Province Median Rent (Jul 2023) Median Rent (Mar 2023) Median Rent (Jul 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Alberta $1,645 $1,690 $1,595 -2.7% 3.1%
British Columbia $2,500 $2,300 $2,415 8.7% 3.5%
Manitoba $1,430 $1,450 $1,350 -1.4% 5.9%
New Brunswick 1450 $1,495 $1,350 -3.0% 7.4%
Newfoundland $1,400 $1,200 $1,350 16.7% 3.7%
Nova Scotia $2,150 $1,800 $1,900 19.4% 13.2%
Northwest Territories $1,775 $1,612 N/A 10.1% N/A
Ontario $2,273 $2,250 $2,225 1.0% 2.2%
Prince Edward Island $1,900 $1,700 N/A 11.8% N/A
Quebec $1,560 $1,395 $1,450 11.8% 7.6%
Saskatchewan $1,300 $1,350 $1,250 -3.7% 4.0%
Yukon $2,250 $2,100 N/A 7.1% N/A
All Canada $2,111 $2,000 $2,075 5.6% 1.7%
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 121% 0.8 : 1 60% 1.7 : 1
Vancouver 121% 0.8 : 1 67% 1.5 : 1
Kitchener/Waterloo/Cambridge 84% 1.2 : 1 43% 2.3 : 1
Victoria 78% 1.3 : 1 49% 2 : 1
Abbotsford 68% 1.5 : 1 45% 2.2 : 1
Kelowna 65% 1.5 : 1 48% 2.1 : 1
Niagara/St. Catherines 70% 1.4 : 1 41% 2.4 : 1
Guelph 77% 1.3 : 1 45% 2.2 : 1
Halifax 85% 1.2 : 1 48% 2.1 : 1
Hamilton 76% 1.3 : 1 40% 2.5 : 1
Peterborough 79% 1.3 : 1 43% 2.3 : 1
Montreal 76% 1.3 : 1 41% 2.4 : 1
Ottawa 69% 1.4 : 1 34% 2.9 : 1
Belleville 70% 1.4 : 1 42% 2.4 : 1
Kingston 70% 1.4 : 1 39% 2.5 : 1
Calgary 74% 1.4 : 1 37% 2.7 : 1
London 70% 1.4 : 1 42% 2.4 : 1
Brantford 71% 1.4 : 1 41% 2.4 : 1
Sarnia 60% 1.7 : 1 34% 2.9 : 1
Sault Ste. Marie 58% 1.7 : 1 31% 3.3 : 1
Windsor 62% 1.6 : 1 36% 2.8 : 1
Moncton 58% 1.7 : 1 36% 2.8 : 1
Trois-Rivières 43% 2.3 : 1 27% 3.7 : 1
Winnipeg 59% 1.7 : 1 33% 3 : 1
Sudbury 57% 1.7 : 1 33% 3 : 1
Sherbrooke 50% 2 : 1 31% 3.2 : 1
Edmonton 48% 2.1 : 1 27% 3.8 : 1
Thunder Bay 52% 1.9 : 1 31% 3.2 : 1
Regina 51% 1.9 : 1 28% 3.6 : 1
Saskatoon 50% 2 : 1 29% 3.4 : 1

City Three Bedroom Median Rent Last Quarter Rent (Mar 2023) Last Year Rent (Jul 2022) Quarter-Over-Quarter Rent % Change Year-Over-Year Rent % Change
Abbotsford $2,600 $2,500 $2,800
4%
-7.1%
Airdrie $2,500 $2,300 $2,205
8.7%
13.4%
Barrie $2,575 $2,600 $2,700
-1%
-4.6%
Belleville $2,400 $2,400 $2,400

0.0%

0.0%
Brampton $3,000 $2,900 $2,800
3.4%
7.1%
Brandon $1,455 $1,312 $1,325
10.9%
9.8%
Brantford $2,400 $2,400 $2,400

0.0%

0.0%
Burlington $3,195 $3,100 $3,200
3.1%
-0.2%
Burnaby $3,650 $3,100 $3,166
17.7%
15.3%
Calgary $2,500 $2,200 $2,200
13.6%
13.6%
Charlottetown $2,525 $2,300 $2,100
9.8%
20.2%
Coquitlam $3,900 $3,416 $3,100
14.2%
25.8%
Edmonton $1,769 $1,700 $1,700
4.1%
4.1%
Etobicoke $3,200 $3,100 $3,148
3.2%
1.7%
Fredericton $1,900 $1,900 $1,825

0.0%
4.1%
Guelph $3,000 $2,900 $2,850
3.4%
5.3%
Halifax $2,800 $2,650 $2,400
5.7%
16.7%
Hamilton $2,600 $2,550 $2,650
2%
-1.9%
Kamloops $2,648 $2,700 $2,700
-1.9%
-1.9%
Kanata $2,425 $2,270 $2,300
6.8%
5.4%
Kelowna $3,000 $2,800 $3,250
7.1%
-7.7%
Kingston $2,499 $2,500 $2,500

