May 2024 Rent Report Press Release

Average asking rents for all residential property types in Canada increased 9.3% year-over-year in April, reaching an average of $2,188 per month according to Rentals.ca and Urbanation’s latest National Rent Report. This rate of increase is an acceleration from the 8.8% annual increase recorded in March.

April also marked the three-year anniversary since rents hit their COVID-19 low in April 2021, with average rents having surged by a total of 32%, which translates to an additional $526 per month.

“The rental market in Canada has become increasingly fragmented, with expensive cities seeing rents soften and affordable markets experiencing a continued rapid escalation,” said Shaun Hildebrand, President of Urbanation. “Without a sufficient supply response, those affordable markets are at risk of quickly becoming unaffordable, leaving renters nowhere to turn.”

Average asking rents experienced a modest 0.3% month-over-month increase in April after seeing rents decrease slightly by 0.4% over the past three months. Purpose-built and condominium rental apartments saw an overall increase of 9.3% year-over-year in April. Purpose-built rentals outpaced condos with a growth rate of 13.1%, reaching an average of $2,124 per month. Condo rentals recorded a more modest growth rate of 3.8%, averaging $2,331 per month

Saskatchewan emerged as the provincial leader in annual rent growth, surpassing Alberta with an 18.4% increase in asking rents. Ontario was the only province to see a decrease in asking rents, with a 0.3% monthly decrease, and a 0.7% annual decrease to $2,404.

Edmonton maintained its position as the leader for rent growth among Canada’s largest cities, with a 13.3% increase to an average of $1,507. Vancouver and Toronto continued to see declines in average asking rents. Vancouver rents declined by 0.4% month-over-month, and 7.8% year-over-year to an average of $2,982, while Toronto rents were down by 0.9% monthly, and 2.3% annually to an average of $2,757.

Canada’s most expensive rental market remained North Vancouver, with asking rents for apartments averaging $3,190. Lloydminster posted the fastest annual rent growth in Canada, with asking rents up 26.7%. The second fastest was Waterloo (+18.7%), and Regina was the third fastest (17.6%).

Asking rents for shared accommodations increased by 9% annually, averaging $996 per month. Alberta led all provinces with an 11% year-over-year increase to $879. Toronto roommate rents declined 5% annually to an average of $1,269, while Vancouver rents for shared accommodations dipped 1% from a year ago to $1,450. Calgary saw asking rents for shared accommodations increase by 10% to an average of $908.