November 2024 Rentals.ca Rent Report
Author: Rentals.ca & Urbanation
Asking rents for all residential property types in Canada averaged $2,152 during October, marking a 1.2% annual decrease. It was the first year-over-year decline in rents since July 2021 during the COVID-19 pandemic.
| RANK** | CITY/AREA | 1 BED | M/M | Y/Y | 2 BED | M/M | Y/Y | |
|
1
|
Vancouver, BC | $2,610 | -1.5% | -9.1% | $3,430 | -1.7% | -9.2% | |
|
2
|
Burnaby, BC | $2,398 | -3.8% | -9.4% | $3,062 | 0.3% | -8.4% | |
|
3
|
Toronto, ON | $2,380 | -0.9% | -8.7% | $3,091 | -1.3% | -9.7% | |
|
4
|
Mississauga, ON | $2,308 | -1.5% | -1.9% | $2,740 | -0.7% | -3.9% | |
|
5
|
Oakville, ON | $2,304 | -1.1% | -8.7% | $2,858 | -1.4% | -14.4% | |
|
6
|
North York, ON | $2,233 | 0.0% | -2.1% | $2,795 | 3.2% | 2.4% | |
|
7
|
Etobicoke, ON | $2,220 | -0.2% | -3.2% | $2,811 | 1.8% | -3.4% | |
|
8
|
Burlington, ON | $2,191 | -0.7% | 0.1% | $2,573 | -2.1% | -0.2% | |
|
9
|
Victoria, BC | $2,151 | -1.0% | 2.0% | $2,866 | 0.4% | 1.0% | |
|
10
|
Barrie, ON | $2,080 | -0.4% | 8.4% | $2,202 | -4.3% | -5.4% | |
|
11
|
Brampton, ON | $2,075 | -0.2% | -5.5% | $2,338 | -1.1% | -7.0% | |
|
12
|
Guelph, ON | $2,044 | -0.6% | -0.8% | $2,399 | -4.2% | 0.1% | |
|
13
|
Ottawa, ON | $2,040 | 0.2% | -0.8% | $2,521 | -1.4% | 0.8% | |
|
14
|
Halifax, NS | $1,974 | -1.2% | 5.3% | $2,487 | -1.8% | 11.0% | |
|
15
|
Kelowna, BC | $1,938 | -2.8% | -7.7% | $2,516 | -1.0% | -2.9% | |
|
16
|
Kitchener, ON | $1,886 | -2.7% | -1.5% | $2,282 | -0.2% | -3.4% | |
|
17
|
Nanaimo, BC | $1,835 | -1.1% | 2.4% | $2,367 | -0.5% | 8.5% | |
|
18
|
Oshawa, ON | $1,831 | -1.8% | -0.8% | $2,165 | 1.6% | -2.4% | |
|
19
|
London, ON | $1,797 | -0.4% | -4.3% | $2,190 | -1.6% | -3.0% | |
|
20
|
Kingston, ON | $1,789 | -0.3% | -3.4% | $2,144 | -1.9% | -6.4% | |
|
21
|
Brantford, ON | $1,757 | -1.5% | 3.4% | $2,000 | -1.5% | -1.8% | |
|
22
|
Gatineau, QC | $1,755 | 0.9% | 1.0% | $2,244 | -0.7% | 18.0% | |
|
23
|
Hamilton, ON | $1,751 | -0.9% | -6.2% | $2,102 | -2.9% | -5.7% | |
|
24
|
Montreal, QC | $1,718 | -0.4% | -4.6% | $2,256 | -0.6% | -0.4% | |
|
25
|
Niagara Falls, ON | $1,698 | 3.1% | 1.1% | $2,014 | -0.4% | 0.3% | |
|
26
|
St. Catharines, ON | $1,681 | -1.1% | -0.2% | $1,994 | -0.9% | 3.6% | |
|
27
|
Laval, QC | $1,672 | 3.2% | 4.5% | $2,135 | 2.9% | 6.6% | |
|
28
|
Calgary, AB | $1,658 | -2.0% | -4.3% | $2,004 | -3.4% | -7.0% | |
|
29
|
Windsor, ON | $1,549 | -0.8% | 0.3% | $1,786 | -2.3% | -7.7% | |
|
30
|
Quebec City, QC | $1,429 | -3.9% | 10.9% | $1,811 | -0.2% | 6.3% | |
|
31
|
Edmonton, AB | $1,384 | -1.7% | 7.8% | $1,703 | -0.8% | 6.7% | |
|
32
|
Winnipeg, MB | $1,382 | -2.8% | 7.8% | $1,770 | -1.3% | 4.6% | |
|
33
|
Regina, SK | $1,296 | -2.5% | 8.9% | $1,467 | -4.7% | 4.4% | |
|
34
|
Saskatoon, SK | $1,293 | -1.5% | 16.6% | $1,511 | -0.4% | 12.8% | |
|
35
|
Fort McMurray, AB | $1,218 | -1.7% | -0.7% | $1,404 | -0.6% | -5.0% | |
| $1,866 | -1.0% | -0.1% | $2,287 | -1.0% | -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 | $2,100 | $1,622 | $1,903 | $2,292 | $2,673 | 1.7% | 7.4% | -0.1% | 1.0% | 7.5% |
| Condominium | $2,265 | $1,874 | $2,057 | $2,386 | $2,889 | -3.8% | -6.9% | -3.3% | -4.0% | 2.8% |
| House/Townhouse | $2,249 | ND | $1,491 | $1,902 | $2,463 | -5.3% | ND | -1.3% | -3.3% | -1.6% |
| All | $2,152 | $1,634 | $1,886 | $2,238 | $2,543 | -1.2% | 5.4% | -1.0% | -0.8% | 1.2% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents in Canada Decline for First Time Since COVID
Rent declines were mainly focused in larger cities within Ontario and B.C., as well as in Calgary and Montreal. Many smaller, more affordable markets across the country continued to post strong rent increases in October.
