September 2024 Rentals.ca Rent Report
Author: Rentals.ca & Urbanation
Asking rents for all residential property types in Canada averaged $2,187 in August, increasing by 3.3% over the past year.
| RANK** | CITY/AREA | 1 BED | M/M | Y/Y | 2 BED | M/M | Y/Y | |
|
1
|
Vancouver, BC | $2,708 | -1.9% | -9.4% | $3,632 | -0.9% | -6.4% | |
|
2
|
Burnaby, BC | $2,500 | -2.6% | -2.2% | $3,109 | -2.4% | -9.5% | |
|
3
|
Toronto, ON | $2,428 | -0.6% | -7.3% | $3,158 | -1.2% | -7.5% | |
|
4
|
Mississauga, ON | $2,348 | -0.7% | -1.3% | $2,792 | 1.0% | -2.8% | |
|
5
|
Surrey, BC | $2,120 | -0.2% | 8.0% | $2,599 | 0.8% | 1.9% | |
|
6
|
Etobicoke, ON | $2,227 | 0.9% | -1.2% | $2,827 | -0.6% | -3.8% | |
|
7
|
Burlington, ON | $2,191 | -3.0% | -0.8% | $2,653 | -1.3% | 0.0% | |
|
8
|
Brampton, ON | $2,060 | -0.7% | -9.4% | $2,415 | -0.6% | -8.9% | |
|
9
|
North York, ON | $2,253 | -0.2% | -0.4% | $2,650 | -0.1% | -2.5% | |
|
10
|
Kelowna, BC | $1,967 | -1.7% | -7.7% | $2,552 | 4.1% | -11.3% | |
|
11
|
Victoria, BC | $2,172 | -0.8% | 4.4% | $2,838 | 1.5% | -1.5% | |
|
12
|
Guelph, ON | $2,073 | 1.1% | 1.8% | $2,440 | 1.0% | 0.5% | |
|
13
|
Barrie, ON | $2,072 | 2.0% | 8.2% | $2,285 | 0.3% | -8.2% | |
|
14
|
Halifax, NS | $2,014 | -1.7% | 5.5% | $2,535 | -5.0% | 12.5% | |
|
15
|
Ottawa, ON | $2,039 | 1.2% | -0.9% | $2,568 | 2.5% | 1.9% | |
|
16
|
Oshawa, ON | $1,860 | -0.2% | 0.0% | $2,160 | -1.8% | -0.5% | |
|
17
|
Kitchener, ON | $1,934 | 0.1% | 0.0% | $2,302 | -0.1% | -2.7% | |
|
18
|
Calgary, AB | $1,708 | -2.5% | -1.1% | $2,094 | -2.9% | -2.6% | |
|
19
|
Nanaimo, BC | $1,873 | 4.8% | 1.8% | $2,459 | 10.6% | 13.9% | |
|
20
|
Niagara Falls, ON | $1,698 | 4.1% | -1.3% | $2,026 | 0.2% | -5.9% | |
|
21
|
London, ON | $1,775 | -0.3% | -1.4% | $2,211 | -0.2% | 3.7% | |
|
22
|
Kingston, ON | $1,814 | -0.8% | 2.6% | $2,252 | -0.7% | 13.8% | |
|
23
|
Gatineau, QC | $1,736 | 0.0% | -0.6% | $2,268 | 17.1% | 21.6% | |
|
24
|
Hamilton, ON | $1,777 | -2.4% | -6.5% | $2,171 | 1.7% | -5.4% | |
|
25
|
Laval, QC | $1,608 | 1.0% | 0.9% | $2,089 | 0.0% | 4.1% | |
|
26
|
Montreal, QC | $1,740 | -0.9% | -1.6% | $2,276 | -0.8% | 1.8% | |
|
27
|
Brantford, ON | $1,765 | 0.0% | 5.1% | $1,996 | -1.4% | 0.9% | |
|
28
|
St. Catharines, ON | $1,677 | -2.1% | 3.0% | $1,967 | -0.1% | -0.2% | |
|
29
|
Windsor, ON | $1,538 | 0.7% | -3.2% | $1,867 | 0.6% | -6.7% | |
|
30
|
Quebec City, QC | $1,504 | 3.1% | 19.9% | $1,727 | 4.8% | 8.3% | |
|
31
|
Edmonton, AB | $1,376 | -0.9% | 7.5% | $1,704 | -0.7% | 8.0% | |
|
32
|
Winnipeg, MB | $1,399 | -3.0% | 13.6% | $1,775 | -1.3% | 7.9% | |
|
33
|
Regina, SK | $1,317 | -1.3% | 17.4% | $1,536 | -0.3% | 16.1% | |
|
34
|
Fort McMurray, AB | $1,255 | 0.5% | 8.6% | $1,449 | 1.6% | 3.5% | |
|
35
|
Saskatoon, SK | $1,218 | 0.2% | 15.5% | $1,469 | 0.7% | 18.4% | |
| $1,878 | -0.2% | 1.9% | $2,310 | 0.7% | 1.5% | |||
| 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 | $2,118 | $1,604 | $1,929 | $2,323 | $2,679 | 6.2% | 10.7% | 4.6% | 6.4% | 11.8% |
| Condominium | $2,308 | $1,887 | $2,094 | $2,430 | $2,991 | 0.1% | -3.3% | 0.4% | 0.0% | 8.1% |
