executive summary

Rent Increases Slowed in Q4

In the latter portion of 2023, rent increases slowed, ending with an overall Canada wide decrease of 0.2% for the year. Ontario saw a relatively flat rent increase of 3.3% for the year. While rent increases slowing in Q4 is a normal trend due to seasonality, the extent of the slowdown was more than the previous 5 years, indicating a shift in market conditions and a possible breaking point in affordability and tenant budgets.

Vancouver & Toronto Lead in Unaffordability

Unsurprisingly, BC led the country with the highest average rents, heavily buoyed by Vancouver rates. Naturally, Ontario was second, with Toronto rents continuing to climb, reaching and surpassing pre-covid levels.

Affordability is Getting Better in Tier 2 & 3 Cities

The average rent to income ratio actually dropped from 37% to 34%, possibly driven by higher salaries, as average rents have continued to rise (albeit slower than 2022). Some smaller markets saw rent decreases and an increase in average salaries, leading to niche affordability shifts and a more balanced rental market.

Oversupply of Rental Listings in Some Markets

Oversaturation of markets is starting to be seen, as months of increased listing coming to market was coupled with low amounts of properties leased out. This has created longer times to lease, as well as a stalling of rent increases and even an expectation of rent decreases in some markets.

rent rates by province

60%+ of
income to rent
50-60% of
income to rent
40-50% of
income to rent
30-40% of
income to rent
20-30% of
income to rent
<20% of
income to rent
scroll right / left to see full table
City Individual Affordability Affordability Ratio Household Affordability Affordability Ratio
Toronto 124% 0.8 : 1 99% 1 : 1
Vancouver 119% 0.8 : 1 92% 1.1 : 1
Kitchener/Waterloo/Cambridge 84% 1.2 : 1 43% 2.3 : 1
Victoria 82% 1.2 : 1 49% 2 : 1
Abbotsford 65% 1.5 : 1 45% 2.2 : 1
Kelowna 65% 1.5 : 1 45% 2.2 : 1
Niagara/St. Catherines 70% 1.4 : 1 41% 2.4 : 1
Guelph 81% 1.2 : 1 43% 2.3 : 1
Halifax 85% 1.2 : 1 48% 2.1 : 1
Hamilton 78% 1.3 : 1 42% 2.4 : 1
Peterborough 78% 1.3 : 1 45% 2.2 : 1
Montreal 78% 1.3 : 1 46% 2.2 : 1
Ottawa 68% 1.5 : 1 35% 2.8 : 1
Belleville 74% 1.4 : 1 42% 2.4 : 1
Kingston 75% 1.3 : 1 41% 2.4 : 1
Calgary 81% 1.2 : 1 36% 2.8 : 1
London 72% 1.4 : 1 42% 2.4 : 1
Brantford 77% 1.3 : 1 41% 2.4 : 1
Sarnia 62% 1.6 : 1 35% 2.8 : 1
Sault Ste. Marie 67% 1.5 : 1 #N/A #N/A
Windsor 65% 1.5 : 1 #N/A #N/A
Moncton 63% 1.6 : 1 39% 2.5 : 1
Trois-Rivières #N/A #N/A #N/A #N/A
Winnipeg 53% 1.9 : 1 34% 2.9 : 1
Sudbury 57% 1.7 : 1 34% 2.9 : 1
Sherbrooke 44% 2.3 : 1 29% 3.4 : 1
Edmonton 56% 1.8 : 1 28% 3.5 : 1
Thunder Bay 54% 1.9 : 1 34% 2.9 : 1
Regina 54% 1.9 : 1 28% 3.6 : 1
Saskatoon 54% 1.9 : 1 32% 3.2 : 1

