Renting in Canada: Rents Up 9% Year-over-Year, Vancouver Still Most Expensive

Renting in Canada: Rents Up 9% Year-over-Year, Vancouver Still Most Expensive
DATE
May 10, 2024
READING TIME
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Renting in Canada continues to be a pricier proposition, with average asking rents rising 9.3% year-over-year to $2,188 in April 2024. This follows a three-year trend of increasing rents after a dip in April 2021 due to COVID-19.

Key Findings

  • National average rent increased 0.3% month-over-month and 9.3% year-over-year.
  • Vancouver remains the most expensive city to rent in, with an average rent of $2,507, although rents there have dipped slightly year-over-year.
  • Ontario saw a decrease in rents, while Saskatchewan became the provincial leader for rent growth.
  • Three-bedroom apartments saw the fastest rent growth across the country.

Rent Growth Slowdown, But Still Significant

The good news for renters is that the sharp acceleration in rent growth seen in spring and summer 2023 appears to be moderating. However, rents are still significantly higher than a year ago.

Rent by Property Type

Here's a breakdown of average rents by property type in Canada (April 2024):

  • Apartment: $2,124
  • Condominium: $2,331
  • House/Townhouse: $2,323

As you can see, condominiums tend to be the most expensive rental option, followed by houses/townhouses, and then apartments.

Provincial Breakdown

  • All provinces except Ontario saw increases in rent.
  • Saskatchewan took the lead for rent growth with a 18.4% annual increase, though rents there remain the lowest in Canada.
  • Alberta rents rose 16.4% year-over-year, while Ontario saw a slight decrease of 0.7%.

Vancouver Rents Decline, But Still Highest in Canada

Despite leading the pack for most expensive rents, Vancouver actually saw a decrease of 7.8% year-over-year. However, with an average rent of $2,982, it remains the priciest rental market in the country, especially for:

  • Condominiums: $2,959

Toronto Rents See Slight Decline

Toronto rents also dipped slightly, down 2.3% year-over-year to an average of $2,757. This marks a 5.4% decline from their peak in November 2023. Here's a breakdown for Toronto:

  • Apartments: $2,641

Roommate Rents on the Rise

The cost of shared accommodations has also increased, with asking rents for roommates rising 9% year-over-year across four provinces tracked. Vancouver maintains the highest rents for shared spaces at $1,450, though they have dipped slightly compared to last year.

Overall, while the pace of rent growth may be slowing, renting in Canada remains expensive. Those looking for the most affordable options may want to consider provinces outside of Ontario and British Columbia, and explore renting in apartments or houses/townhouses.

Source: Rentals.ca

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