October 2024 Rentals.ca Rent Report
Author: Rentals.ca & Urbanation
Asking rents for all residential property types in Canada during September increased 2.1% from a year ago to an average of $2,193, representing the smallest year-over-year increase since October 2021.
| RANK** | CITY/AREA | 1 BED | M/M | Y/Y | 2 BED | M/M | Y/Y | |
|
1
|
Vancouver, BC | $2,649 | -2.2% | -11.0% | $3,488 | -4.0% | -10.7% | |
|
2
|
Burnaby, BC | $2,493 | -0.3% | -7.7% | $3,052 | -1.8% | -10.5% | |
|
3
|
Toronto, ON | $2,402 | -1.1% | -8.1% | $3,133 | -0.8% | -8.2% | |
|
4
|
Mississauga, ON | $2,343 | -0.2% | -0.7% | $2,759 | -1.2% | -3.3% | |
|
5
|
Oakville, ON | $2,329 | 0.5% | -6.9% | $2,899 | 0.3% | -14.3% | |
|
6
|
North York, ON | $2,233 | -0.9% | -2.1% | $2,707 | 2.1% | -1.2% | |
|
7
|
Etobicoke, ON | $2,225 | -0.1% | -2.3% | $2,761 | -2.3% | -4.9% | |
|
8
|
Burlington, ON | $2,206 | 0.7% | -0.5% | $2,629 | -0.9% | -0.4% | |
|
9
|
Victoria, BC | $2,174 | 0.1% | 2.5% | $2,854 | 0.5% | -1.8% | |
|
10
|
Barrie, ON | $2,088 | 0.8% | 6.3% | $2,301 | 0.7% | -3.7% | |
|
11
|
Brampton, ON | $2,079 | 0.9% | -5.2% | $2,364 | -2.1% | -8.8% | |
|
12
|
Guelph, ON | $2,056 | -0.8% | -7.3% | $2,505 | 2.7% | 2.9% | |
|
13
|
Ottawa, ON | $2,035 | -0.2% | -0.9% | $2,557 | -0.4% | 1.7% | |
|
14
|
Halifax, NS | $1,998 | -0.8% | 6.8% | $2,531 | -0.1% | 12.6% | |
|
15
|
Kelowna, BC | $1,994 | 1.4% | -3.5% | $2,542 | -0.4% | -8.4% | |
|
16
|
Kitchener, ON | $1,939 | 0.3% | 0.2% | $2,288 | -0.6% | -3.3% | |
|
17
|
Oshawa, ON | $1,865 | 0.3% | 1.8% | $2,130 | -1.4% | -1.3% | |
|
18
|
Nanaimo, BC | $1,855 | -0.9% | 1.5% | $2,378 | -3.3% | 9.0% | |
|
19
|
London, ON | $1,804 | 1.7% | 2.8% | $2,226 | 0.7% | 4.6% | |
|
20
|
Kingston, ON | $1,795 | -1.0% | -2.4% | $2,185 | -3.0% | -1.1% | |
|
21
|
Brantford, ON | $1,783 | 1.0% | 7.3% | $2,030 | 1.7% | -0.8% | |
|
22
|
Hamilton, ON | $1,767 | -0.6% | -6.1% | $2,165 | -0.3% | -5.0% | |
|
23
|
Gatineau, QC | $1,740 | 0.2% | -1.2% | $2,260 | -0.3% | 17.7% | |
|
24
|
Montreal, QC | $1,725 | -0.9% | -3.3% | $2,269 | -0.3% | 0.4% | |
|
25
|
St. Catharines, ON | $1,700 | 1.4% | 1.6% | $2,013 | 2.3% | 2.9% | |
|
26
|
Calgary, AB | $1,692 | -0.9% | -2.2% | $2,074 | -0.9% | -4.9% | |
|
27
|
Niagara Falls, ON | $1,647 | -3.0% | -3.6% | $2,022 | -0.2% | -3.7% | |
|
28
|
Laval, QC | $1,620 | 0.7% | 1.9% | $2,075 | -0.7% | 3.5% | |
|
29
|
Windsor, ON | $1,561 | 1.5% | 2.1% | $1,829 | -2.0% | -6.3% | |
|
30
|
Quebec City, QC | $1,486 | -1.1% | 22.2% | $1,814 | 5.0% | 10.0% | |
|
31
|
Winnipeg, MB | $1,421 | 1.5% | 16.3% | $1,793 | 1.0% | 10.0% | |
|
32
|
Edmonton, AB | $1,408 | 2.3% | 10.1% | $1,717 | 0.8% | 8.7% | |
|
33
|
Regina, SK | $1,329 | 1.0% | 15.3% | $1,540 | 0.2% | 12.1% | |
|
34
|
Saskatoon, SK | $1,313 | 7.8% | 22.8% | $1,517 | 3.2% | 22.0% | |
|
35
|
Fort McMurray, AB | $1,240 | -1.2% | 2.7% | $1,412 | -2.5% | -7.1% | |
| $1,886 | 0.2% | 1.4% | $2,309 | -0.2% | 0.2% | |||
| 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 | $2,138 | $1,645 | $1,935 | $2,334 | $2,730 | 5.4% | 11.1% | 3.5% | 5.2% | 10.5% |
| Condominium | $2,296 | $1,871 | $2,085 | $2,414 | $2,855 | -1.7% | -3.9% | -1.5% | -2.0% | 2.7% |
| House/Townhouse | $2,305 | ND | $1,502 | $1,950 | $2,511 | -2.9% | ND | 0.0% | -0.7% | 0.0% |