affordability

Province Median Rent (Q4 2023) Median Rent (Q3 2023) Median Rent (Q4 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Alberta $1,881 $1,750 $1,750 7.5% 7.5%
British Columbia $2,680 $2,650 $2,500 1.1% 7.2%
Manitoba $1,450 $1,350 $1,480 7.4% -2.0%
New Brunswick 1475 $1,465 $1,500 0.7% -1.7%
Newfoundland $1,595 $1,450 $1,498 10.0% 6.5%
Nova Scotia $2,195 $2,200 $1,995 -0.2% 10.0%
Northwest Territories $1,952 $1,775 $1,695 10.0% 15.2%
Ontario $2,478 $2,325 $2,400 6.6% 3.3%
Prince Edward Island $1,820 $1,850 $1,900 -1.6% -4.2%
Quebec $1,495 $1,550 $1,450 -3.5% 3.1%
Saskatchewan $1,450 $1,305 $1,300 11.1% 11.5%
All Canada $2,095 $1,950 $2,100 7.4% -0.2%

average days-on-market

rental market absorption

3 bed – all dwellings

City Three Bedroom Median Rent Last Quarter Rent (Q3 2023) Last Year Rent (Q4 2022) Quarter-Over-Quarter Rent % Change Year-Over-Year Rent % Change
Abbotsford $2,600 $2,650 $2,500
-1.9%
4%
Airdrie $2,475 $2,600 $2,175
-4.8%
13.8%
Barrie $2,550 $2,600 $2,500
-1.9%
2%
Belleville $2,400 $2,400 $2,400

0.0%

0.0%
Brampton $3,000 $3,200 $2,900
-6.3%
3.4%
Brandon $1,549 $1,498 $1,400
3.4%
10.6%
Brantford $2,400 $2,499 $2,445
-4%
-1.8%
Burlington $3,390 $3,300 $3,000
2.7%
13%
Burnaby $3,458 $3,800 $3,710
-9%
-6.8%
Calgary $2,400 $2,580 $2,200
-7%
9.1%
Charlottetown $2,250 $2,500 $2,200
-10%
2.3%
Coquitlam $3,600 $3,600 $2,950

0.0%
22%
Edmonton $1,895 $1,900 $1,700
-0.3%
11.5%
Etobicoke $3,265 $3,375 $3,498
-3.3%
-6.7%
Fredericton $2,150 $2,100 $1,800
2.4%
19.4%
Guelph $2,838 $2,995 $2,800
-5.2%
1.4%
Halifax $2,750 $2,858 $2,500
-3.8%
10%
Hamilton $2,700 $2,700 $2,550

0.0%
5.9%
Kamloops $2,600 $2,775 $2,588
-6.3%
0.5%
Kanata $2,528 $2,535
-0.3%
 N/A
Kelowna $2,800 $3,000 $2,900
-6.7%
-3.4%
Kingston $2,600 $2,500 $2,450
4%
6.1%
Kitchener $2,850 $2,800 $2,795
1.8%
2%
Laval $2,400 $2,000 $1,400
20%
 N/A
Lethbridge $1,895 $1,555 $1,550
21.9%
22.3%
London $2,500 $2,500 $2,495

0.0%
0.2%
Markham $3,490 $3,462 $3,000
0.8%
16.3%
Milton $3,498 $3,250 $2,950
7.6%
18.6%
Mississauga $3,325 $3,325 $3,000

0.0%
10.8%
Moncton $2,100 $1,921 $1,800
9.3%
16.7%
Montreal $2,573 $2,200 $2,200
17%
17%
Nepean $2,306 $2,400 $2,300
-3.9%
0.3%
Niagara Falls $2,472 $2,300 $2,400
7.5%
3%
North Vancouver $4,800 $4,820 $4,362
-0.4%
10%
North York $3,175 $3,299 $3,000
-3.8%
5.8%
Oakville $3,550 $3,500 $3,395
1.4%
4.6%
Oshawa $2,683 $2,700 $2,600
-0.6%
3.2%
Ottawa $2,600 $2,550 $2,350
2%
10.6%
Peterborough $2,600 $2,699 $2,500
-3.7%
4%
Quebec City $1,595 $1,658 $1,590
-3.8%
0.3%
Red Deer $1,700 $1,785
-4.8%
 N/A
Regina $1,800 $1,789 $1,500
0.6%
20%
Richmond $3,600 $3,980 $3,150
-9.5%
14.3%
Sarnia $2,195 $2,098 $2,500
4.6%
-12.2%
Saskatoon $1,985 $1,900 $1,800
4.5%
10.3%
Scarborough $3,000 $3,000 $2,899

