March 2025 Rentals.ca Rent Report
Author: Rentals.ca & Urbanation
Average asking rents in Canada declined compared to a year ago for the fifth consecutive month in February, falling 4.8% to $2,088 — the lowest level since July 2023.
| RANK** | CITY/AREA | 1 BED | M/M | Y/Y | 2 BED | M/M | Y/Y |
|
1
|
Vancouver, BC | $2,518 | -0.2% | -5.1% | $3,442 | 0.0% | -2.8% |
|
2
|
Burnaby, BC | $2,367 | 2.1% | -3.6% | $2,986 | -0.8% | -3.0% |
|
3
|
Toronto, ON | $2,359 | 0.3% | -5.4% | $3,066 | 0.1% | -6.7% |
|
4
|
Oakville, ON | $2,283 | -0.5% | 0.7% | $3,208 | 0.4% | 19.5% |
|
5
|
Mississauga, ON | $2,228 | -1.6% | -2.9% | $2,682 | -0.1% | -1.5% |
|
6
|
Etobicoke, ON | $2,183 | -0.7% | -3.2% | $2,783 | -0.4% | -0.6% |
|
7
|
North York, ON | $2,175 | -0.5% | -3.8% | $2,691 | -1.8% | -0.1% |
|
8
|
Burlington, ON | $2,149 | -1.7% | -2.0% | $2,563 | -0.3% | -1.1% |
|
9
|
Victoria, BC | $2,100 | 0.8% | -0.8% | $2,697 | -1.8% | -1.7% |
|
10
|
Guelph, ON | $2,084 | 1.4% | 5.0% | $2,452 | 2.7% | -1.0% |
|
11
|
Brampton, ON | $2,076 | -2.1% | -3.7% | $2,368 | -0.5% | -1.2% |
|
12
|
Waterloo, ON | $2,038 | 0.9% | 0.6% | $2,566 | 5.5% | 4.7% |
|
13
|
Halifax, NS | $2,033 | 1.3% | 4.9% | $2,504 | 0.2% | 7.2% |
|
14
|
Ottawa, ON | $2,032 | 0.3% | -0.2% | $2,547 | 0.7% | 2.1% |
|
15
|
Barrie, ON | $1,969 | -2.5% | 2.8% | $2,168 | -1.9% | -1.0% |
|
16
|
Kitchener, ON | $1,859 | 0.5% | -3.4% | $2,246 | 0.7% | -4.4% |
|
17
|
Kingston, ON | $1,810 | 0.0% | -3.4% | $1,996 | -2.7% | -12.4% |
|
18
|
Oshawa, ON | $1,809 | 0.6% | 0.3% | $2,163 | -0.3% | 2.3% |
|
19
|
Nanaimo, BC | $1,795 | 0.0% | 1.9% | $2,169 | 0.8% | -0.4% |
|
20
|
London, ON | $1,766 | 0.0% | -3.5% | $2,181 | 1.6% | -1.2% |
|
21
|
Niagara Falls, ON | $1,753 | -2.7% | 6.9% | $2,132 | 1.7% | 10.1% |
|
22
|
Montreal, QC | $1,744 | 0.9% | 0.1% | $2,255 | 0.4% | -1.1% |
|
23
|
Gatineau, QC | $1,737 | 1.2% | -2.5% | $2,233 | 2.7% | 1.2% |
|
24
|
Hamilton, ON | $1,720 | 0.0% | -5.3% | $2,082 | 0.2% | -5.4% |
|
25
|
Laval, QC | $1,680 | 0.8% | 4.0% | $2,156 | 1.9% | 8.2% |
|
26
|
St. Catharines, ON | $1,655 | -2.0% | 2.0% | $1,991 | 1.1% | 2.9% |
|
27
|
Calgary, AB | $1,583 | -1.0% | -7.5% | $1,919 | -0.4% | -7.5% |
|
28
|
Windsor, ON | $1,543 | -0.5% | -0.3% | $1,853 | 0.7% | -2.7% |
|
29
|
Quebec City, QC | $1,462 | 1.8% | 12.1% | $1,884 | 0.4% | 10.1% |
|
30
|
Winnipeg, MB | $1,426 | 1.2% | 4.9% | $1,744 | 0.1% | -0.9% |
|
31
|
Lethbridge, AB | $1,379 | -1.0% | 10.1% | $1,583 | 1.5% | 8.1% |
|
32
|
Edmonton, AB | $1,330 | -0.1% | 1.4% | $1,651 | -0.7% | 0.7% |
|
33
|
Saskatoon, SK | $1,262 | 3.8% | 6.7% | $1,524 | 2.5% | 9.8% |
|
34
|
Regina, SK | $1,239 | -0.1% | -0.4% | $1,473 | 0.4% | 3.0% |
|
35
|
Fort McMurray, AB | $1,208 | -0.2% | -4.9% | $1,422 | -1.1% | 1.9% |
| AVERAGE*** | $1,857 | -0.6% | -4.5% | $2,206 | -0.3% | -5.3% | |
| 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 | $1,590 | $1,877 | $2,257 | $2,688 | -1.9% | 1.4% | -2.3% | -2.7% | 3.8% |
| Condominium | $2,192 | $1,772 | $1,973 | $2,323 | $2,757 | -7.6% | -10.0% | -8.8% | -7.6% | -3.5% |
| House/Townhouse | $2,103 | ND | $1,387 | $1,790 | $2,340 | -10.4% | ND | -9.5% | -10.2% | -7.3% |
| All | $2,088 | $1,600 | $1,845 | $2,187 | $2,471 | -4.8% | 0.2% | -3.9% | -4.6% | -3.3% |
| Source: Urbanation Inc., Rentals.ca Network data |
Asking Rents in Canada Drop 5% in February
The year-over-year decrease in February was the steepest since April 2021 during the COVID-19 pandemic, representing a dramatic trend reversal from a year earlier in February 2024 when asking rents increased 10.5% annually.
