Vancouver remains Canada's most expensive rental market, despite prices remaining flat month-over-month.
Zumper has released its February 2025 Canadian Rent Report Index, which shows average prices on Canadian one- and two-bedroom rentals have decreased for the fourth consecutive month. One-bedroom rent prices decreased 0.4 per cent to $1,856, while two-bedrooms dropped 0.7% to $2,297.
Year-over-year, one and two-bedroom rents decreased by 1.5 per cent and 1.7 per cent, respectively.
The company analyzes 23 of Canada's largest cities to pull insights on rental trends.
The report's authors say myriad factors contributed to a downward trend in Canada's rental market. One of these is a surge in rental completions, increasing the supply of available units by nearly double since 2018.
Government incentives to create more housing have expanded options for renters, "easing the historically tight market conditions." This trend is particularly pronounced in Vancouver and Toronto, where building completions have outpaced population growth.
In Vancouver, the average price of one and two-bedroom units stayed stable month-over-month, at $2,550 and $3,460, respectively (see slides one and two).
Another B.C. city, Burnaby, followed Vancouver in second place, with the cost of its one-bedroom units increasing by three per cent to $2,400 and surpassing Toronto for the first time in the ranking. Two-bedroom units also increased by 3.4 per cent since last month to $3,000.
Toronto rounded out the top three priciest cities, with its one-bedroom units decreasing by 3.4 per cent to $2,300. However, the city's two-bedroom units increased in price, rising by two per cent to $3,010.
B.C. and Ontario cities dominate Canada's most expensive rental market
A third B.C. city, Victoria, was the fourth most expensive city to rent in even though rents went down.
One-bedrooms decreased by 1.9 per cent and averaged $2,030 in February. Two-bedroom rentals decreased by 1.8 per cent to $2,710.
Halifax was the fifth priciest rental market, with one-bedrooms averaging $2,010 and two-bedrooms averaging $2,400. Prices for one-bedrooms increased by 4.1 per cent this month over last and two-bedrooms remained flat.
Ottawa was the sixth most expensive market, with one-bedrooms averaging $1,990 and two-bedrooms averaging $2,400. Another Ontario city, Barrie, followed in seventh, with its one-bedroom units averaging $1,960 and two-bedrooms averaging $2,400.
B.C.'s Kelowna had the eighth priciest market, with one-bedrooms decreasing by a modest one per cent to $1,900 and two-bedrooms increasing 0.4 per cent to $2,320.
Another pair of Ontario cities rounded out the 10 most expensive places to rent in the country. Oshawa's one-bedrooms averaged $1,790 and two-bedrooms averaged $2,160. Meanwhile, Kitchener's one-bedrooms averaged $1,790 and two-bedrooms averaged $2,100.