0.0%
3.5%
Sherbrooke $1,550 $1,550 $1,442

0.0%
7.5%
St. Catharines $2,300 $2,375 $2,300
-3.2%

0.0%
Sudbury $2,250 $2,300 $2,100
-2.2%
7.1%
Thunder Bay $2,150 $2,000 $1,800
7.5%
19.4%
Toronto $6,000 $5,800 $5,725
3.4%
4.8%
Trois-Rivieres $1,412 $1,350 $1,200
4.6%
17.7%
Vancouver $5,750 $5,800 $5,000
-0.9%
15%
Vaughan $3,775 $3,750 $3,400
0.7%
11%
Victoria $3,300 $3,500 $3,675
-5.7%
-10.2%
Waterloo $2,900 $2,950 $2,895
-1.7%
0.2%
Welland $2,295 $2,200 $2,100
4.3%
9.3%
Winnipeg 1950 1868 1700
4.4%
14.7%

2 bed – all dwellings

City Two Bedroom
Median Rent		 Last Quarter Rent (Q3 2023) Last Year Rent (Q4 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Abbotsford $1,800 $1,800 $1,600

0.0%
12.5%
Airdrie $1,839 $1,800 $1,600
2.2%
14.9%
Barrie $1,995 $2,100 $1,950
-5%
2.3%
Belleville $1,950 $2,000 $1,925
-2.5%
1.3%
Brampton $2,125 $2,000 $1,900
6.3%
11.8%
Brandon $1,025 $1,150 $998
-10.9%
2.7%
Brantford $2,065 $1,950 $1,850
5.9%
11.6%
Burlington $2,756 $2,834 $2,800
-2.8%
-1.6%
Burnaby $3,138 $3,183 $2,925
-1.4%
7.3%
Calgary $2,100 $2,105 $1,700
-0.2%
23.5%
Charlottetown $1,817 $2,100 $1,800
-13.5%
0.9%
Coquitlam $2,710 $2,722 $2,500
-0.4%
8.4%
Edmonton $1,575 $1,500 $1,350
5%
16.7%
Etobicoke $2,806 $2,789 $2,900
0.6%
-3.2%
Fredericton $1,550 $1,600 $1,450
-3.1%
6.9%
Guelph $2,395 $2,399 $2,275
-0.2%
5.3%
Halifax $2,475 $2,350 $2,000
5.3%
23.8%
Hamilton $2,100 $2,100 $2,000

0.0%
5%
Kamloops $1,900 $2,198 $2,000
-13.6%
-5%
Kanata $2,235 $2,375 $1,999
-5.9%
11.8%
Kelowna $2,148 $2,400 $2,095
-10.5%
2.5%
Kingston $1,997 $2,046 $1,900
-2.4%
5.1%
Kitchener $2,253 $2,250 $2,250
0.1%
0.1%
Laval $1,990 $1,800 $1,358
10.6%
46.5%
Lethbridge $1,475 $1,342 $1,250
9.9%
18%
London $1,850 $1,870 $1,900
-1.1%
-2.6%
Milton $2,750 $2,225 $2,000
23.6%
37.5%
Mississauga $2,885 $2,800 $2,300
3%
25.4%
Moncton $1,560 $1,538 $1,300
1.4%
20%
Montreal $2,150 $1,949 $1,750
10.3%
22.9%
Nanaimo $2,095 $1,995 $1,975
5%
6.1%
Nepean $2,125 $2,000 $1,950 N/A
9%
Niagara Falls $1,900 $1,895 $1,800
0.3%
5.6%
North Bay $2,008 $1,905 $1,550
5.4%
29.5%
North Vancouver $3,800 $3,700 $3,295
2.7%
15.3%
North York $2,699 $2,800 $2,548
-3.6%
5.9%
Oakville $2,810 $2,903 $2,700
-3.2%
4.1%
Oshawa $2,125 $2,000 $1,950
6.3%
9%
Ottawa $2,350 $2,300 $2,125
2.2%
10.6%
Peterborough $1,960 $1,990 $2,000
-1.5%
-2%
Quebec City $1,295 $1,440 $1,050
-10.1%
23.3%
Red Deer $1,300 $1,300 N/A

