Vancouver remains the most expensive city to rent an apartment in Canada heading into 2025.
Rentals.ca has released its January 2025 Rent Report, which ranks the average asking rents for one- and two-bedroom units across the country.
The report's authors write that prices were down at the end of 2024 by 3.2 per cent from the end of 2023, falling to a 17-month low of $2,109 in December.
"The decline in rents last year followed growth of 8.6% in 2023 and 12.1% in 2022, representing the first time that rents experienced an annual decrease since the COVID-19 pandemic in 2020 when rents fell 5.4 per cent," they write.
Vancouver is Canada's priciest market for renting a one-bedroom apartment, with prices averaging $2,512, and the most expensive place to rent a two-bedroom, with prices averaging $3,430. However, the cost for renting either unit dropped year over year, with prices down -0.9 per cent and -6.3 per cent, respectively (see slides two through four).
Another Metro Vancouver city, Burnaby, is the country's second most expensive market, with one-bedrooms averaging $2,366 and two-bedrooms averaging $3,055.
Cities in Ontario dominated the rental list, with seven cities in Canada's top 10 most expensive cities.
Ontario's largest city ranked third on the list with one-bedrooms in Toronto averaging just shy of Burnaby's at $2,360. However, two-bedrooms averaged more than Burnaby's, at $3,077.
Mississauga, Ontario ranked fourth, with one-bedrooms averaging $2,263 and two-bedrooms averaging $2,691.
North York, Ontario rounded out the top five, with its one-bedrooms averaging $2,240 and two-bedrooms averaging $2,691.
More Ontario cities dominate top 10 list
Etobicoke, Ontario came sixth, with one-bedrooms averaging $2,197 and two-bedrooms averaging $2,775. Burlington, Ontario landed in seventh, with one-bedrooms averaging $2,190 and two-bedrooms averaging $2,529.
Brampton was the eighth priciest city, with one-bedrooms averaging $2,103 and two-bedrooms averaging $2,338.
Another B.C. city ranked ninth. Victoria's one-bedrooms averaged $2,082. However, its two-bedrooms averaged higher than Burlington, Brampton, or Guelph's, at $2,774.
Guelph, Ontario rounded out the top 10, with one-bedrooms averaging $2,039 while its two-bedrooms averaged $2,361.
Rentals.ca uses data from vacant units on its Network of Internet Listings Services (ILS) to reflect current market trends. Rental units listed for over $5,000 or under $500 were removed.
