Record-High Average Rent Hits Canada in 2024

Canada’s rental prices reached a record high in January 2024, with the average rent climbing to $2,196. This represents a 10% increase compared to the previous year, according to Rentals.ca.
Vancouver remained the most expensive city, with a one-bedroom apartment averaging $2,700, followed by Burnaby at $2,600 and Toronto at $2,521.

Overall, rental prices in Canada have grown by 22% in just two years, which equals an average increase of $390 per month.
After rising by 4.6% in 2021 and 12.1% in 2022, rents went up another 8.6% in 2023, showing a steady upward trend.

Why Are Rents Increasing So Quickly?

Rent in Canada has been rising for multiple reasons.
First, the country’s population has grown rapidly, reaching a historic high.
Additionally, buying a home has become more difficult because of high interest rates and rising property prices.
Together, these pressures push more people into the rental market, which increases demand and drives rents even higher.

Average Rent in Canada in 2024

Rental prices vary depending on the city and the type of property.
In November 2023, the average rent for all property types across Canada was $2,149.
Not surprisingly, large cities tend to be the most expensive. The top five priciest places to rent were:

• Vancouver
• Toronto
• Mississauga
• North York
• Brampton

Where Can You Find the Cheapest Rent in Canada?

On the other hand, smaller cities and rural areas usually offer more affordable rental options.
Cities such as Saskatoon, Regina, Edmonton, Quebec City, and Winnipeg are known for lower rents compared to major metropolitan areas.

However, local housing demand, property type (such as apartments vs. detached homes), and location within a city all influence rental prices.
Therefore, costs can still vary even within the same region.

Province-Wise Average Rent in Canada

Rental trends also differ across provinces:

• British Columbia had the highest average apartment rent at $2,500 in December 2023, despite a 1.4% decrease from the previous year. In contrast, rents grew by 18.5% in 2022.
• Ontario followed with an average rent of $2,446. Growth slowed to 3.7% in 2023, down from 15.5% in 2022.
• Quebec saw rents rise by 10% in 2023, compared to 6.9% in 2022, reaching an average of $1,953.
• Nova Scotia, which experienced a massive 31.4% increase in 2022, recorded a 2.4% drop in 2023, bringing the average rent to $2,129.

Get in touch with SPS Canada

Receive professional advice on any of your questions regarding Canadian immigration. get in touch with us, experienced immigration consultants from SPS Canada. For additional information, contact support@spscanada.com (Canada) or support.amd@spscanada.com

(Ahmedabad), or by phone at (1) 905-362-9393 (Canada) or +919586226232 (Ahmedabad).