Canada Housing Market

In Canada, the cost of renting one-bedroom apartments varies widely from busy cities to quieter suburbs. This analysis examines these diverse rental prices across provinces and cities, giving potential tenants insights into housing affordability and options available across Canada.

Here is the average cost monthly to rent a one bedroom in each city:

Rentals in 2024
Looking ahead to 2024, the Canadian rental market is anticipated to maintain its undersupply, yet a degree of balance is expected to emerge, with rent growth converging toward the five-year average of approximately 5%.

Rental demand is projected to stay robust, albeit with a slight moderation compared to 2023. This adjustment is attributed to a slowing economy, a decrease in non-permanent residents, and an uptick in homebuying activity as interest rates decline.

Additionally, an increase in apartment completions and higher tenant turnover in the coming year are anticipated to contribute to a short-term boost in supply, helping to mitigate rent growth.

Regions with more affordable housing, such as those in Alberta, are likely to see rent increases surpassing the national average, while pricier markets, such as those in B.C. and Ontario, are expected to experience rent hikes below the national average.

Source: January 2024 Rentals.ca Report – check out this link to read the full report