| All | $2,193 | $1,656 | $1,916 | $2,279 | $2,595 | 2.1% | 9.0% | 2.1% | 2.6% | 3.3% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rent Growth in Canada Slows to 2%
The annual rate of rent growth in Canada moderated for the fifth consecutive month, slowing substantially since May when rents were rising by more than 9% per year. However, average asking rents were 13.4% higher than two years earlier and 25.2% higher than three years earlier during COVID-19.
The deceleration in rents coincides with a significant cutback in net inflows of non-permanent residents.
Condo Rents Decline 1.7% from Last Year
Asking rents for condominium apartments declined by 1.7% annually in September to an average of $2,296. The year-over-year decline in average condo rents was concentrated in Vancouver (-13.6% to $3,232), Toronto (-7.7% to $2,745) and Calgary (-3.4% to $2,060). Condo rents were down compared to a year ago across all unit types except for three-bedroom units, with studio units recording the largest decline of 3.9% to an average of $1,871.
Meanwhile, purpose-built apartment rents increased 5.4% annually in September to an average of $2,138. The least expensive purpose-built rentals, represented by studios, saw the fastest growth in rents with an 11.1% increase to an average of $1,645. Three-bedroom purpose-built apartments also experienced strong annual rent growth of 10.5% in September, averaging $2,730.
Provincial Overview
| Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: September 2024 | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| PROV. | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| AB | $1,835 | $1,298 | $1,622 | $1,995 | $2,224 | 10% | 24% | 8% | 8% | 17% |
| Atl. Can | $2,248 | $1,694 | $1,919 | $2,427 | $2,937 | 13% | 13% | 5% | 14% | 26% |
| BC | $2,570 | $1,963 | $2,273 | $2,888 | $3,435 | -3% | 1% | -5% | -1% | -2% |
| MB | $1,638 | $1,042 | $1,415 | $1,784 | $2,153 | 14% | 26% | 16% | 10% | 10% |
| ON | $2,380 | $1,833 | $2,173 | $2,619 | $3,067 | -4% | -3% | -5% | -5% | -1% |
| QC | $1,967 | $1,424 | $1,686 | $2,173 | $2,575 | 0% | -5% | -2% | 2% | 7% |
| SK | $1,378 | $940 | $1,274 | $1,468 | $1,714 | 24% | 10% | 22% | 22% | 20% |
| CAN | $2,159 | $1,656 | $1,954 | $2,347 | $2,743 | 3.9% | 9.6% | 2.6% | 3.5% | 9.1% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents Fall Most in Ontario
Asking rents for purpose-built and condominium apartment rents declined the most in Ontario, falling 4.3% annually to an average of $2,380. Apartment rents in B.C. were down 3.2% from a year ago to an average of $2,570, maintaining its position as the province with the highest rents. Quebec apartment rents dipped slightly by 0.1% annually to an average of $1,967, whereas double-digit rent growth was recorded for all other provinces, led by a 23.5% increase in the most affordable province of Saskatchewan where apartment rents averaged $1,378.
Rent declines for apartments in Ontario and B.C. occurred across all unit types, with B.C. rents down the most for one-bedroom units (-4.9% to $2,273) and Ontario rents falling fastest for two-bedroom units (-4.9% to $2,619). In Quebec, the decline in apartment rents was focused on one-bedroom units (-2.2% to $1,686). In Alberta, Ontario, Quebec and Nova Scotia, three-bedroom rents performed best in September.