| House/Townhouse | $2,336 | ND | $1,513 | $1,966 | $2,553 | -0.1% | ND | 3.3% | 2.5% | 2.8% |
| All | $2,187 | $1,621 | $1,913 | $2,278 | $2,609 | 3.3% | 9.0% | 3.5% | 4.3% | 5.6% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents Rise by Lowest Amount in Nearly Three Years
Rents grew at their slowest annual rate in 34 months, decelerating sharply from annual growth rates of 5.9% in July, 7.0% in June and 9.3% in May. The moderation in rent increases can be attributed to apartment completions this year reaching their highest total in decades, as well as a recent slowdown in population growth and a softening labour market.
Since reaching a record high of $2,202 in May 2024, average asking rents in Canada have declined by 0.7%. Outside of the COVID-19 period, it is historically irregular for rents to decline at this time of year.
Condo Studio Rents Down from a Year Ago for Sixth Straight Month
Asking rents for purpose-built and condominium rental apartments increased by 4.7% annually in August to an average of $2,142. However, growth was almost entirely attributable to purpose-built apartment rents, which increased 6.2% to an average of $2,118. Condominium apartment rents increased by just 0.1% over the past year, averaging $2,308 in August.
Studio and three-bedroom units led purpose-built rent growth, increasing by 10.7% and 11.8% annually, respectively. Meanwhile, studio condominium rents decreased 3.3% year-over-year in August. Studio rents for condos have declined on an annual basis for six consecutive months.
Provincial Overview
| Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: August 2024 | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| PROV. | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| AB | $1,808 | $1,242 | $1,611 | $1,985 | $2,181 | 11% | 20% | 9% | 9% | 20% |
| Atl. Can | $2,226 | $1,592 | $1,909 | $2,404 | $2,964 | 7% | 5% | 0% | 10% | 7% |
| BC | $2,536 | $1,955 | $2,264 | $2,873 | $3,370 | -5% | -2% | -6% | -2% | 1% |
| MB | $1,594 | $964 | $1,394 | $1,756 | $2,122 | 9% | 10% | 14% | 8% | 3% |
| ON | $2,390 | $1,837 | $2,184 | $2,638 | $3,083 | -4% | -2% | -5% | -5% | 2% |
| QC | $1,962 | $1,411 | $1,699 | $2,168 | $2,534 | 2% | -2% | 0% | 4% | 6% |
| SK | $1,338 | $941 | $1,227 | $1,449 | $1,642 | 21% | 9% | 20% | 21% | 20% |
| CAN | $2,142 | $1,618 | $1,950 | $2,340 | $2,708 | 5% | 9% | 4% | 5% | 11% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents Fall 4-5% in B.C. and Ontario while Rising 21% in Saskatchewan
B.C. and Ontario continued to represent the provinces with the highest rents in August, despite recording annual declines. Average asking rents for apartments declined 5.2% annually to $2,536 in B.C. and decreased 4.3% annually in Ontario to $2,390. Outside of B.C. and Ontario, as well as Quebec, which recorded an annual rent increase of only 1.6% for apartments in August, rent inflation remained strong in the rest of the country. The province with the least expensive rents was also the fastest growing, with Saskatchewan apartment rents rising 21.4% from a year ago to an average of $1,338.
