What’s the average rent in Canada? - MoneySense (2024)

Photo by cottonbro studio from Pexels

A new report says the average asking price for a rental unit in Canada was $2,193 per month in February, marking a 10.5% jump year-over-year and the fastest annual growth since September 2023.

The data released Monday by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, shows the average monthly cost of a one-bedroom unit in February was $1,920, up 12.9% from the same month in 2023.

The average asking price for a two-bedroom was $2,293, up 11.3% annually.

How much have rent costs increased in Canada?

The report says asking rents in Canada have increased overall by a total of 21%, or an average of $384 per month, from two years ago, just before the start of interest rate hikes by the Bank of Canada (BoC).

Alberta maintained its status as the province with the fastest-growing rents, with total average asking prices up 20% annually last month to reach $1,708.

British Columbia and Ontario posted the slowest growth in February, with annual increases of 1.3% and 1%, respectively. But the provinces remain Canada’s most expensive for renters, with total average asking rents of $2,481 in B.C. and $2,431 in Ontario.

What’s the most expensive city in Canada for rent?

On a municipal basis, the largest cities in those two provinces also remain the most expensive major cities to live in Canada for renters. The average asking price for a one-bedroom unit in Vancouver last month was $2,653, down 1.1% from a month earlier, though still 0.5% higher than February 2023.

In Toronto, landlords were listing one-bedroom units for $2,495 on average, down 0.6% on a month-over-month basis and 0.2% from a year ago.

Condos vs. apartments

Traditional purpose-built rental apartments posted the fastest year-over-year price growth in February with a 14.4% increase, as rents averaged $2,110. Condominium rentals, with an average rent of $2,372, and apartments in houses, at $2,347, had slower annual growth of 5% and 5.3%, respectively.

Time to get a roommate?

The report also highlighted a surge in roommate listings last month.

It says the number of listings for shared accommodations tracked in Canada’s four largest provinces grew 72% in February compared with a year ago.

The average asking rents for shared accommodations increased 12% to $1,010, led by 13% annual growth in B.C. to $1,186 and 12% in Alberta to $873.

In Ontario, average roommate rents increased 9% to $1,099 and in Quebec by 5% to $920.

Read more about renting:

• Renting vs. owning: Can you be financially secure without buying a home?
• How to build a credit history while renting in Canada
• Are rent loans the answer to rising rent costs in Canada?
• How much can a landlord increase rent?