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 | $3,023 | $2,304 | $2,673 | $3,560 | $4,214 | -9% | -11% | -11% | -11% | -4% |
| 2 | Toronto, ON | $2,668 | $1,963 | $2,418 | $3,164 | $3,718 | -8% | -7% | -8% | -8% | -6% |
| 3 | Mississauga, ON | $2,623 | $1,919 | $2,358 | $2,793 | $3,279 | -2% | -6% | -1% | -4% | 2% |
| 4 | Burlington, ON | $2,534 | ND | $2,211 | $2,625 | $3,142 | 0% | ND | 0% | -1% | -3% |
| 5 | Victoria, BC | $2,398 | $1,807 | $2,177 | $2,863 | $3,061 | -2% | 3% | 1% | -2% | 2% |
| 6 | Guelph, ON | $2,325 | $2,016 | $2,076 | $2,506 | $3,119 | 0% | 6% | -6% | 2% | 11% |
| 7 | Halifax, NS | $2,312 | $1,760 | $2,008 | $2,541 | $3,133 | 13% | 8% | 7% | 16% | 28% |
| 8 | Waterloo, ON | $2,295 | $1,686 | $2,115 | $2,421 | $2,518 | 2% | -13% | 6% | -3% | 11% |
| 9 | Barrie, ON | $2,261 | ND | $2,124 | $2,372 | ND | -5% | ND | 2% | -3% | ND |
| 10 | Ottawa, ON | $2,220 | $1,722 | $2,042 | $2,570 | $2,813 | 1% | 0% | 0% | 2% | 3% |
| 11 | Kitchener, ON | $2,171 | $1,774 | $1,943 | $2,295 | $2,878 | 0% | -10% | 0% | -3% | 19% |
| 12 | London, ON | $2,088 | $1,450 | $1,808 | $2,232 | $2,660 | 5% | 2% | 2% | 5% | 5% |
| 13 | Gatineau, QC | $2,049 | $1,390 | $1,738 | $2,265 | $2,585 | 12% | 2% | -2% | 19% | 33% |
| 14 | Calgary, AB | $2,049 | $1,529 | $1,780 | $2,224 | $2,658 | -2% | 6% | -2% | -3% | 0% |
| 15 | Niagara Falls, ON | $2,040 | ND | $1,727 | $2,037 | $2,600 | 5% | ND | 2% | -4% | ND |
| 16 | Kingston, ON | $1,992 | $1,480 | $1,801 | $2,186 | $2,369 | 0% | 5% | -2% | -1% | 15% |
| 17 | Montreal, QC | $1,990 | $1,431 | $1,725 | $2,275 | $2,732 | -2% | -5% | -3% | 1% | 8% |
| 18 | Hamilton, ON | $1,968 | $1,458 | $1,776 | $2,163 | $2,601 | -6% | 0% | -6% | -5% | 7% |
| 19 | St. Catharines, ON | $1,912 | $1,468 | $1,718 | $2,005 | $2,170 | 3% | 1% | 1% | 3% | 3% |
| 20 | Quebec City, QC | $1,758 | $1,387 | $1,490 | $1,820 | $2,575 | 24% | 37% | 22% | 12% | 42% |
| 21 | Windsor, ON | $1,657 | $1,229 | $1,566 | $1,839 | $1,854 | -2% | -2% | 2% | -6% | -6% |
| 22 | Winnipeg, MB | $1,650 | $1,042 | $1,420 | $1,803 | $2,244 | 15% | 26% | 16% | 10% | 9% |
| 23 | Edmonton, AB | $1,611 | $1,178 | $1,454 | $1,758 | $1,986 | 12% | 23% | 11% | 9% | 13% |
| 24 | Regina, SK | $1,452 | $939 | $1,333 | $1,561 | $1,876 | 16% | 7% | 15% | 13% | 9% |
| 25 | Saskatoon, SK | $1,428 | $1,051 | $1,317 | $1,499 | $1,781 | 25% | 20% | 23% | 23% | 25% |
| Source: Urbanation Inc., Rentals.ca Network data |
Canada’s 4 Largest Cities Post Rent Declines
Average asking rents for apartments were down from a year ago across Canada’s four largest markets. Vancouver rents declined for the tenth consecutive month with a 9.5% annual decrease and Toronto rents declined for the eighth consecutive month with an 8.1% decrease. In Toronto, average apartment rents fell to a 25-month low of $2,668, while Vancouver rents for apartments remained highest in the country at an average of $3,023.