Despite the recent decline, average asking rents remained 5.2% higher than two years earlier in February 2023 and 16.9% higher than the pre-COVID level five years ago in February 2020.
Since February 2024, average asking rents in Canada have fallen $105 per month, a larger annual decline than the one experienced during the pandemic from February 2020 to February 2021. In comparison, from February 2023 to February 2024, rents in Canada increased by $209 a month. Overall, average asking rents in Canada are still $302 per month higher than five years ago.
Condo Rents Fall to Lowest Level in Over Two Years
Average asking rents for condo apartment rents decreased 7.6% annually to a 26-month low of $2,192 in February, declining for the sixth consecutive month. The smallest condos experienced the largest rent decreases, with a 10.0% year-over-year drop in studio rents to $1,772 and an 8.8% annual decrease in one-bedroom rents to $1,973. Two-bedroom condo rents were down 7.6% from a year ago to $2,323, while three-bedroom condo rents experienced a milder 3.5% annual decrease to an average of $2,757.
Purpose-built apartment asking rents declined by 1.9% compared to a year ago to an average of $2,070, with annual rent decreases focused on one-bedroom units (-2.3% to $1,877) and two-bedroom units (-2.7% to $2,257). Meanwhile, purpose-built rents increased over the past year for the most affordable units in the market represented by studios (+1.4% to $1,590) as well as three-bedroom units (+3.8% to $2,688), which continue to show strong demand and low supply.
Provincial Overview
| Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: February 2025 | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| PROV. | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| AB | $1,732 | $1,208 | $1,538 | $1,882 | $2,146 | 1% | 9% | 0% | 0% | 7% |
| Atl. Can | $2,028 | $1,431 | $1,833 | $2,186 | $2,429 | 6% | 3% | 3% | 8% | -11% |
| BC | $2,457 | $1,916 | $2,190 | $2,742 | $3,430 | -1% | -2% | -1% | -2% | 1% |
| MB | $1,606 | $1,046 | $1,427 | $1,737 | $2,017 | 3% | 7% | 5% | 0% | 6% |
| ON | $2,329 | $1,770 | $2,118 | $2,573 | $3,024 | -4% | -2% | -5% | -4% | 0% |
| QC | $1,968 | $1,425 | $1,705 | $2,195 | $2,644 | -1% | -2% | 1% | 1% | 7% |
| SK | $1,329 | $968 | $1,221 | $1,460 | $1,656 | 5% | 7% | 3% | 8% | 4% |
| CAN | $2,084 | $1,597 | $1,887 | $2,266 | $2,693 | -2.9% | 0.5% | -3.4% | -3.6% | 2.9% |
| Source: Urbanation Inc., Rentals.ca Network data |
Ontario Represents the Majority of Rent Decline in Canada
Overall, combined apartment rents for purpose-built and condo rentals decreased 2.9% annually in February to an average of $2,084.
Annual rent declines for apartments were focused in Ontario (-4.2% to $2,329), B.C. (-1.0% to $2,457), and Quebec (-0.6% to $2,329). Marginal annual rent increases for apartments were recorded in Alberta (+1.4% + $1,732) and Nova Scotia (+1.2% to $2,171), with rent growth strongest in the most affordable provinces of Saskatchewan (+5.2% to $1,329) and Manitoba (+3.4% to $1,606).