Rent growth in Canada has been consistently slowing since the summer, with the latest decline representing a sharp reversal from the 9.3% annual increase posted in May.
Average asking rents fell 1.9% month-over-month in October, bringing rents down 2.2% over the last three months, equal to an average rent reduction of $49 per month since July.
Condo Rents for Studios Fall 7%
Focusing on purpose-built and condominium apartments, average asking rents held steady with a 0.5% year-over-year increase to an average of $2,122. Annual rent growth for purpose-built apartments of 1.7% to an average of $2,100 offset the 3.8% annual decline in rents for condo apartments to an average of $2,265.
Purpose-built rent growth was driven by a 7.4% increase in studio rents and a 7.5% increase in three-bedroom rents to an average of $1,622 and $2,673, respectively. One-bedroom purpose-built rents slipped 0.1% from a year ago to an average of $1,903, while two-bedroom purpose-built rents rose 1.0% annually to an average of $2,292.
Annual declines for condo rents remained strongest for studios (-6.9% to $1,874), with declines also reported for one-bedroom condos (-3.3% to $2,057) and two-bedroom condos (-4.0% to $2,386). Meanwhile, three-bedroom condos, which are in relatively shorter supply, reported a 2.8% annual increase in rents to an average of $2,889.
Provincial Overview
| Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: October 2024 | ||||||||||
| Average Rent | % Change Y/Y | |||||||||
| PROV. | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| AB | $1,786 | $1,252 | $1,583 | $1,942 | $2,159 | 6% | 18% | 5% | 4% | 9% |
| Atl. Can | $2,184 | $1,681 | $1,879 | $2,375 | $2,834 | 8% | 22% | 1% | 9% | 11% |
| BC | $2,549 | $1,989 | $2,254 | $2,875 | $3,420 | -3% | -4% | -5% | -2% | -2% |
| MB | $1,594 | $1,055 | $1,377 | $1,765 | $2,089 | 6% | 21% | 8% | 5% | 7% |
| ON | $2,350 | $1,806 | $2,152 | $2,583 | $3,029 | -6% | -3% | -6% | -7% | -2% |
| QC | $1,966 | $1,430 | $1,681 | $2,177 | $2,582 | -1% | -4% | -3% | 2% | 7% |
| SK | $1,358 | $948 | $1,252 | $1,442 | $1,714 | 17% | 8% | 16% | 13% | 22% |
| CAN | $2,122 | $1,635 | $1,923 | $2,308 | $2,693 | 0.5% | 6.3% | -0.8% | -0.2% | 6.4% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rent Declines Still Focused in Ontario and B.C.
Apartment rent declines in October were mainly focused in Canada’s two most expensive provinces, with B.C. rents down 3.4% to an average of $2,549 and Ontario rents falling 5.7% from a year ago to an average of $2,350. Average asking rents for apartments in Quebec edged lower by 0.5% compared to a year ago to $1,966, while annual growth in rents was recorded for the rest of the provinces.
Saskatchewan continued to lead with a 17.1% annual increase in apartment rents in October, a somewhat slower pace compared to the 23.5% annual growth recorded in September. Saskatchewan apartment rents reached an average of $1,358, remaining significantly below the national average.