N/A

N/A
Regina $1,405 $1,350 $1,176
4.1%
19.5%
Richmond $3,000 $3,102 $2,500
-3.3%
20%
Sarnia $1,705 $1,640 $1,690
4%
0.9%
Saskatoon $1,500 $1,325 $1,300
13.2%
15.4%
Sault Ste. Marie $1,595 $1,576 $1,500
1.2%
6.3%
Scarborough $2,718 $2,620 $2,402
3.7%
13.2%
Sherbrooke $1,350 $1,292 $1,100
4.5%
22.7%
St. Catharines $1,900 $1,874 $1,800
1.4%
5.6%
Sudbury $1,695 $1,722 $1,600
-1.6%
5.9%
Summerside $1,701 $1,800 $1,500
-5.5%
13.4%
Surrey $2,100 $2,100 $2,200

0.0%
-4.5%
Thunder Bay $1,850 $1,640 $1,550
12.8%
19.4%
Toronto $3,300 $3,300 $2,950

0.0%
11.9%
Trois-Rivieres $1,100 $1,205 $1,100
-8.7%

0.0%
Vancouver $3,625 $3,600 $3,500
0.7%
3.6%
Vaughan $2,862 $2,700 $2,349
6%
21.8%
Victoria $2,675 $2,700 $2,620
-0.9%
2.1%
Waterloo $2,395 $2,300 $2,224
4.1%
7.7%
Welland $1,810 $1,695 $1,650
6.8%
9.7%
Windsor $1,814 $1,695 $1,700
7%
6.7%
Winnipeg $1,475 $1,450 $1,350
1.7%
9.3%

1 bed – all dwellings

City One Bedroom
Median Rent		 Last Quarter Rent (Q3 2023) Last Year Rent (Q4 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Abbotsford $1,350 $1,425 $1,300
-5.3%
3.8%
Airdrie $1,500 $1,300 $1,800
15.4%

N/A
Barrie $1,622 $1,600 $1,600
1.4%
1.4%
Belleville $1,575 $1,595 $1,400
-1.3%
12.5%
Brampton $2,145 $1,859 $1,595
15.4%
34.5%
Brandon $845 $820 $800
3%
5.6%
Brantford $1,635 $1,640 $1,395
-0.3%
17.2%
Burlington $2,205 $2,290 $1,975
-3.7%
11.6%
Burnaby $2,526 $2,600 $2,300
-2.8%
9.8%
Calgary $1,794 $1,771 $1,300
1.3%
38%
Charlottetown $1,100 $1,200 $1,325
-8.3%

N/A
Coquitlam $2,300 $2,325 $2,100
-1.1%
9.5%
Edmonton $1,295 $1,129 $975
14.7%
32.8%
Etobicoke $2,350 $2,349 $2,200

0.0%
6.8%
Fredericton $1,150 $1,285 $1,150
-10.5%

0.0%
Guelph $1,978 $1,900 $1,750
4.1%
13%
Halifax $1,795 $1,795 $1,380

0.0%
30.1%
Hamilton $1,745 $1,750 $1,600
-0.3%
9.1%
Kamloops $1,500 $1,500 $1,350

0.0%
11.1%
Kelowna $1,500 $1,600 $1,500
-6.3%

0.0%
Kingston $1,709 $1,690 $1,410
1.1%
21.2%
Kitchener $1,833 $1,800 $1,844
1.8%
-0.6%
Laval $1,599 $1,450 $1,510
10.3%
5.9%
Lethbridge $1,132 $1,150 $1,000
-1.6%
13.2%
London $1,530 $1,500 $1,350
2%
13.3%
Mississauga $2,303 $2,299 $1,600
0.2%
43.9%
Moncton $1,250 $1,250 $1,050

