Softening conditions persist in the priciest rental markets
Vancouver, BC remained the country’s most expensive rental market, with median one-bedroom rent at $2,400. However, rent fell 5.9% year-over-year, reflecting elevated inventory levels and renter affordability limits weighing on pricing.
Burnaby, BC followed closely at $2,240, with one-bedroom rent down 3.9% annually.
In Toronto, ON, the median one-bedroom rent held steady month-over-month at $2,150, but was down a notable 9.7% year-over-year, the steepest decline across the nation. A surge of new supply combined with slower household formation has meaningfully eased competition.
Meanwhile, Kingston, ON and Halifax, NS stood out among higher-priced markets, with one-bedroom rents growing 26.2% and 8.8% year-over-year, respectively. This rent growth highlights how markets with limited new construction remain sensitive to even modest demand growth, allowing rents to rise despite softer national conditions.
National Canadian rents continue annual declines for 15 consecutive months
The Canadian national rent index remained negative on an annual basis for the 15th consecutive month. One-bedroom rent was down 4.7% annually to $1,776, while two-bedrooms decreased 5.1% to $2,196.
This prolonged softness reflects a convergence of factors easing demand pressure nationwide. Elevated levels of new rental supply, typical seasonal slowdowns, and persistently high interest rates, among broader economic uncertainty, are slowing new household formation. At the same time, affordability constraints and moderating population growth, driven in part by international student caps and changes to temporary resident inflows, are further tempering competition. Together, these forces have shifted leverage back toward renters, particularly in larger, inventory-rich markets.
Biggest Movers: Annual Growth
Smaller and more supply-constrained cities dominated annual rent growth:
- Kingston, ON +26.2%
Kingston saw the largest annual increase nationwide, driven by limited rental inventory and steady demand from students and professionals.
2. Saskatoon, SK +11.5%
Saskatoon’s growth reflects tight vacancy and relatively affordable starting rents, which continue to attract renters priced out of larger Prairie and Ontario markets.
3. Halifax, NS +8.8%
Halifax’s strong population growth and limited construction pipelines continue to push rents higher despite broader national cooling.
Biggest Movers: Annual Declines
Canada’s biggest and most expensive markets led the downside:
- Toronto, ON -9.7%
A flood of new rental completions and softer demand have reshaped pricing dynamics in the country’s largest rental market.
2. Kelowna, BC -8.8%
Kelowna’s cooling follows several years of rapid pandemic-era growth, with affordability pressures now limiting further increases.
3. Edmonton, AB -8.7%
Increased supply and easing migration pressures have cooled rents after a period of strong momentum in Edmonton.
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 | $2,400 | -2.00% | -5.90% | $3,350 | 1.50% | -3.20% |
| 2 | 0 | Burnaby, BC | $2,240 | -0.40% | -3.90% | $2,800 | 0.00% | -3.40% |
| 3 | 0 | Toronto, ON | $2,150 | 0.00% | -9.70% | $2,750 | 0.00% | -6.80% |
| 4 | 0 | Kingston, ON | $2,120 | 0.00% | 26.20% | $2,500 | 5.90% | 28.90% |
| 5 | 0 | Halifax, NS | $2,100 | 0.00% | 8.80% | $2,470 | -1.20% | 2.90% |
| 6 | 1 | Victoria, BC | $1,960 | 0.50% | -5.30% | $2,570 | 0.80% | -6.90% |
| 7 | -1 | Ottawa, ON | $1,900 | -3.10% | -4.50% | $2,410 | 0.40% | 0.40% |
| 8 | 2 | Barrie, ON | $1,790 | 1.70% | -8.70% | $2,000 | 0.00% | -3.40% |
| 9 | 1 | Montreal, QC | $1,770 | 0.60% | 1.10% | $2,200 | 0.00% | -2.20% |
| 10 | -2 | Kelowna, BC | $1,760 | -2.20% | -8.80% | $2,290 | 3.20% | -0.90% |
| 11 | -2 | Kitchener, ON | $1,750 | -2.20% | -1.10% | $2,010 | 0.50% | -6.10% |
| 12 | 1 | Hamilton, ON | $1,720 | 1.80% | 3.60% | $1,980 | 1.00% | 0.00% |
| 13 | -1 | Oshawa, ON | $1,670 | -1.80% | -6.70% | $2,000 | 1.50% | -3.40% |
| 14 | 0 | Calgary, AB | $1,620 | -0.60% | -5.80% | $1,950 | 1.00% | -3.50% |
| 15 | 0 | London, ON | $1,600 | 0.60% | -7.50% | $1,950 | 0.00% | -7.60% |
| 16 | -1 | Abbotsford, BC | $1,590 | 0.00% | -0.60% | $2,000 | -2.90% | 2.60% |
| 17 | 0 | St.Catharines, ON | $1,520 | 0.70% | -7.90% | $1,870 | -0.50% | -3.60% |
| 18 | 0 | Windsor, ON | $1,420 | 1.40% | -0.70% | $1,660 | 5.10% | 0.60% |
| 19 | 0 | Saskatoon, SK | $1,360 | -0.70% | 11.50% | $1,600 | 1.90% | 11.10% |
| 19 | 1 | Winnipeg, MB | $1,360 | 0.00% | -2.90% | $1,700 | -0.60% | -5.60% |
| 21 | 0 | Quebec, QC | $1,320 | -1.50% | -5.70% | $1,720 | 6.20% | -6.50% |
| 22 | 1 | Regina, SK | $1,280 | -0.80% | 0.80% | $1,450 | -4.60% | 0.70% |
| 23 | -1 | Edmonton, AB | $1,260 | -3.80% | -8.70% | $1,590 | -2.50% | -5.40% |
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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