Asking rents for apartments in Nova Scotia increased at the second fastest pace by province in October, rising 9.6% from a year ago to $2,298, representing the third-highest average rent by province. Meanwhile, annual rent increases in Alberta and Manitoba moderated to 6.0% and 5.6%, respectively, with apartment rents averaging $1,786 in Alberta and $1,594 in Manitoba.
Apartment rents in B.C. fell the most for one-bedroom units, down 4.9% annually to an average of $2,254. In Ontario, the largest annual decline in apartment rents was for two-bedroom units with a 6.9% decrease to an average of $2,583. Apartment rent decreases in Quebec were focused on one-bedroom units, which declined 3.2% annually to an average of $1,681. In most provinces, three-bedroom apartments performed best, either experiencing the smallest declines or the largest increases in rents.
Municipal Overview
| Average Rent and Annual Change in Average Rent by Municipality for Apt. and Condo Listings: October 2024 | |||||||||||
| Average Rent | % Change Y/Y | ||||||||||
| RANK | CITY | TOTAL | 0B | 1B | 2B | 3B | TOTAL | 0B | 1B | 2B | 3B |
| 1 | Vancouver, BC | $2,945 | $2,248 | $2,624 | $3,507 | $4,206 | -8% | -13% | -10% | -10% | -4% |
| 2 | Toronto, ON | $2,642 | $1,952 | $2,397 | $3,122 | $3,659 | -9% | -7% | -8% | -9% | -7% |
| 3 | Mississauga, ON | $2,593 | $1,911 | $2,329 | $2,766 | $3,240 | -4% | -5% | -2% | -4% | 1% |
| 4 | Burlington, ON | $2,445 | ND | $2,194 | $2,568 | $3,040 | -3% | -3% | 0% | 0% | -7% |
| 5 | Victoria, BC | $2,404 | $1,801 | $2,152 | $2,876 | $3,162 | -1% | 4% | 1% | 1% | -7% |
| 6 | Waterloo, ON | $2,280 | $1,714 | $2,114 | $2,413 | $2,799 | 2% | -10% | 8% | -4% | 26% |
| 7 | Halifax, NS | $2,270 | $1,746 | $1,975 | $2,493 | $3,027 | 13% | 15% | 5% | 15% | 22% |
| 8 | Guelph, ON | $2,240 | ND | $2,058 | $2,387 | $3,038 | 0% | -4% | -1% | -1% | 3% |
| 9 | Barrie, ON | $2,224 | ND | $2,089 | $2,337 | $2,401 | -4% | -1% | 1% | -3% | -5% |
| 10 | Ottawa, ON | $2,207 | $1,674 | $2,045 | $2,536 | $2,830 | 0% | -2% | 0% | 1% | 4% |
| 11 | Kitchener, ON | $2,118 | $1,771 | $1,892 | $2,286 | $2,772 | -2% | -10% | -2% | -4% | 3% |
| 12 | London, ON | $2,056 | $1,417 | $1,804 | $2,195 | $2,642 | -3% | 1% | -5% | -3% | -1% |
| 13 | Gatineau, QC | $2,039 | $1,446 | $1,753 | $2,248 | $2,445 | 13% | 9% | 1% | 19% | 26% |
| 14 | Calgary, AB | $1,995 | $1,481 | $1,752 | $2,149 | $2,542 | -5% | -3% | -4% | -6% | -4% |
| 15 | Montreal, QC | $1,987 | $1,437 | $1,721 | $2,263 | $2,754 | -3% | -5% | -5% | 0% | 9% |
| 16 | Niagara Falls, ON | $1,971 | ND | $1,730 | $2,016 | $2,435 | 5% | ND | 4% | 0% | ND |
| 17 | Kingston, ON | $1,966 | $1,447 | $1,794 | $2,145 | $2,021 | -3% | 7% | -3% | -6% | -1% |
| 18 | Hamilton, ON | $1,938 | $1,414 | $1,759 | $2,108 | $2,673 | -5% | -1% | -6% | -6% | 11% |
| 19 | St. Catharines, ON | $1,895 | $1,522 | $1,710 | $2,006 | $2,164 | 3% | -2% | 1% | 5% | 3% |
| 20 | Quebec City, QC | $1,718 | ND | $1,438 | $1,814 | $2,450 | 12% | 36% | 12% | 8% | 20% |
| 21 | Windsor, ON | $1,623 | $1,245 | $1,549 | $1,780 | $1,771 | -3% | -6% | 0% | -8% | -10% |
| 22 | Winnipeg, MB | $1,601 | $1,055 | $1,380 | $1,779 | $2,184 | 5% | 21% | 8% | 5% | 7% |
| 23 | Edmonton, AB | $1,584 | $1,142 | $1,418 | $1,745 | $1,909 | 8% | 18% | 8% | 7% | 1% |
| 24 | Saskatoon, SK | $1,433 | $1,044 | $1,298 | $1,498 | $1,793 | 19% | 13% | 17% | 13% | 25% |
| 25 | Regina, SK | $1,390 | $961 | $1,296 | $1,487 | $1,856 | 9% | 8% | 8% | 6% | 8% |
| Source: Urbanation Inc., Rentals.ca Network data |
Rents Falling in Vancouver, Toronto, Calgary and Montreal
Among Canada’s biggest markets, Toronto posted the largest annual decline in asking rents for apartments in October, with rents down 9.2% from a year ago to an average of $2,642. Vancouver followed with an 8.4% year-over-year rent decline to an average of $2,945. In Calgary, apartment rents fell 4.7% annually in October to an average of $1,995, while in Montreal, average rents were down 2.9% from a year ago to $1,987. Ottawa apartment rents held steady with a 0.4% annual increase to an average of $2,207. Edmonton continued to lead rent growth in Canada’s largest markets as apartment rents rose 8.4% annually to an average of $1,584, while still maintaining a large affordability advantage over other big cities.
