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Increased housing costs have been a recurring theme across Canada over the last few years.
This has led the government to take multiple steps to help ease these costs over the next few years. These measures include a recent announcement by Prime Minister Trudeau promising an additional $15 billion CAD in federal loans for upcoming apartment construction projects, and a historic federal “Renters Bill of Rights”.
In light of the most recent of these steps aimed at improving Canada’s housing situation, CIC News has prepared this guide for readers to compare the cost of rent in Canada’s most popular cities.
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Methodology
This article will focus on comparing rental costs across Canada’s most populous metropolitan areas, as of April 2024.
Rental costs will be averaged out from several sources including the Canadian Housing and Mortgage Corporation (CHMC), relevant municipal and provincial sources, settlement agencies, online housing amalgamator platforms like rentals.ca, zumper.ca, and other news sources like CTV and Global News. The article will focus on three housing styles that are the most prevalent in Canada’s metropolitan areas: bachelor, one-, and two-bedroom apartment units.
Note that these are averages, at the time of writing, and are meant to provide an idea of trends in the market, which may vary depending on location within a city and the landlord/rental company that a newcomer may lease from.
To determine which areas to focus on, the article will use Statistics Canada’s information regarding metropolitan areas, as taken from the 2021 census. Results will be ordered from most to least populous metropolitan areas.
For more information on buying a house in Canada, visit our dedicated webpage here.
Toronto
Toronto is Canada’s most populous city, and metropolitan area, boasting some of the nation’s highest rental costs. Monthly rents averaged to the following:
Bachelor apartment units: $1,727 CAD;
One-bedroom apartment units: $2,507 CAD; and
Two-bedroom apartment units: $3,356 CAD.
Montreal
Montreal is another large metropolitan area in Canada but is often noted for its more affordable rents when compared to other cities in the country. Average monthly rents were:
Bachelor apartment units: $1,471CAD;
One-bedroom apartment units: $1,775 CAD; and
Two-bedroom apartment units: $2,281 CAD.
Vancouver
According to many sources, Vancouver—British Columbia’s biggest city—had the highest rental costs of any major metropolitan area in Canada. The results were as follows:
Bachelor apartment units: $2,331 CAD;
One-bedroom apartment units: $2,679 CAD; and
Two-bedroom apartment units: $3,668 CAD.
Ottawa
Ottawa is Canada’s capital city and the home of Canada’s parliament. Rents in the city were:
Bachelor apartment units: $1,620 CAD;
One-bedroom apartment units: $1,990 CAD; and
Two-bedroom apartment units: $2,465 CAD.
Calgary
Calgary is the largest city in Alberta and an increasingly popular metropolitan area for those in Canada due to the province’s lower tax rates. Rent prices were as follows:
Bachelor apartment units: $1,578 CAD;
One-bedroom apartment units: $1,885 CAD; and
Two-bedroom apartment units: $2,274 CAD.
Edmonton
Edmonton is the capital city of Alberta, boasting many of the same benefits as Calgary. Rental costs in the city included:
Bachelor apartment units: $1,046 CAD;
One-bedroom apartment units: $1,349 CAD; and
Two-bedroom apartment units: $1,635 CAD.
Quebec City
Quebec City is the capital of Quebec and one of the oldest cities in North America. After Montreal, Quebec’s largest metropolitan area. Rents were:
Bachelor apartment units: $1,048 CAD;
One-bedroom apartment units: $1,353 CAD; and
Two-bedroom apartment units: $1,713 CAD.
Winnipeg
Winnipeg is the capital city of Manitoba and the largest metropolitan area in the province. Rental prices were:
Bachelor apartment units: $971 CAD;
One-bedroom apartment units: $1,349 CAD; and
Two-bedroom apartment units: $1,735 CAD.
Hamilton
Hamilton is a city in Ontario with a growing population, housing multiple universities and residential areas. Average rents in the city included:
Bachelor apartment units: $1,459 CAD;
One-bedroom apartment units: $1,781 CAD; and
Two-bedroom apartment units: $2,116 CAD.
Kitchener
Kitchener is another large city in Ontario. Data from this selection also considered the cities of Waterloo and Cambridge, which together with Kitchener make up the municipality of Waterloo and Canada’s 10th largest metropolitan area. Average rents in the area were as follows:
Bachelor apartment units: $1,210 CAD;
One-bedroom apartment units: $1,833 CAD; and
Two-bedroom apartment units: $2,436 CAD.
London
London is a growing city in south-west Ontario, with a large student population. The city is a regional center in southern Ontario, especially around healthcare and education. Rents in the city were as follows:
Bachelor apartment units: $1,425 CAD;
One-bedroom apartment units: $1,799 CAD; and
Two-bedroom apartment units: $2,163 CAD.
Halifax
Halifax is the provincial capital of Nova Scotia and the province’s most populous city. The city is both an economic and population center in Atlantic Canada, with a growing newcomer population. Rental prices were:
Bachelor apartment units: $1,684 CAD;
One-bedroom apartment units: $1,971 CAD; and
Two-bedroom apartment units: $2,585 CAD.
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