Average Cost of Housing Rent in Canada
Overview of rent increases and housing affordability in major cities and provinces in 2024.
In recent years, Canada's rental housing market has been under close scrutiny, especially against the backdrop of growing demand and slowing supply growth. Current reports show that rental rates as of August 2024 continue to rise, albeit at a slower pace than in previous years. For those planning to rent housing in the near future, it's important to understand price dynamics to better navigate the real estate market in different regions of the country. In this article, we'll look at key rental price changes in Canada's largest cities, as well as in provinces where the most significant shifts are observed.
Overview of Canada's Rental Housing Market
The average rent for all types of residential properties in Canada was $2,201 CAD in July 2024, which is 5.9% higher compared to the previous year. However, this growth rate is the slowest in the last 31 months, which may indicate market stabilization.
Rental costs by housing type:
| Housing Type | Studio | 1 Bedroom | 2 Bedrooms | 3 Bedrooms |
| Apartment | $1,610 CAD | $1,941 CAD | $2,336 CAD | $2,656 CAD |
| Condo | $1,887 CAD | $2,134 CAD | $2,469 CAD | $3,017 CAD |
| House/Townhouse | - | $1,521 CAD | $2,010 CAD | $2,577 CAD |
Regional Changes: Where Rent is Rising and Where It's Falling
Some regions are experiencing a decrease in rent. In British Columbia, the average rent decreased by 2% to $2,570 CAD, and in Ontario by 1.5% to $2,396 CAD. However, in Saskatchewan, rent increased by 22.2%, although the average monthly rent is only $1,331 CAD, which is 38% below the national average.
Average rental costs by province:
| Province | Studio | 1 Bedroom | 2 Bedrooms | 3 Bedrooms |
| Alberta | $1,216 CAD | $1,620 CAD | $1,986 CAD | $2,191 CAD |
| Atlantic Canada | $1,538 CAD | $1,972 CAD | $2,503 CAD | $3,060 CAD |
| British Columbia | $1,988 CAD | $2,304 CAD | $2,902 CAD | $3,311 CAD |
| Manitoba | $968 CAD | $1,436 CAD | $1,781 CAD | $2,080 CAD |
| Northwest Territories | $1,183 CAD | $1,587 CAD | $1,854 CAD | $2,351 CAD |
| Ontario | $1,828 CAD | $2,189 CAD | $2,638 CAD | $3,073 CAD |
| Quebec | $1,473 CAD | $1,714 CAD | $2,159 CAD | $2,517 CAD |
| Saskatchewan | $969 CAD | $1,235 CAD | $1,432 CAD | $1,656 CAD |
Major Cities: Rent is Rising, But Not Everywhere
In Canada's largest cities, rent continues to rise at different rates. Vancouver continues to lead the list of most expensive cities for rent, although year-over-year rent has decreased by 7.2%, averaging $3,101 CAD. In Toronto, rental rates also decreased by 4.6% over the year, averaging $2,719 CAD. Edmonton showed the most significant annual growth — 14.3%, with an average rent of $1,579 CAD, although this city did not make the list of the 30 most expensive in Canada. In Calgary, rent increased by 3.7% to $2,111 CAD, although the annual growth rate in the city is slowing down.
The most expensive cities in Canada for renting:
| City | 1 Bedroom | 2 Bedrooms |
| Vancouver (British Columbia) | $2,761 CAD | $3,666 CAD |
| Burnaby (British Columbia) | $2,566 CAD | $3,184 CAD |
| Toronto (Ontario) | $2,443 CAD | $3,198 CAD |
| Mississauga (Ontario) |
$2,364 CAD |
$2,764 CAD |
| Burlington (Ontario) | $2,258 CAD | $2,687 CAD |
| North York (Ontario) | $2,258 CAD | $2,653 CAD |
| Etobicoke (Ontario) | $2,206 CAD | $2,843 CAD |
| Victoria (British Columbia) | $2,189 CAD | $2,797 CAD |
| Waterloo (Ontario) | $2,102 CAD | $2,414 CAD |
| Brampton (Ontario) | $2,075 CAD | $2,429 CAD |
| Guelph (Ontario) | $2,051 CAD | $2,415 CAD |
| Halifax (Nova Scotia) | $2,050 CAD | $2,669 CAD |
| Barrie (Ontario) | $2,031 CAD | $2,279 CAD |
| Ottawa (Ontario) | $2,015 CAD | $2,506 CAD |
| Kelowna (British Columbia) | $2,002 CAD | $2,452 CAD |
| Kitchener (Ontario) | $1,931 CAD | $2,305 CAD |
| Oshawa (Ontario) | $1,863 CAD | $2,200 CAD |
| Kingston (Ontario) | $1,828 CAD | $2,267 CAD |
| Hamilton (Ontario) | $1,822 CAD | $2,135 CAD |
| Nanaimo (British Columbia) | $1,787 CAD | $2,222 CAD |
| London (Ontario) | $1,780 CAD | $2,215 CAD |
| Brantford (Ontario) | $1,764 CAD | $2,024 CAD |
| Montreal (Quebec) | $1,756 CAD | $2,295 CAD |
| Calgary (Alberta) | $1,751 CAD | $2,157 CAD |
| Gatineau (Quebec) | $1,736 CAD | $1,937 CAD |
| St. Catharines (Ontario) | $1,713 CAD | $1,969 CAD |
| Niagara Falls (Ontario) | $1,631 CAD | $2,021 CAD |
| Laval (Quebec) | $1,592 CAD | $2,089 CAD |
| Windsor (Ontario) | $1,528 CAD | $1,855 CAD |
| Quebec City (Quebec) | $1,458 CAD | $1,649 CAD |
The Canadian rental market in 2024 shows diverse trends: rental rates continue to rise, although the pace of growth is slowing in some regions. While cities like Vancouver and Toronto remain leaders in rental costs, other areas, especially in the Prairies and Atlantic Canada, offer more affordable options. Understanding these regional differences will help renters better navigate the real estate market and make more informed decisions when choosing housing. It's also important to keep an eye on market changes in the coming months to avoid missing out on good rental opportunities in a rapidly changing economic environment.
