Rentals.ca has released its latest national rent report. Canadian residential rents remained close to a record high, averaging $2,188 per month, with a 9.3% increase from the previous year. Since April 2021, rents have soared by 32%, or $526 per month. While April saw a slight 0.3% monthly uptick, rents decreased by 0.4% over the last three months, indicating a slowdown in growth compared to the surge in 2023.
Average apartment rents in Vancouver and Toronto continued to drop. Vancouver saw a 0.4% monthly and 7.8% yearly decline, averaging $2,982, while Toronto rents fell 0.9% monthly and 2.3% annually to $2,757. Since their peaks in November 2023 and July 2023, Toronto and Vancouver rents have decreased by 5.4% and 10.7%, respectively. Edmonton led growth among major cities, up 13.3% to $1,507, while North Vancouver remained Canada’s priciest rental market despite a 7.7% decline to $3,190.
Other than Ontario, all provinces experienced month-over-month and year-over-year rises in asking rents for purpose-built and condominium apartments. Alberta and Saskatchewan saw significant increases, especially in three-bedroom apartments. Despite the increase, Saskatchewan maintains the lowest average rents in Canada at $1,300.
