Expensive coastal markets continue to see sharp declines while Prairie Provinces show resilience
Canada’s most expensive markets are experiencing the sharpest declines in rent. Toronto, the nation’s third most expensive city, saw one-bedroom rent fall 9.6% annually to $2,170. Two-bedroom units dropped 11% yearly to $2,760, marking the steepest annual decline nationwide. Vancouver remains the most expensive city despite continued downward trends, with one-bedroom rent at $2,500 (down 3.8% annually) and two-bedrooms at $3,350 (down 6.9% annually). Burnaby, BC follows closely with similar downward pressure: one-bedrooms at $2,300 (down 3.4% yearly) and two-bedrooms at $2,800 (down 8.2% annually). Victoria, BC rounds out British Columbia’s cooling trend with one-bedrooms declining 4.7% annually to $2,010 and two-bedrooms down 5.8% to $2,620.
Meanwhile, the Prairie provinces demonstrate relative stability. Regina and Saskatoon both posted positive annual growth, with Regina’s two-bedrooms up 7.5% to $1,570 and Saskatoon’s rising 9.7% to $1,590. Even one-bedroom units in these markets showed year-over-year gains of 4.0% and 4.8%, respectively. Edmonton and Calgary, Alberta’s major centers, showed more moderate corrections. Calgary’s one-bedrooms declined 3.4% annually to $1,690, while Edmonton held steadier with just a 1.4% annual decline to $1,380.
This stark contrast between the cooling coastal markets and resilient Prairie cities may be reflecting broader economic patterns, with resource-based economies and more affordable markets attracting renters.
National rent index shows 13 straight months of annual declines
The Canadian National Rent Index showed that the median one-bedroom rent decreased by 0.7% last month to $1,809, while two-bedrooms dropped by 1.1% to $2,234. On an annual basis, one and two-bedroom rents are down 4.2% and 4.1%, respectively. This report marks the 13th consecutive month of yearly rent declines for both bedroom types, marking a full year of sustained rent declines. This extended period of rent deflation represents a notable shift in Canada’s housing market, offering some relief to renters after years of steep increases. The consistency of these declines suggests a structural cooling rather than a seasonal fluctuation.
As Canada enters its second year of a cooling rental market, the sustained nature of these declines suggests fundamental shifts in supply and demand dynamics. Whether through increased rental supply, economic uncertainty dampening demand, or changes in population distribution, renters are experiencing their first extended period of improved affordability in years.
Top 5 Markets
- Vancouver, BC remained the most expensive city in the nation with one-bedroom rent decreasing by 0.8% last month to $2,500.
2. Burnaby, BC placed second with one-bedroom rent falling by 0.4% to $2,300.
3. Toronto, ON saw one-bedroom rent drop 1.4% to $2,170, making it the third priciest market.
4. Halifax, NS was fourth with one-bedroom rent staying flat at $2,100.
5. Victoria, BC rounded out the top 5 markets with one-bedroom rent dropping by 2.9% to $2,010.
Cities with the Highest Annual Growth in One-Bedroom Rent Rates
–Kingston, ON was the only city that experienced a double-digit annual rent price growth rate, up 14.3%.
–Saskatoon, SK saw rent climb 4.8%, making it second.
–Regina, SK placed third with rent increasing by 4% since this time last year.
Cities with The Largest Annual Decline in One-Bedroom Rent Rates
–Toronto, ON rent led the nation in annual declines, falling 9.6%.
–Barrie, ON saw rent drop 8.2% since this time last year, making it second.
–London, ON was third with rent decreasing 8%.
Full Data
| 1 Bedroom | 1 Bedroom | 1 Bedroom | 2 Bedrooms | 2 Bedrooms | 2 Bedrooms | |||
|---|---|---|---|---|---|---|---|---|
| Ranking | Ranking Change | City | Price | M/M% | Y/Y% | Price | M/M% | Y/Y% |
| 1 | 0 | Vancouver, BC | $2,500 | -0.80% | -3.80% | $3,350 | -1.50% | -6.90% |
| 2 | 0 | Burnaby, BC | $2,300 | -0.40% | -3.40% | $2,800 | -3.40% | -8.20% |
| 3 | 0 | Toronto, ON | $2,170 | -1.40% | -9.60% | $2,760 | -1.10% | -11.00% |
| 4 | 0 | Halifax, NS | $2,100 | 0.00% | 0.00% | $2,580 | -0.80% | 0.00% |
| 5 | 0 | Victoria, BC | $2,010 | -2.90% | -4.70% | $2,620 | -1.10% | -5.80% |
| 6 | 1 | Kingston, ON | $2,000 | 5.80% | 14.30% | $2,230 | 6.20% | 5.20% |
| 7 | -1 | Ottawa, ON | $1,950 | -2.00% | -3.00% | $2,440 | -1.60% | 0.40% |
| 8 | 0 | Kelowna, BC | $1,860 | 0.00% | -7.00% | $2,340 | -1.70% | -1.70% |
| 9 | 3 | Montreal, QC | $1,800 | 4.00% | 2.90% | $2,290 | 1.30% | 0.90% |
| 9 | 0 | Barrie, ON | $1,800 | 2.90% | -8.20% | $2,000 | 0.00% | -9.10% |
| 11 | -2 | Kitchener, ON | $1,760 | 0.60% | -4.90% | $2,020 | -3.30% | -8.20% |
| 12 | -3 | Oshawa, ON | $1,740 | -0.60% | -5.90% | $2,000 | 0.00% | -4.80% |
| 13 | 0 | Calgary, AB | $1,690 | -1.20% | -3.40% | $2,010 | -3.80% | -8.20% |
| 14 | 0 | Hamilton, ON | $1,650 | -2.40% | -2.90% | $1,980 | 0.00% | -2.00% |
| 15 | 1 | Abbotsford, BC | $1,610 | -2.40% | -2.40% | $2,100 | -3.20% | 3.40% |
| 16 | -1 | London, ON | $1,600 | -3.60% | -8.00% | $1,950 | -3.00% | -9.70% |
| 17 | 0 | St.Catharines, ON | $1,500 | -3.20% | -6.30% | $1,820 | -1.60% | -4.70% |
| 18 | 0 | Winnipeg, MB | $1,440 | -4.00% | 0.70% | $1,780 | -5.80% | 0.60% |
| 19 | 1 | Windsor, ON | $1,410 | -2.80% | -1.40% | $1,640 | 0.00% | -1.20% |
| 20 | -1 | Quebec, QC | $1,400 | -4.10% | -6.70% | $1,720 | -2.80% | 1.20% |
| 21 | 0 | Edmonton, AB | $1,380 | 0.00% | -1.40% | $1,700 | -1.20% | 2.40% |
| 22 | 1 | Saskatoon, SK | $1,310 | 0.80% | 4.80% | $1,590 | 5.30% | 9.70% |
| 22 | 0 | Regina, SK | $1,310 | -2.20% | 4.00% | $1,570 | -1.90% | 7.50% |
About
The Zumper Canadian Rent Report analyzes rental data from 50k+ active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 23 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Any data that is reported does not include short term listings. View our full methodology here.
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