Canadian Rental Market Sees 10.5% Growth, Average Asking Price Hits $2,193/Month

Explore the latest report on the Canadian rental market, revealing a 10.5% increase in average asking price to $2,193 per month in February.

The rental market in Canada continues to experience significant growth, with the average asking price for a rental unit reaching $2,193 per month in February. This marks a 10.5 per cent increase year over year, the fastest annual growth since September 2023. One-bedroom units saw a 12.9 per cent increase to $1,920 per month, while two-bedroom units rose by 11.3 per cent to $2,293.

Overall, asking rents in Canada have risen by 21 per cent over the past two years, with Alberta leading the way with a 20 per cent annual increase to $1,708. British Columbia and Ontario, while experiencing slower growth at 1.3 per cent and one per cent respectively, remain the most expensive provinces for renters, with average asking rents of $2,481 and $2,431 respectively.

In major cities, Vancouver and Toronto continue to be the most expensive for renters, with average asking prices of $2,653 and $2,495 for one-bedroom units respectively. Traditional purpose-built rental apartments saw the fastest year-over-year price growth at 14.4 per cent, while condominium rentals and apartments in houses had slower growth at five per cent and 5.3 per cent respectively.

The report also noted a surge in roommate listings, with a 72 per cent increase in shared accommodations compared to a year ago. Average asking rents for shared accommodations increased by 12 per cent to $1,010, with B.C. and Alberta leading the way with 13 per cent and 12 per cent growth respectively.

The rental market in Canada continues to see significant growth, with prices rising across the country. Alberta remains the province with the fastest-growing rents, while Vancouver and Toronto are the most expensive cities for renters.