0.0%
19%
Montreal $1,620 $1,505 $1,495
7.6%
8.4%
Nanaimo $1,650 $1,655 $1,688
-0.3%
-2.3%
Niagara Falls $1,540 $1,525 $1,400
1%
10%
North Bay* $1,765 $1,450 $1,188
21.7%
48.6%
North Vancouver $2,793 $2,785 $2,000
0.3%
39.7%
North York $2,280 $2,300 $2,400
-0.9%
-5%
Oakville $2,393 $2,462 $2,300
-2.8%
4%
Oshawa $1,750 $1,600 $1,745
9.4%
0.3%
Ottawa $1,783 $1,815 $1,750
-1.8%
1.9%
Peterborough $1,613 $1,500 $1,450
7.5%
11.2%
Quebec City $1,095 $1,145 $1,029
-4.4%
6.4%
Regina $1,220 $1,155 $1,000
5.6%
22%
Richmond $2,450 $2,200 $1,800
11.4%
36.1%
Sarnia $1,450 $1,455 $1,289
-0.3%
12.5%
Saskatoon $1,195 $1,125 $1,010
6.2%
18.3%
Sault Ste. Marie $1,400 $1,330 $1,175
5.3%
19.1%
Scarborough $2,245 $2,183 $1,762
2.8%
27.4%
Sherbrooke $850 $895 $800
-5%
6.3%
St. Catharines $1,620 $1,595 $1,575
1.6%
2.9%
Sudbury $1,300 $1,300 $1,200

0.0%
8.3%
Thunder Bay $1,200 $1,375 $1,175
-12.7%
2.1%
Toronto $2,522 $2,595 $2,400
-2.8%
5.1%
Trois-Rivieres $755 $750 $750
0.7%
0.7%
Vancouver $2,672 $2,750 $2,400
-2.8%
11.3%
Vaughan $2,400 $2,200 $1,775
9.1%
35.2%
Victoria $2,095 $2,000 $1,990
4.8%
5.3%
Waterloo $1,949 $1,954 $1,615
-0.3%
20.7%
Welland $1,495 $1,495 $1,299

0.0%
15.1%
Windsor 1350 $1,325 $1,250
1.9%
8%
Winnipeg 1066 $1,028 $962
3.7%
10.8%

rent by square foot – all dwellings

City Price per Sqft
Abbotsford
$$2.14
Airdrie
$$1.82
Barrie
$$1.92
Belleville
$$1.96
Brampton
$$2.18
Brandon
$$1.20
Brantford
$$1.80
Burlington
$$2.46
Burnaby
$$3.62
Calgary
$$2.31
Charlottetown
$$1.48
Coquitlam
$$3.26
Edmonton
$$1.77
Etobicoke
$$3.11
Fredericton
$$1.43
Guelph
$$2.32
Halifax
$$2.32
Hamilton
$$2.32
Kamloops
$$2.14
Kanata
$$2.08
Kelowna
$$2.26
Kingston
$$2.40
Kitchener
$$2.18
Laval
$$1.99
Lethbridge
$$1.72
London
$$1.76
Markham
$$2.64
Milton
$$2.33
Mississauga
$$2.92
Moncton
$$1.36
Montreal
$$2.48
Mount Pearl
$$0.95
Nanaimo
$$2.34
Nepean
$$1.64
Niagara Falls
$$1.53
City Price per Sqft
North Bay
$$2.38
North Vancouver
$$4.28
North York
$$3.22
Oakville
$$2.67
Oshawa
$$2.19
Ottawa
$$2.41
Peterborough
$$2.27
Quebec City
$$1.70
Red Deer
$$1.51
Regina
$$1.73
Richmond
$$3.05
Sarnia
$$2.03
Saskatoon
$$1.95
Sault Ste. Marie
$$2.17
Scarborough
$$2.86
Sherbrooke
$$1.37
St. Catharines
$$2.10
St. John’s
$$1.24
Sudbury
$$1.88
Summerside
$$1.61
Surrey
$$2.65
Thunder Bay
$$1.73
Toronto
$$4.10
Trois-Rivieres
$$1.39
Vancouver
$$4.46
Vaughan
$$3.58
Victoria
$$2.99
Waterloo
$$2.04
Welland
$$1.55
Whitehorse
$$1.88
Windsor
$$1.81
Winnipeg
$$1.66
Yellowknife
$$1.68
Winnipeg
$$1.67
Yellowknife
$$1.76

