Canada Housing Market

Despite falling rents across much of the country, several Canadian cities remain extremely expensive for renters.

According to the Rentals.ca March 2026 Rent Report, the average asking rent in Canada fell to $2,030, marking a 33-month low and the 17th consecutive month of annual rent declines nationwide.

However, some cities still command some of the highest rents in the country, particularly in British Columbia and the Greater Toronto Area.

Here are the Canadian cities with the highest average asking rents in 2026.

1. North Vancouver, British Columbia

Average rent: $2,969

North Vancouver remains the most expensive rental market in Canada according to the latest Rentals.ca data.

Average rents include:

• 1-bedroom: $2,465
• 2-bedroom: $3,330

While prices declined slightly year-over-year (-6.1%), the city remains the country’s priciest rental market.

2. Vancouver, British Columbia

Average rent: $2,672

Vancouver continues to rank among the most expensive rental markets in Canada despite recent price declines.

Average rents include:

• 1-bedroom: $2,376
• 2-bedroom: $3,289

Rents in Vancouver declined 5.6% year-over-year, reflecting broader cooling across the B.C. rental market.

3. North York, Ontario

Average rent: $2,524

Located in Toronto, North York remains one of the most expensive areas for renters in Canada.

Average rents include:

• 1-bedroom: $2,119
• 2-bedroom: $2,689

Prices declined slightly 2.6% year-over-year.

4. Burnaby, British Columbia

Average rent: $2,517

Burnaby continues to rank among the most expensive rental markets in Metro Vancouver.

Average rents include:

• 1-bedroom: $2,099
• 2-bedroom: $2,788

Rents in the city fell 11.3% year-over-year, showing how quickly markets can adjust after rapid price increases.

5. Coquitlam, British Columbia

Average rent: $2,513

Another Metro Vancouver suburb, Coquitlam remains among Canada’s most expensive places to rent.

Average rents include:

• 1-bedroom: $2,051
• 2-bedroom: $2,750

Rents declined 12.7% year-over-year.

6. Toronto, Ontario

Average rent: $2,482

Toronto remains one of Canada’s largest and most competitive rental markets.

Average rents include:

• 1-bedroom: $2,201
• 2-bedroom: $2,857

Prices fell 6.7% year-over-year, though some unit types saw modest monthly increases.

7. Oakville, Ontario

Average rent: $2,456

Oakville remains among Canada’s most expensive rental markets despite experiencing one of the largest rent declines in the country (-14.6%) over the past year.

8. Kanata, Ontario

Average rent: $2,405

Part of the Ottawa metropolitan area, Kanata remains one of the most expensive rental markets outside Canada’s largest cities.

9. Etobicoke, Ontario

Average rent: $2,375

Etobicoke continues to rank among the highest-priced rental markets in the Greater Toronto Area.

10. Mississauga, Ontario

Average rent: $2,373

Mississauga rounds out the list of Canada’s most expensive rental markets.

Average rents include:

• 1-bedroom: $2,077
• 2-bedroom: $2,478

Prices declined 6.8% year-over-year.

Halifax Is Rising in Canada’s Rental Rankings

The report also shows Halifax climbing in Canada’s most expensive rental market rankings, with average rents reaching $2,269 in February 2026.

The city now ranks among the top 20 most expensive rental markets in Canada, reflecting strong population growth and limited housing supply.

What This Signals for Canada’s Rental Market

Even as national rents fall, Canada’s most expensive markets remain concentrated in:

• Metro Vancouver
• Greater Toronto Area
• Rapid-growth cities like Halifax

These regions continue to experience strong demand driven by population growth, immigration, and limited housing supply.

Although prices are cooling slightly in some cities, renting in many of Canada’s largest housing markets remains extremely expensive by historical standards.

References

Rentals.ca & Urbanation. (2026, March). Rents in Canada Decline for 17th Consecutive Month