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average rent in canada

Latest Average Rent in Canada and Top 25 Canadian Cities

Last Updated On 11 November 2023, 9:52 AM EST (Toronto Time)

The new report released on November 10, 2023, shows a 11.1% annual and 1.5% monthly increase in the asking average rent in Canada to $2,149.

The average rent in Toronto ($2,902) is the second highest after Vancouver ($3,339) for the month of September 2023.

Between June and September of this year, asking for rentals in Canada climbed by 5.1%, which is equivalent to an average of $107 per month.

Overall, Canadian rent growth has remained unusually strong. This is due to the country’s record-high population increase and a dramatic decline in homeownership affordability.

average rent in Canada

September had a record-high average asking rent of $2,078 for purpose-built and condominium units, up 1.6% month over month and 13.3% year over year.

The fastest annual increase in asking rents was seen in one-bedroom units, where rates rose by 15.5% to $1,905.

The average rent for a two-bedroom apartment increased by 13.1% from the previous year to $2,268; the average rent for a three-bedroom apartment increased by 11.4% annually to $2,514.

Studio apartments, which are the most affordable type of apartment, saw an average yearly rent increase of 11.3% to $1,511.

Province-Wise Average Rent In Canada

In September, the highest annual rent growth rates for purpose-built and condominium units were recorded in Nova Scotia (15.4%) and Alberta (15.3%), respectively.

In Nova Scotia, the average asking rent for an apartment was $2,088, while in Alberta, it was $1,663.

In September, purpose-built and condominium rentals saw the third fastest yearly rise in Quebec (13.1%), with year-over-year growth in British Columbia (12.3%) coming in second.

ProvinceAverage rentStudio1 Bedroom2 bedroom3 Bedroom
Brtish Columbia$2,656$1,948$2,389$2,930$3,493
Nova Scotia$2,088$1,628$1,892$2,213$2,521
Average rent in Canadian provinces

With an average asking rent of $2,656, B.C. had the highest average asking rent of any province, while Quebec’s average asking rent of $1,970 was lower than the national average.

The annual growth rate of rent in Ontario decreased from 9.9% in August to 6.6% in September.

Additionally, asking rents decreased by 0.4% from month-to-month to an average of $2,486 (the second-highest rate per province).

September saw the slowest annual rent rise in the Prairie provinces, Saskatchewan and Manitoba, at 3.8% and 3.1%, respectively.

In Saskatchewan and Manitoba, asking for rentals was $1,115 and $1,431, respectively.

Top 25 Cities Latest Rent Rates

Vancouver continues to top the list with the highest average rent for all categories, followed by the Greater Toronto Area and Peel region.

Studio1 Bedroom2 Bedroom3 Bedroom
St. Catharines$1,857$1,447$1,696$1,952$2,116
Quebec City$1,418$1,012S1,217$1,630$1,810
Fort McMurray$1,353$1,079$1,217$1,487$1,677
Average rent in 25 major cities of Canada

Calgary continued to dominate Canada’s largest markets with a million or more residents when it came to the yearly rise in asking rentals for purpose-built and condominium units, which increased by 14.3% in September to an average of $2,091.

The average asking rent in Montreal increased by 10.2% year over year to $2,030 last month, continuing the trend of double-digit rent rises.

The slowdown was particularly noticeable in Toronto, where rent growth decreased from 8.7% to 2.3% annually, the lowest rate of increase in the previous two years.

In Toronto, rentals remained relatively stable (+0.1%) month over month.

Rents for Shared Accommodations Continue To Rise

The number of shared accommodation ads over the past three months has increased by 27% over the previous year, as landlords attempt to offset rising mortgage payments and tenants seek to save expenses by finding roommates.

Among these were increases in listings of 40% in British Columbia and 78% in Ontario.

In September, the average monthly asking rent for shared lodgings rose by 18% year over year to $944.

While roommate rentals in Alberta increased 20% to $857 per month from the previous year, roommate rentals in British Columbia averaged $1,156 per month, up 17% annually.

In Ontario and Quebec, the average asking rent for shared housing was $1,049 and $864, respectively, with yearly increases of 8% and 19%.

In September, Vancouver and Toronto had the highest rent requests for shared apartments, at $1,590 and $1,308.

What is the average rent in Canada?

The average rent in Canada varies depending on the location and property type. As of November 2023, the average asking rent in Canada is $2,149

Where is the rent cheapest in Canada?

The cheapest places to rent in Canada are typically found in smaller cities and rural areas.

Some of the cities known for relatively lower rental costs include Windsor, Thunder Bay, Moncton, Trois-Rivières, and Saguenay.

However, it’s important to note that rental prices can vary depending on factors such as location, property type, and local market conditions.

Where is the cheapest place to live in Ontario?

The cheapest place to live in Canada is Windsor, Ontario.


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average rent in canada