glossary

Median rent vs. average

Median is used as a more accurate portrayal of market rent, as average rent can be skewed by extreme lows or highs in just a few properties within a market with a smaller data set of rentals.

Affordability

An analysis and comparison of affordability in major cities across the country. Affordability is calculated using median household income numbers along with median rent rates and mapping to a scale.

Family household

A family household or couple family is a family where the reference person has a married spouse or common-law partner in the family, regardless of whether or not the reference person also has children.

Individual household

An individual household is an individual who is not part of a census family, couple family, or lone-parent family. Persons not in census families may live with their married children or with their children who have children of their own. They may be living with a family to whom they are related or unrelated. They may also be living alone or with other non-family persons.

Vacancy

An analysis of vacancy rates across the province of Ontario.

Rent by square foot

Rent by square foot (sq. ft) is summarized by first calculating the rent per sq. ft cost of individual listings that contain square footage information, this is then averaged on a per-city basis.

Days on market

The average # of days a rental unit has been listed on the market, factoring in multiple listing websites.

note on data sources

With unique insights from affordability, days on market, rent rates by housing type, and rent rates from both large and tertiary, smaller markets, we believe that our report is the most comprehensive and accurate snapshot of the rental market in Canada to date.

Our analysis in this document is based on advertised properties for rent across multiple listing sites in Canada.

Our data within the report is manually analyzed, then aggregated using four of the top ten rental listing sites used nationally by landlords and investors. “All dwelling types” includes the following types of homes: rental apartments, condominium apartments, basement apartments, duplexes, individual units, townhomes and single detached houses. The “house” type includes single detached houses, duplex and townhomes. The “condo” type includes condominium apartments and rental apartments.

Where noted, cities that have an asterisk (*) next to them are calculated using a smaller sample size.

Median rent

Calculated using the total number of # of rentals across top listing sites and finding the median rent amount per building type, unit size, to get an accurate representation of the rental norm amounts per market.

Affordability methodology

Affordability for family households is calculated by comparing the average family household monthly income to the average monthly rent in the major cities. A rating to rank affordability was developed based on this ratio. The Golden Rule of 30% of income to rent played a role in determining the affordability of a city.

our partnership

Rent Panda, in collaboration with Door Insight, have created a market-leading report outlining an accurate portrayal of the national rental market in Canada with key indicators of the current state and future state of the rental industry.

We strive to continually provide an up-to-date and accurate rental analysis for investors and landlords to inform the decision-making process for their investments.

About Rent Panda

Rent Panda is a tech-enabled Canadian real estate company. Our mission is to empower small landlords with innovative tools and services that make the landlording experience possible – helping small landlords effectively find tenants in Ontario. From a free listing platform for do-it-yourself landlords, to a white-glove leasing service for more passive landlords, Rent Panda offers the most comprehensive services in the industry, making it safer for all parties to rent. For more information visit www.rentpanda.ca or follow us on Instagram, Facebook and LinkedIn.

About Door Insight

Door Insight is a real estate intelligence platform that analyzes Canadian real estate data to make information accessible and digestible for consumers and professionals. Their mission is to arm Canadians with transparency and insights to make informed real estate decisions. Door Insight offers a leading Rent Estimator, insightful neighbourhood maps, and tools to aid in the due diligence process. For your Canadian real estate research needs visit https://doorinsight.com for more information.