Rent declines in B.C. and Ontario occurred for studio, one-bedroom, and two-bedroom apartments, while three-bedroom apartment rents in both provinces experienced slight increases from a year ago. Alberta recorded exceptionally strong growth of 20.4% for three-bedroom apartment rents, while rent increases were at or above 20% for all unit types in Saskatchewan. Notably, two-bedroom rents in Nova Scotia increased 14.9% annually in August.
Municipal Overview
| Average Rent and Annual Change in Average Rent by Municipality for Apt. and Condo Listings: August 2024 | |||||||||||
| Average Rent | % Change Y/Y | ||||||||||
| RANK | CITY | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| 1 | Vancouver, BC | $3,116 | $2,359 | $2,737 | $3,727 | $4,301 | -6% | -8% | -9% | -6% | -5% |
| 2 | Toronto, ON | $2,697 | $1,978 | $2,445 | $3,181 | $3,741 | -7% | -6% | -7% | -7% | -1% |
| 3 | Mississauga, ON | $2,632 | $1,929 | $2,382 | $2,818 | $3,269 | -2% | -2% | -1% | -3% | 1% |
| 4 | Burlington, ON | $2,499 | $1,966 | $2,202 | $2,624 | $3,048 | -3% | -9% | 0% | -1% | -6% |
| 5 | Victoria, BC | $2,374 | $1,823 | $2,176 | $2,860 | $3,312 | 1% | 5% | 3% | 0% | 10% |
| 6 | Halifax, NS | $2,308 | $1,697 | $2,019 | $2,546 | $3,035 | 9% | 4% | 6% | 16% | 3% |
| 7 | Waterloo, ON | $2,302 | $1,683 | $2,127 | $2,431 | $2,684 | 8% | -16% | 22% | 2% | 21% |
| 8 | Guelph, ON | $2,293 | $1,742 | $2,084 | $2,429 | $3,182 | 3% | -13% | 4% | 0% | 12% |
| 9 | Barrie, ON | $2,230 | $1,950 | $2,110 | $2,334 | $2,436 | -10% | 18% | 4% | -10% | -9% |
| 10 | Ottawa, ON | $2,224 | $1,719 | $2,044 | $2,577 | $2,777 | 0% | 2% | -1% | 2% | 0% |
| 11 | Kitchener, ON | $2,157 | $1,747 | $1,937 | $2,303 | $2,822 | -1% | -10% | -1% | -3% | 13% |
| 12 | London, ON | $2,059 | $1,450 | $1,776 | $2,216 | $2,677 | 2% | 0% | -2% | 4% | 1% |
| 13 | Kingston, ON | $2,055 | $1,535 | $1,815 | $2,260 | $2,438 | 12% | 5% | 2% | 15% | 22% |
| 14 | Gatineau, QC | $2,054 | $1,483 | $1,736 | $2,275 | $2,578 | 15% | 13% | -2% | 23% | 41% |
| 15 | Calgary, AB | $2,046 | $1,484 | $1,797 | $2,229 | $2,688 | -1% | 1% | -1% | -2% | 0% |
| 16 | Montreal, QC | $1,988 | $1,423 | $1,741 | $2,283 | $2,723 | -1% | -3% | -2% | 2% | 8% |
| 17 | Hamilton, ON | $1,963 | $1,491 | $1,785 | $2,186 | $2,650 | -6% | 5% | -7% | -5% | 9% |
| 18 | Niagara Falls, ON | $1,904 | $1,325 | $1,703 | $2,031 | $2,256 | -7% | 2% | -5% | -11% | 3% |
| 19 | St. Catharines, ON | $1,866 | $1,505 | $1,704 | $1,965 | $2,140 | -2% | -7% | 2% | 0% | -1% |
| 20 | Quebec City, QC | $1,705 | $1,331 | $1,508 | $1,721 | $2,485 | 22% | 35% | 20% | 9% | 41% |
| 21 | Windsor, ON | $1,668 | $1,236 | $1,541 | $1,880 | $1,670 | -4% | 4% | -5% | -7% | -17% |
| 22 | Winnipeg, MB | $1,607 | $960 | $1,398 | $1,784 | $2,219 | 10% | 10% | 14% | 8% | 3% |
| 23 | Edmonton, AB | $1,570 | $1,114 | $1,413 | $1,747 | $1,940 | 9% | 16% | 8% | 8% | 16% |
| 24 | Regina, SK | $1,418 | $944 | $1,317 | $1,547 | $1,822 | 18% | 10% | 18% | 16% | 13% |
| 25 | Saskatoon, SK | $1,352 | $993 | $1,217 | $1,448 | $1,687 | 18% | 8% | 16% | 18% | 19% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents Down in 5 of 6 Largest Markets in Canada
Among Canada’s six largest markets, Edmonton was the only city to record annual rent growth in August, with apartment rents rising 9.2% to an average of $1,579. The 6.9% decline in apartment asking rents in Toronto represented the biggest decrease among Canada’s largest markets. Toronto apartment rents have declined on an annual basis for seven straight months, falling to a two-year low of $2,697.
