Last Updated On 20 February 2024, 10:19 AM EST (Toronto Time)
According to a recent Rentals.ca report published on February 14, the average asking rent in Canada hit a record high of $2,196 in January 2024, an increase of 10% on an annual basis.
For the month of January 2024, Vancouver had the highest average asking rent for a one-bedroom apartment at $2,700, followed by $2,600 in Burnaby and $2,521 in Toronto.
Asking rent in Canada has gone up by 22% overall over the last two years, or $390 on average per month.
Following increases of 4.6% in 2021 and 12.1% in 2022, rents increased by 8.6% in 2023.
Overall, rent growth in Canada has continued to be exceptionally robust.
Both the nation’s record-high population growth and a sharp decline in the affordability of homeownership are to blame for this.
Canada’s Province-Wise Average Rent
In December 2023, Alberta saw a 15.6% yearly increase in rent for purpose-built and condominium units, making it the province with the fastest-growing rents overall. The average rent in Alberta was $1,691.
This came after rent increases in Alberta of 16.8% in 2022.
| Geography | Average rent | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom |
| Canada | $2,116 | $1,552 | $1,932 | $2,301 | $2,579 |
| Alberta | $1,691 | $1,083 | $1,503 | $1,864 | $2,043 |
| British Columbia | $2,500 | $1,976 | $2,217 | $2,769 | $3,261 |
| Manitoba | $1,541 | $903 | $1,331 | $1,690 | $1,898 |
| Nova Scotia | $2,129 | $1,688 | $1,845 | $2,302 | $2,897 |
| Ontario | $2,446 | $1,840 | $2,238 | $2,694 | $3,070 |
| Quebec | $1,953 | $1,425 | $1,679 | $2,130 | $2,437 |
| Saskatchewan | $1,254 | $906 | $1,146 | $1,369 | $1,548 |
Despite a 1.4% year-over-year decline, British Columbia continued to be the province with the highest apartment prices, with an average asking rent of $2,500 in December.
This came after an increase in apartment rents in British Columbia of 18.5% in 2022.
The average apartment rent in Ontario was $2,446 in December, slightly less than in British Columbia ($2,446), but annual growth was 3.7%, a far slower rate than in Ontario in 2022 (15.5%).
The only province where apartment rents increased more quickly in 2023 than in 2022 (10.0% vs. 6.9%) was Quebec, where rents increased to an average of $1,953 in December.
After rising 31.4% in 2022, primarily due to a significant increase in population and the influx of more expensive new rental supplies, apartment rents in Nova Scotia decreased by -2.4% annually to an average of $2,129.
Latest Rent in Canada: Top 25 Cities
Vancouver continues to be at the top of the list with the highest average rent across all categories, followed by the Greater Toronto Area and the Peel area.
When it came to the annual gain in asking for rentals for purpose-built and condominium units, Quebec City and Calgary topped the chart among Canada’s largest markets with a million or more residents.
The average asking rent in Montreal continued its double-digit climbing trend last month, rising by 11.3% year over year.
Below is the average asking rent in Canada for 25 major cities from coast to coast.
| City | Average rent | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom |
|---|---|---|---|---|---|
| Vancouver | $3,059 | $2,348 | $2,713 | $3,831 | $4,384 |
| Toronto | $2,832 | $2,048 | $2,536 | $3,345 | $3,843 |
| Mississauga | $2,650 | $1,876 | $2,386 | $2,810 | $3,174 |
| North York | $2,631 | $1,866 | $2,291 | $2,793 | $3,532 |
| Brampton | $2,540 | $1,694 | ND | $2,646 | $3,146 |
| Surrey | $2,471 | $1,931 | $2,075 | $2,675 | $3,109 |
| Scarborough | $2,470 | $1,932 | $2,238 | $2,681 | $2,893 |
| Burlington | $2,449 | ND | $2,211 | $2,512 | $3,222 |
| Victoria | $2,298 | $1,668 | $2,054 | $2,672 | $3,119 |
| Barrie | $2,250 | $1,675 | $2,060 | $2,343 | $2,505 |
| Ottawa | $2,228 | $1,720 | $2,069 | $2,532 | $2,718 |
| Kelowna | $2,199 | $1,710 | $1,922 | $2,352 | $2,652 |
| Oshawa | $2,129 | $1,785 | $1,867 | $2,198 | $2,572 |
| Halifax | $2,106 | $1,689 | $1,841 | $2,313 | $2,924 |
| London | $2,099 | $1,441 | $1,876 | $2,261 | $2,634 |
| Calgary | $2,071 | $1,644 | $1,809 | $2,232 | $2,636 |
| Montreal | $2,019 | $1,424 | $1,742 | $2,255 | $2,566 |
| Hamilton | $1,989 | $1,569 | $1,834 | $2,159 | $2,470 |
| Kingston | $1,974 | $1,419 | $1,773 | $2,167 | ND |
| Windsor | $1,741 | $1,288 | $1,566 | $1,977 | $2,026 |
| Winnipeg | $1,558 | $903 | $1,339 | $1,722 | $1,986 |
| Quebec City | $1,535 | $1,085 | $1,325 | $1,659 | $2,283 |
| Edmonton | $1,467 | $986 | $1,311 | $1,622 | $1,951 |
| Regina | $1,293 | $893 | $1,207 | $1,412 | $1,719 |
| Saskatoon | $1,287 | $967 | $1,154 | $1,391 | $1,544 |
Projections for Rent in Canada for 2024
As per rentals.ca, in 2024, the Canadian rental market will likely continue to be undersupplied, but it should also become somewhat more balanced this year.
The rent increase is anticipated to converge towards its average of roughly 5% over the previous five years.
Due to a slowing economy, fewer non-permanent residents, improved homebuying activity as interest rates start to drop, and a little reduction in the number of non-permanent residents, it is anticipated that rental demand will remain robust in 2023.
Additionally, a rise in apartment completions that is anticipated to continue and an increase in tenant turnover this year may help temper rent growth by bringing more supply to the market in the near future.
More expensive regions, like those in British Columbia and Ontario, should continue to have rent increases below the national average, while relatively inexpensive markets, like those in Alberta, should continue to see above-average rises in rental rates.
What is the average rent in Canada in 2024?
The location and kind of property determine the average rent in Canada. In Canada, the average asking rent as of November 2023 was $2,149.
Average rent in Canada is the highest in major cities, with Vancouver, Toronto, Mississauga, North York, and Brampton being the top 5 expensive cities.
In which Canadian cities is rent the cheapest?
Smaller communities and rural locations tend to have the lowest rental prices in Canada.
Several cities with comparatively lower rental expenses are Saskatoon, Regina, Edmonton, Quebec City, and Winnipeg.
It’s crucial to remember that local market conditions, property type, and location can all have an impact on rental prices.
What is the cheapest city in Ontario for rent?
Windsor, Ontario, is the least expensive city in Ontario to live in, with an average asking rent of $1,288 for a studio and $1,566 for a 1-bedroom apartment.
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