June 2024 Rent Report Press Release

TORONTO – June 6, 2024 – Average asking rents for all residential property types in Canada increased 9.3% year-over-year in May, reaching an average of $2,202 per month according to Rentals.ca and Urbanation’s latest National Rent Report. This rate of increase is consistent with the annual growth rate recorded in April and reflects an average annual growth of 9.1% over the past three years. Despite rent declines experienced during 2020 and 2021, the latest five-year average annual growth for asking rents was 4.7%.

“Canada’s rental market is entering the peak summer season with continued strength,” said Shaun Hildebrand, President of Urbanation. “ Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases.”

All provinces recorded annual increases in apartment rents for purpose-built and condo rentals in May. Ontario saw a 0.6% gain after recording a 0.7% annual decrease in April, with rents reaching an average of $2,423. Apartment rent growth in B.C. increased from a 1.6% annual pace in April to a 2.3% annual pace in May, with rents averaging the highest of all provinces at $2,526. Both Ontario and B.C. recorded month-over-month rent increases in May of 0.7% and 0.8%, respectively.

Quebec was the only province to record a month-over-month decline in apartment rents during May, dipping 0.6% from April to an average of $1,999, although asking rents in Quebec were still up 6.7% from last year.

Asking rents for apartments in Vancouver and Toronto continued to decline on an annual basis in May, however less than in April. Toronto apartment rents decreased 0.9% year-over-year in May (compared to a 2.3% annual decline in April) to an average of $2,784, while Vancouver rents were down 4.1% from a year ago

Edmonton continued as the leader in rent growth among Canada’s largest cities, posting a 14.6% annual increase in asking rents for apartments. Despite increasing by nearly twice the amount in Calgary (+7.6%) over the past year, Edmonton's average asking rents for apartments remained significantly less expensive ($1,507 vs. $2,089).

Three provinces continued to drive the majority of annual rent inflation for apartments in Canada: Nova Scotia (+17.1% to $2,238), Alberta (+17.5% to $1,787), and Saskatchewan (+21.4% to $1,334). All three provinces saw rents rise by at least 2% on a month-over-month basis.

Asking rents for shared accommodations increased 8.4% annually in May across four provinces with listings during May, reaching an average of $992.