Compared to three months ago, average asking rents for apartments declined the most in Calgary (-5.5%) and Vancouver (-5.0%).
By unit type, the steepest declines in apartment rents across Canada’s largest markets were found in Vancouver for studios (-12.8%), one-bedrooms (-10.0%) and two-bedrooms (-9.9%). Two-bedroom apartment rents led rent declines in Toronto (-9.3%) and Calgary (-6.4%), while studio and one-bedroom rents had the largest annual declines of -5.0% and -4.5%, respectively, in Montreal, and -2.0% and -0.4%, respectively, in Ottawa. In Edmonton, annual rent increases were strongest for studios (+17.7%) and one-bedrooms (+8.2%).
Rents Still Growing Quickly in Affordable Markets
Despite experiencing the largest rent declines in October, B.C. and Ontario remained home to the most expensive mid-sized cities for average apartment rents in the country. The top four were located in B.C. and included North Vancouver ($3,141), Coquitlam ($3,011), Richmond ($2,794) and Burnaby ($2,763). The remainder of the top 10 were located in Ontario and included Mississauga ($2,593), Oakville ($2,588), Markham ($2,581), Kanata ($2,568), Etobicoke ($2,566), and Richmond Hill ($2,548). The only cities outside of B.C. and Ontario to make the top 25 were Halifax ($2,270) and Pointe-Claire ($2,269).
Six out of the 10 most affordable small and mid-sized cities for average apartment rents in Canada were located in Alberta, including Lloydminster ($1,176), Fort McMurray ($1,308), Grande Prairie ($1,374), Medicine Hat ($1,396), Red Deer ($1,470), and Lethbridge ($1,489). Located outside of Alberta and also in the top 10 most affordable were Sherbrooke ($1,300), Regina ($1,390) and Saskatoon ($1,433). The most affordable markets in Ontario and B.C. were Windsor ($1,623) and Abbotsford ($1,877).
Several small and mid-sized cities continued to post double-digit annual rent growth for apartments during October, led once again by Lloydminster (also Canada’s most affordable market) with a 24.3% increase. Pointe-Claire in Quebec followed with a 23.1% increase, with Saskatoon (+18.9%), Lethbridge (+13.0%), and Gatineau (+13.0%) rounding out the top five. Sarnia was the only Ontario city to be ranked amongst the fastest growing for rents in Canada, with an 8.9% annual increase. In B.C., Nanaimo (+9.9%) and Abbotsford (+4.5%) made the top 15.
Spike in Listings for Shared Accommodation Rentals
Shared accommodations continued to grow in popularity and availability in October, with the number of listings rising 12% month-over-month and 58% year-over-year. These units have become an important option for landlords and tenants alike, offering greater flexibility, affordability, and additional beds in neighbourhoods often underserved by conventional rentals. October was marked by an outsized increase in shared room rentals primarily in single-family homes.
Shared accommodation rents continued to grow compared to a year ago across the four provinces tracked for this type of rental, including a 5.3% increase in Quebec to $910, a 3.9% increase in Alberta to $904, a 2.5% increase in B.C. to $1,205, and a 1.2% increase in Ontario to $1,081.
Shared accommodation rents grew across most of the major cities tracked, led by a 7.3% annual increase in Edmonton to an average of $791. Shared accommodation rents experienced an 8.9% annual decrease in Toronto to $1,196 and a 3.8% annual decrease in Ottawa to $930. Vancouver remained the most expensive city for shared accommodations with an average rent of $1,490, an increase of 2.4% annually.
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.