While asking rents in Vancouver declined annually for their ninth straight month in August with a 6.0% decrease, apartment rents have begun to trend up again, reaching a nine-month high of $3,116. Calgary, which was experiencing double-digit annual rent growth at the beginning of the year, saw asking rents for apartments decrease for the time since February 2021, dipping 1.1% from a year ago to an average of $2,046. Marginal annual declines for asking rents were found in Ottawa (-0.1%) and Montreal (-0.6%) to an average of $2,224 and $1,988, respectively.
Three-bedroom apartment rents generally performed across major markets, recording the lowest annual declines by unit type in Vancouver (-4.7%) and Toronto (-1.4%) and the highest annual growth in Calgary (+0.1%), Montreal (+8.2%) and Edmonton (+15.8%). In Ottawa, two-bedroom apartment rents performed best with a 1.6% annual increase.
B.C. and Ontario Top List of Most Expensive Cities while Alberta Has Most Affordable Cities
Nine of the 25 most expensive mid-sized rental markets in Canada were located in B.C., including the top four with average apartment asking rents of $3,115 (North Vancouver), $2,913 (Burnaby), $2,843 (Richmond), and $2,788 (Coquitlam). Ontario had 15 mid-sized markets represented in Canada’s top 25 most expensive, led by Mississauga ($2,632), Etobicoke ($2,606), Vaughan ($2,564), Oakville ($2,534), and North York ($2,510). Halifax was the only mid-sized market outside of B.C. and Ontario to make the top 25 most expensive, with average apartment rents of $2,308 in August.
Among Canada’s 25 most affordable small- and mid-sized markets, nine were located in Alberta, including Lloydminster ($1,170), Fort McMurray ($1,356), Grande Prairie ($1,371), Medicine Hat ($1,380), Red Deer ($1,422) and Lethbridge ($1,509) all in the top 10. Other markets in the top 10 for most affordable included Quebec cities of Trois-Rivieres ($1,193) and Sherbrooke ($1,284) ranked second and third in Canada, respectively, as well as Saskatchewan cities of Saskatoon ($1,352) and Regina ($1,418) ranked fourth and eighth, respectively. The most affordable markets in Ontario were Sarnia ($1,659) and Windsor ($1,668), while the most affordable B.C. market was Abbotsford ($1,830).
Several of Canada’s most affordable markets were also the fastest growing for apartment rents in August. Lloydminster recorded annual rent growth of 27.9%, while Saskatoon and Regina both saw apartment rents rise 18.3% from a year ago. In Quebec, markets with the fastest rising rents in the top 10 included Pointe-Claire (+28.1%), Quebec City (+22.4%), and Gatineau (+14.7%). Other top 10 markets for fastest rising apartment rents were in Alberta, including Lethbridge (+18.2%), Grande Prairie (+17.3%), and Red Deer (+16.0%). Kingston had the fastest rents in Ontario (+11.5%), while Nanaimo led rent growth in B.C. (6.8%).
Roommate Rents Fall in Vancouver and Toronto
Across the four provinces measured for shared accommodation rents, average asking rents grew 8.0% annually to a record high of $1,011. Average asking rents for shared accommodations increased compared to a year ago across all provinces, with the highest rents in B.C. ($1,211) and Ontario ($1,106).
Average roommate rents dropped in Vancouver to $1,481 from a record high of $1,773 a year ago. Roommate rents also declined in Toronto over the past year, from an average of $1,302 to an average of $1,234. All other major markets saw average asking rents for shared accommodations rise compared to a year ago, reaching an average of $928 in Calgary, $778 in Edmonton, $944 in Ottawa, and $950 in Montreal.
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.