Across most provinces, three-bedroom apartment rents performed best over the past year. Ontario three-bedroom apartment rents decreased only 0.3% annually to $3,024, while all other unit types in Ontario saw rents fall by over 4%. In B.C., three-bedroom apartment rents increased 1.5% annually to $3,430. Quebec had the strongest annual growth in three-bedroom apartment rents (+6.8% to $2,644), followed by Alberta (+6.5% to $2,146) and Manitoba to (+6.4% to $2,017).
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 | $2,870 | $2,199 | $2,526 | $3,515 | $4,308 | -5% | -5% | -6% | -5% | -3% |
| 2 | Toronto, ON | $2,615 | $1,912 | $2,370 | $3,081 | $3,633 | -7% | -6% | -6% | -7% | -5% |
| 3 | Mississauga, ON | $2,503 | $1,898 | $2,249 | $2,684 | $3,197 | -3% | 5% | -4% | -3% | 2% |
| 4 | Burlington, ON | $2,440 | ND | $2,149 | $2,566 | $3,121 | -2% | -ND | -2% | 0% | -3% |
| 5 | Waterloo, ON | $2,341 | $1,667 | $2,043 | $2,577 | $2,771 | 1% | ND | -1% | 5% | -3% |
| 6 | Guelph, ON | $2,321 | ND | $2,087 | $2,480 | $2,993 | 3% | ND | 4% | 0% | 9% |
| 7 | Victoria, BC | $2,317 | $1,784 | $2,101 | $2,701 | $3,065 | 2% | 0% | -1% | -1% | -14% |
| 8 | Halifax, NS | $2,277 | $1,607 | $2,037 | $2,507 | $2,882 | 8% | -2% | 5% | 8% | -12% |
| 9 | Ottawa, ON | $2,217 | $1,646 | $2,036 | $2,569 | $2,659 | 0% | 0% | 0% | 3% | -6% |
| 10 | Barrie, ON | $2,101 | ND | $1,998 | $2,205 | $2,227 | -3% | ND | 0% | -2% | -11% |
| 11 | Kitchener, ON | $2,069 | $1,568 | $1,857 | $2,247 | $2,600 | -4% | -11% | -4% | -5% | 6% |
| 12 | Gatineau, QC | $2,020 | $1,277 | $1,737 | $2,240 | $2,544 | -1% | -4% | -2% | 1% | 0% |
| 13 | London, ON | $2,014 | $1,410 | $1,767 | $2,186 | $2,522 | -2% | 0% | -4% | -1% | -7% |
| 14 | Niagara Falls, ON | $1,994 | ND | $1,773 | $2,156 | $2,508 | 8% | -ND | 9% | 11% | 19% |
| 15 | Montreal, QC | $1,974 | $1,438 | $1,744 | $2,259 | $2,763 | -3% | -2% | 0% | -1% | 4% |
| 16 | Calgary, AB | $1,916 | $1,395 | $1,682 | $2,077 | $2,434 | -7% | -10% | -7% | -7% | -5% |
| 17 | Hamilton, ON | $1,915 | $1,401 | $1,732 | $2,090 | $2,545 | -4% | -5% | -6% | -5% | -6% |
| 18 | Kingston, ON | $1,867 | $1,340 | $1,811 | $1,995 | $2,192 | -11% | -8% | -4% | -13% | 1% |
| 19 | St. Catharines, ON | $1,859 | $1,468 | $1,688 | $1,995 | $2,340 | 1% | -3% | 4% | 3% | 6% |
| 20 | Quebec City, QC | $1,719 | $1,252 | $1,462 | $1,882 | $2,351 | 12% | 29% | 12% | 11% | 13% |
| 21 | Windsor, ON | $1,620 | $1,358 | $1,543 | $1,836 | $2,153 | -6% | 2% | -1% | -5% | 6% |
| 22 | Winnipeg, MB | $1,612 | $1,046 | $1,429 | $1,747 | $2,083 | 3% | 7% | 5% | -2% | 4% |
| 23 | Edmonton, AB | $1,531 | $1,109 | $1,365 | $1,680 | $1,959 | 3% | 9% | 2% | 1% | 3% |
| 24 | Saskatoon, SK | $1,409 | $1,010 | $1,266 | $1,510 | $1,779 | 10% | 7% | 7% | 11% | 12% |
| 25 | Regina, SK | $1,322 | $998 | $1,236 | $1,489 | $1,782 | 1% | 12% | -1% | 6% | 3% |
Calgary Leads Rent Declines in Major Markets
Apartment rents in Toronto were unchanged month-over-month at an average of $2,615 in February, remaining at a 2.5 year low and declining 6.7% year-over-year— the 13th consecutive month of annual rent declines. Vancouver asking rents for apartments declined 4.8% from a year ago to $2,870, which was the lowest level since April 2022 — a nearly three-year low. Calgary reported the biggest annual decrease in apartment rents amongst Canada’s largest markets with a 7.0% decline to an average of $1,916. Milder annual rent declines for apartments were reported in Montreal (-3.0% to $1,974) and Ottawa (-0.2% to $2,217), while Edmonton rents continued to rise on an annual basis in February (+2.9% to $1,531).
