Major cities like Vancouver and Toronto, once among the fastest-growing rental markets in 2023, are now posting some of the steepest annual declines. Toronto recorded the largest year-over-year drop in the country, with both one and two-bedroom units down about 12%, bringing one-bedroom rents back to levels last seen in fall 2022. Vancouver rents also fell sharply, down between 7% and 9% annually. In the rest of the top 10 markets, Montréal climbed two spots to become the 10th most expensive city, while Kitchener slipped three places, dropping out of the top 10 to rank 13th.
Across the country, no market posted significant annual rent growth, the highest increase was in Saskatoon, where one-bedroom rent rose just 2.4%.
Zumper’s National Rent Index revealed that Canada’s median rent for one-bedroom units decreased 0.1% last month to $1,820, while two-bedrooms ticked up 0.6% to $2,256. On an annual basis, one and two-bedroom rents are down 4.2% and 3.5%, respectively.
This report marks the eleventh consecutive month of negative annual rent growth in Canada’s national rates, giving renters relief across much of the country. The sustained cooling has been fueled by a surge in new supply and softer demand, particularly in markets that were previously overheated. Unless demand resurges, through renewed immigration or housing policy changes, this downward trend looks likely to persist through the fall.
While rents across Canada have been trending downward for nearly a year, one factor that could potentially shift future momentum is the rise of AI and related tech investment. Just as the Bay Area in California saw rents resurge when AI companies rapidly expanded and attracted new waves of talent, Canadian tech hubs like Toronto, Montreal, and Vancouver could experience similar pressure if AI innovation drives job growth and draws more high-earning workers to these markets. If demand from this sector accelerates, the result could be renewed upward pressure on rents in Canada’s major tech centers.
Top 5 Markets
- Vancouver, BC remained the priciest rental market in the nation with one-bedroom rent staying stable at $2,500.
2. Burnaby, BC saw one-bedroom rent decline 3.4% to $2,300, but continued to rank as the second most expensive city.
3. Toronto, ON was third with one-bedroom rent decreasing 0.9% to $2,200.
4. Halifax, NS ranked as fourth with one-bedroom rent remaining flat at $2,100.
5. Victoria, BC rounded out the top five markets with one-bedroom rent increasing 3.5% to $2,090.
Cities with the Highest Annual Growth in One-Bedroom Rent Rates
–Saskatoon, SK experienced the largest annual rent price growth rate, up 2.4%.
–London, ON saw rent climb 1.8%, making it second.
–Winnipeg, MB ranked as third with rent increasing 1.4% annually.
Cities with The Largest Annual Decline in One-Bedroom Rent Rates
–Toronto, ON continued to lead the nation in annual rent decline with one-bedroom rent falling 12%.
–Barrie, ON placed second with rent dropping 10.8% since this time last year.
–Kitchener, ON was third with rent dipping 9.5%.
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 | 0.00% | -7.10% | $3,450 | -1.10% | -9.20% |
| 2 | 0 | Burnaby, BC | $2,300 | -3.40% | -7.30% | $2,930 | 1.00% | -7.30% |
| 3 | 0 | Toronto, ON | $2,200 | -0.90% | -12.00% | $2,800 | -0.40% | -12.50% |
| 4 | 0 | Halifax, NS | $2,100 | 0.00% | 0.00% | $2,620 | 0.40% | -1.50% |
| 5 | 0 | Victoria, BC | $2,090 | 3.50% | -3.20% | $2,700 | -3.20% | -5.30% |
| 6 | 0 | Ottawa, ON | $1,980 | 0.00% | -1.50% | $2,490 | -0.40% | -0.40% |
| 7 | 0 | Kelowna, BC | $1,850 | -2.10% | -8.00% | $2,380 | 0.00% | -2.90% |
| 8 | 2 | Kingston, ON | $1,830 | 4.60% | 0.00% | $1,980 | 5.90% | -8.80% |
| 9 | -1 | Oshawa, ON | $1,750 | -2.20% | -5.40% | $2,000 | 0.00% | -7.00% |
| 10 | 2 | Montreal, QC | $1,740 | 1.80% | 0.00% | $2,230 | 0.90% | -1.30% |
| 10 | -1 | Barrie, ON | $1,740 | -1.10% | -10.80% | $2,000 | -2.40% | -9.50% |
| 12 | 3 | London, ON | $1,730 | 4.80% | 1.80% | $2,060 | 4.60% | -3.70% |
| 13 | -3 | Kitchener, ON | $1,720 | -1.70% | -9.50% | $2,110 | -0.50% | -6.60% |
| 14 | -1 | Hamilton, ON | $1,700 | 0.00% | -1.70% | $1,950 | 0.00% | -7.10% |
| 14 | 0 | Calgary, AB | $1,700 | 1.80% | -4.50% | $2,080 | 4.00% | -3.70% |
| 16 | 0 | Abbotsford, BC | $1,650 | 1.90% | 0.60% | $2,230 | 1.40% | 6.20% |
| 17 | 0 | St.Catharines, ON | $1,550 | -1.90% | -8.30% | $1,870 | -1.60% | -1.60% |
| 18 | 0 | Winnipeg, MB | $1,500 | 2.70% | 1.40% | $1,830 | 5.80% | 5.20% |
| 19 | 0 | Windsor, ON | $1,410 | 0.70% | 0.70% | $1,660 | 2.50% | -1.80% |
| 19 | 1 | Quebec, QC | $1,410 | 6.00% | -0.70% | $1,750 | 6.10% | 11.50% |
| 21 | -1 | Saskatoon, SK | $1,300 | -2.30% | 2.40% | $1,510 | -3.80% | 2.00% |
| 21 | -1 | Regina, SK | $1,300 | -2.30% | 0.00% | $1,610 | 0.60% | 5.20% |
| 21 | 2 | Edmonton, AB | $1,300 | -0.80% | -4.40% | $1,640 | -1.20% | 0.60% |
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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