A new report from Rentals.ca and Urbanation shows the average asking rent in Canada reached $2,193 per month in February—an increase of 10.5% year over year and the fastest annual rise since September 2023.
According to the monthly listings analysis, the average asking rent for a one-bedroom unit in February was $1,920, up 12.9% from February 2023. Two-bedroom units averaged $2,293 per month, reflecting an 11.3% annual increase.
How much have rent costs increased in Canada?
Looking back two years to just before the Bank of Canada’s interest rate hikes began, asking rents across Canada have risen roughly 21% in total—about $384 more per month on average. The report highlights that this sustained rise has been uneven across provinces and housing types.
Alberta recorded the fastest annual rent growth among provinces, with average asking rents climbing 20% year over year in February to $1,708. By contrast, British Columbia and Ontario reported much smaller annual increases of 1.3% and 1.0% respectively, but they remain the most expensive provinces for renters. Average asking rents stood at $2,481 in British Columbia and $2,431 in Ontario, keeping both provinces at the top end of Canada’s rental market.
What’s the most expensive city in Canada for rent?
On a city level, Vancouver and Toronto continue to be the priciest major cities for renters. In Vancouver, the average asking price for a one-bedroom unit in February was $2,653, a slight month-over-month decline of 1.1% but still marginally higher (0.5%) than a year earlier. In Toronto, one-bedroom listings averaged $2,495, down 0.6% from the previous month and virtually stable year over year, falling just 0.2% from February 2023.
Condos vs. apartments
The report also compares rental trends by dwelling type. Purpose-built rental apartments showed the strongest year-over-year growth in February, with rents rising 14.4% to an average of $2,110. Condominium rentals averaged $2,372 and recorded slower annual growth of about 5%. Similarly, apartment units within houses averaged $2,347 with approximately 5.3% annual growth. These differences reflect shifting demand between traditional rental buildings and privately owned condo or house rentals.
Time to get a roommate?
One notable trend in February was a sharp increase in roommate and shared-accommodation listings. Across Canada’s four largest provinces, the number of shared-unit listings jumped 72% compared with the same month a year earlier, suggesting more renters are turning to shared living arrangements to manage rising housing costs.
The average asking rent for shared accommodations rose 12% year over year to $1,010. The largest increases were in British Columbia, where shared rents averaged $1,186 (up 13%), and Alberta, where they averaged $873 (up 12%). In Ontario, average roommate rents grew 9% to $1,099, while in Quebec they rose 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?