In Toronto, Vancouver, and Calgary, apartment rents declined over the past year across all units types, with the smallest decreases reported for three-bedroom apartments. In Toronto, the largest annual rent decline was reported for two-bedroom apartments (-7.0% to $3,081), while in Vancouver rents fell the most for one-bedroom apartments (-5.8% to $2,526). Studio and one-bedroom rents in Calgary saw the largest annual drops of 9.6% to $1,395 and 7.4% to $1,682, respectively.
Apartment rents grew on an annual basis for two-bedroom apartments in Ottawa (+2.6% to $2,569) and three-bedroom apartments in Montreal (+4.0% to $2,763). Rents grew across all unit types in Edmonton over the past year, led by a 9.1% increase in studios to $1,109 and a 3.1% increase in three-bedrooms to $1,959.
Ontario Includes Mix of Most Expensive and Affordable Rental Markets
Four out of the top five most expensive small- and mid-sized markets for average apartment rents in Canada were located in B.C., including North Vancouver ($3,054), Richmond ($2,812), Burnaby ($2,749), and Coquitlam ($2,749). The second most expensive market in Canada was Oakville (ON) with an average apartment asking rent of $2,829. In total, 14 of the 25 most expensive small- and mid-sized markets were located in Ontario, including five in the top 10. Outside of the Greater Toronto Area, the most expensive Ontario market was Kanata, ranked seventh with an average apartment asking rent of $2,636. Westmount, an enclave of Montreal (QC), was the sixth most expensive market with an average rent of $2,665.
While dominating the list of most expensive markets, Ontario also represented 10 of the 25 most affordable markets in Canada for small- and mid-sized cities. Markets with the lowest average apartment asking rents in Ontario included Windsor ($1,620), Welland ($1,726), Chatham-Kent ($1,787), Sarnia ($1,797), and St. Catharines ($1,859). Seven of the top 10 most affordable markets in Canada were located in Alberta, led by Lloydminster and Fort McMurray with average apartment asking rents of $1,178 and $1,303, respectively. Outside of Alberta, the most affordable markets in Canada were Regina ($1,322), Saskatoon ($1,409), and Winnipeg ($1,612).
Quebec City Becomes the Fastest Rising Market for Rents in Canada
The fastest rising market in Canada for apartment rents in February was Quebec City with annual growth of 12.3%. This was followed by a 12.1% annual increase in Oakville. Other Ontario-based markets ranked amongst the fastest rising for apartment rents in February included Sarnia (+8.3%), Niagara Falls (+8.2%), Woodstock (+7.4%), Greater Sudbury (+6.7%), and Stratford (+5.4%). Within the top five, Saskatoon (SK) and Grande Prairie (AB) both recorded annual rent growth of 10.3%, and Longeuil (QC) saw rents rise 9.4% from a year earlier.
Cote Saint-Luc (QC) saw the steepest annual decline in average asking rents for apartments (-18.2%), although this was mainly due to a compositional shift away from high-priced rentals in the market last year. Most cities with the largest annual rent declines were located in Ontario, led by Kingston (-10.9%), Windsor (-6.1%), and North York (-4.9%). Langley saw the largest rent decline in B.C. with an 11.6% annual decrease. In Alberta, rents fell the most among small- and mid-sized cities in Airdrie (-6.8%) and St. Albert (-4.5%).
Shared Accommodation Rents Drop 8% in Toronto and Montreal
The number of shared accommodation rental listings slowed in February, decreasing 29% from the record high in January and edging down 0.6% from a year ago. At an average of $964, shared accommodation rents were 4.6% lower than last year.
Shared accommodation rents decreased over the past year across each of the four provinces tracked for this form of rental. Larger urban centres such as Toronto, Vancouver, Calgary, Edmonton and Montreal all saw annual rent declines for shared accommodations in February, with the largest annual drops experienced in Toronto (-8.2% to $1,176) and Montreal (-8.0% to $870).
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.
