expensive city in Canada with an average apartment rent of $3,060 in January, despite declining 4.6% compared to a year ago. Oakville, Ontario ranked second among Canada’s most expensive small- and mid-sized cities with an average apartment rent of $2,802. This was followed by the B.C. cities of Richmond ($2,759) and Coquitlam ($2,744). Westmount, an affluent municipality on the Island of Montreal, was ranked fifth with an average apartment rent of $2,740. Most of the remaining 25 most expensive small- and mid-sized cities for apartment rents were located in the Greater Vancouver and Greater Toronto Areas, with the exceptions of Kanata ($2,646), Victoria ($2,342), Halifax (2,291), Guelph ($2,272), and Waterloo ($2,254).
Eight of the 10 most affordable cities in Canada based on average apartment rents in January were located in Alberta and Saskatchewan, led by Lloydminster ($1,170), Fort McMurray ($1,312) and Regina ($1,314). Outside of these two provinces, the most affordable cities included Winnipeg ($1,604), Windsor ($1,645) and Quebec City ($1,669).
Ontario Cities See Largest Rent Declines
Oakville led all cities in Canada with annual growth of 12.2% for apartment rents in January, which was caused by a compositional shift in listings toward higher-priced units. Market-driven growth for affordable locations was the dominant factor behind the double-digit annual rent increases in Lethbridge (+11.7%) and Medicine Hat (+11.0%). In Quebec, annual rent growth was strongest in Gatineau (+10.7%), Longueuil (+8.5%) and Quebec City (+7.3%), while rent growth in Ontario was notably high in Sarnia (+9.3%) and Niagara Falls (+8.0%).
Of the 15 cities with the largest annual declines in apartment rents during January, nine were located in Ontario. Richmond Hill (-12.2%) and Kingston (-9.5%) topped all cities, followed by Burnaby (-8.6%) and Airdrie (-8.0%).
Roommate Rents Drop in Ontario and Alberta
The volume of shared accommodation listings increased 42% annually in January to reach a record high, primarily driven by growth in Calgary. However, as supply for roommate listings surged, the national average rent for shared accommodations declined by 5.3% month-over-month and 7.6% year-over-year to $933 — an 18-month low.
Part of the decline in rents for shared accommodations can be attributed to an influx of lower-cost units entering the market. At the provincial level, Alberta saw a 2.7% annual drop in asking rents to an average of $847. Ontario, the second most expensive rental market, recorded the second-largest annual decline of 2.6% to an average of $1,080. In B.C. and Quebec, average asking rents for shared accommodations were unchanged compared to a year ago at $1,158 and $913, respectively.
In Toronto, listings for roommate rentals dropped 9.9% annually to $1,182, with annual declines also seen in Montreal (-7.6% to $878) and Calgary (-4.6% to $864). Meanwhile, asking rents for shared units grew over the past year in Vancouver (+3.3% to $1,382), Edmonton (+2.4% to $763), and Ottawa (+3.7% to $1,025).
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.
