Toronto 
The Canadian rental market has experienced a notable surge, with average asking rent for all property types rising 10.8% annually in March to $2,004, according to the latest National Rent Report by Rentals.ca and Urbanation.
Rentals.ca
The past year saw an increase of $196 in average asking rents, highlighting the growing demand for rental housing and insufficient supply in the country.
Private room and shared-accommodation rentals gained popularity as rents soared over the past year.
The average asking rent for single room rentals in Canada was $834 in March, with British Columbia and Ontario having the highest rents at $1,053 and $934, respectively. In Vancouver and Toronto, single room asking rents averaged $1,410 and $1,309.
Rentals.ca April 2023 Rent Report
Shaun Hildebrand, president of Urbanation, attributes this to a record population growth of over 1 million people in the past year and decreased homeownership affordability due to the interest rate spike last year. He anticipates further pressure on rents in the coming months as supply struggles to keep up with demand.
Vancouver leads the list of 35 cities for average monthly rent. In March, a one-bedroom home’s average monthly rent was $2,743, while a two-bedroom was $3,653. Toronto ranked second for one- and two-bedroom homes with average monthly rents of $2,506 and $3,286, respectively. Meanwhile, Montreal stood at 24th place for one-bedroom homes ($1,619) and 20th for two-bedroom homes ($2,155).
Purpose-built and condominium apartments
Average rents for purpose-built and condominium apartments increased 10.9% year-over-year and 1.5% month-over-month to $1,937 in March. For the second consecutive month, two-bedroom average rents had the fastest growth, increasing 10.7% annually to $2,127, while one-bedroom average rents rose 10.1% to $1,749.
Calgary saw the fastest increasing rents among Canada’s largest cities for condominium rentals and apartments in March, with a 24.9% year-over-year increase to $1,890. Toronto and Vancouver followed with annual rent growth of 22.4% and 18.7%, respectively. Ottawa, Edmonton, and Montreal saw increases of 15.4%, 11.2%, and 10.9% for condominium rentals and apartments.
The Greater Toronto Area saw the highest average rents for purpose-built and condominium apartments in Oakville ($2,648), Etobicoke ($2,587), and Mississauga ($2,549). In British Columbia, Burnaby ($2,866), Coquitlam ($2,813), and Richmond ($2,636) led the list.
Ontario’s medium-sized cities experienced the fastest-growing annual rent increases, with Scarborough and Brampton leading the list due to high levels of immigration. Annual average rents in Scarborough rose 34.9%, while Brampton saw a 29.1% increase.
Nova Scotia had the fastest-growing annual average rents among the provinces at 20.8% ($2,167) for condominium rentals and apartments in March. Ontario followed with a 17.1% increase ($2,401). Alberta and British Columbia saw nearly identical increases of 13.4% and 13.2%, respectively.
Rentals.ca April 2023 Rent Report
The National Rent Report analyzes monthly, quarterly, and annual rental market rates and trends on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada. Urbanation, a Toronto-based real estate research firm, analyzes Rentals.ca Network data and writes the report.