Calgary, which led the country in rent growth a year ago, recorded a 2.0% annual decline in asking rents for apartments to an average of $2,049, with Montreal experiencing the same decrease to an average of $1,990. Ottawa managed to buck the trend of declining rents in Canada’s largest cities by posting a 0.8% annual increase to an average of $2,220. The fastest growth remained in Edmonton, where apartment rents grew 12.0% annually to a record-high average of $1,611 in September — surpassing $1,600 for the first time.
Apartment rents fell the most compared to a year ago for one-bedroom units in Vancouver and Toronto, declining 11.4% and 7.8%, respectively, to $2,673 and $2,418. One-bedroom apartment rents also decreased in Calgary (-2.4% to $1,780) and Montreal (-3.3% to $1,725), while dipping 0.4% year-over-year in Ottawa to an average of $2,042. Across all of Canada’s six largest markets, three-bedroom apartment rents performed best in September, led by a 12.9% annual increase in Edmonton to an average of $1,986.
Affordable Markets Drive Rent Growth
B.C. and Ontario continued to dominate the top 25 most expensive mid-sized markets in Canada during September, with 23 cities making the list of highest average apartment rents. The four most expensive cities were in B.C. and included North Vancouver ($3,208), Coquitlam ($3,011), Burnaby ($2,852), and Richmond ($2,795). The rest of the top 10 cities were located in Ontario: Mississauga ($2,623), Oakville ($2,609), Kanata ($2,548), Vaughan ($2,538), Etobicoke ($2,537), and Burlington ($2,534). The only cities outside of B.C and Ontario to make the list were Halifax ($2,312) and Pointe Claire ($2,304).
Ontario also had several small- and mid-cities that ranked amongst the most affordable in Canada for apartment rents in September, including but not limited to Windsor ($1,657), Chatham-Kent ($1,782), Welland ($1,801) and Sarnia ($1,814). Despite being located in the most expensive province in B.C., Abbotsford made the list of most affordable markets with an average apartment rent of $1,810. Alberta had the highest number of cities with the most affordable rents, led by Lloydminster ($1,178), Fort McMurray ($1,337), Medicine Hat ($1,388), and Red Deer ($1,411). Outside of Alberta, other cities ranked in the top 10 most affordable include Sherbrooke ($1,278), Saskatoon ($1,428), and Regina ($1,452).
Lloydminster was able to maintain its position as most affordable city in the country despite posting the fastest growing rents in September with a 27.5% annual increase. This was followed by 24.8% annual growth in apartment rents in Saskatoon, and 24.0% annual growth in Quebec City, which also made the list of the top 25 most affordable markets with an average apartment rent of $1,758 in September. Outside of Alberta, Quebec and Saskatchewan, the cities that posted more than 10% annual growth in apartment rents during September included Winnipeg (+14.8%), Sarnia (+13.6%), and Halifax (+12.5%).
Shared Accommodations Gain Popularity
Across the four provinces measured for shared accommodation rents, asking rents grew 6.9% annually to an average of $1,009 in September. Shared accommodation rents grew the most in Alberta over the past year, increasing 5.6% to an average of $905. Average rents for shared accommodations remained highest in B.C. ($1,210) and Ontario ($1,102), despite declines experienced in Vancouver (-6.5% to $1,487) and Toronto (-5.7% to $1,233). Edmonton had the fastest-growing shared accommodation rents, posting an 8.8% annual increase to an average of $790.
Over the past year, shared accommodations have gained popularity among both renters and landlords, evidenced by a 48.7% year-over-year rise in the number of listings. The types of properties being listed vary significantly, with distinct trends emerging in specific markets.
Vancouver and Toronto, two of Canada's most expensive metropolitan areas, have experienced a notable increase in condo units where owners are subletting spare bedrooms. Additionally, condo investors in these cities are listing individual bedrooms within larger units, thereby offering lower asking rents to attract prospective tenants.
Suburban communities across the country have experienced a growing number of basement units being offered for rent. In Brampton, this phenomenon was characterized by the subdivision of basement units into smaller studio apartments. Within the 905 region of the GTA and outlying suburban communities of Greater Vancouver, there has been an increase in single-family homeowners renting out individual bedrooms within occupied homes, likely as a means to offset rising mortgage payments.
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.