0.0%

0.0%
Kitchener $2,600 $2,600 $2,695

0.0%
-3.5%
Laval $2,300 $2,000 $2,000
15%
15%
Lethbridge $1,542 $1,650 $1,495
-6.5%
3.1%
London $2,475 $2,400 $2,500
3.1%
-1%
Markham $3,350 $2,950 $2,900
13.6%
15.5%
Milton $3,200 $2,900 $2,900
10.3%
10.3%
Mississauga $3,250 $3,000 $3,000
8.3%
8.3%
Moncton $1,900 $1,850 $1,825
2.7%
4.1%
Montreal $2,340 $2,100 $2,225
11.4%
5.2%
Nanaimo $2,800 $2,450 $2,680
14.3%
4.5%
Nepean $2,495 $2,395 $2,300
4.2%
8.5%
Niagara Falls $2,300 $2,300 $2,295

0.0%
0.2%
North Bay $2,500 N/A $2,100

N/A
19%
North Vancouver $4,395 $3,838 $4,500
14.5%
-2.3%
North York $3,099 $3,200 $3,000
-3.2%
3.3%
Oakville $3,500 $3,300 $3,400
6.1%
2.9%
Oshawa $2,695 $2,400 $2,500
12.3%
7.8%
Ottawa $2,500 $2,395 $2,450
4.4%
2%
Peterborough $2,499 $2,400 $2,500
4.1%

0.0%
Quebec City $1,700 $1,738 $1,425
-2.2%
19.3%
Red Deer $1,595 $1,492 $1,226
6.9%
30.1%
Regina $1,795 $1,600 $1,395
12.2%
28.7%
Richmond $3,850 $3,800 $3,775
1.3%
2%
Sarnia $2,125 $2,300 $2,300
-7.6%
-7.6%
Saskatoon $1,850 $1,900 $1,612
-2.6%
14.8%
Sault Ste. Marie $1,850 $1,895 N/A
-2.4%

N/A
Scarborough $3,000 $2,625 $2,650
14.3%
13.2%
Sherbrooke $1,662 $1,500 N/A
10.8%

N/A
St. Catharines $2,262 $2,198 $2,298
2.9%
-1.6%
St. John’s $1,900 $1,750 $1,600
8.6%
18.8%
Sudbury $2,200 $2,188 $2,000
0.5%
10%
Surrey $3,200 $3,000 $3,150
6.7%
1.6%
Thunder Bay $1,975 $1,980 $1,700
-0.3%
16.2%
Toronto $3,630 $3,200 $3,600
13.4%
0.8%
Trois-Rivières $1,400 $1,299 N/A
7.8%

N/A
Vancouver $4,200 $3,650 $3,850
15.1%
9.1%
Vaughan $3,650 $3,212 $3,200
13.6%
14.1%
Victoria $3,300 $3,250 $3,300
1.5%

0.0%
Waterloo $2,845 $2,875 $2,795
-1%
1.8%
Welland $2,100 $2,125 $2,250
-1.2%
-6.7%
Windsor $2,095 $1,900 $2,000
10.3%
4.8%
Winnipeg $1,875 $1,700 $1,700
10.3%
10.3%
Yellowknife* $2,100 N/A N/A

N/A

N/A
City Two Bedroom
Median Rent		 Last Quarter Rent (Mar 2023) Last Year Rent (Jul 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Abbotsford $1,769 $1,700 $1,975
4.1%
-10.4%
Airdrie $1,800 N/A $1,850

N/A
-2.7%
Barrie $1,950 $1,850 $2,050
5.4%
-4.9%
Belleville $1,850 $1,950 $1,675
-5.1%
10.4%
Brampton $2,100 $1,900 $1,800
10.5%
16.7%
Brandon $1,025 $1,040 $941
-1.4%
8.9%
Brantford $1,990 $1,896 $2,100
5%
-5.2%
Burlington $2,524 $2,550 $2,600
-1%
-2.9%
Burnaby $3,100 $2,850 $2,500
8.8%
24%
Calgary $2,000 $1,700 $1,660
17.6%
20.5%
Charlottetown $2,000 $1,800 N/A
11.1%
 N/A
Coquitlam $2,850 $2,250 $2,350
26.7%
21.3%
Edmonton $1,419 $1,300 $1,300
9.2%
9.2%
Etobicoke $2,710 $2,150 $2,600
26%
4.2%
Fredericton $1,485 $1,500 $1,425
-1%
4.2%
Guelph $2,207 $2,122 $2,299
4%
-4%
Halifax $2,260 $1,950 $1,847
15.9%
22.4%
Hamilton $1,999 $1,950 $1,945
2.5%
2.8%
Kamloops $2,000 N/A N/A

N/A

N/A
Kanata $2,228 N/A N/A

N/A

N/A
Kelowna $2,400 $2,100 $2,100
14.3%
14.3%
Kingston $1,870 $2,000 $1,798
-6.5%
4%
Kitchener $2,200 $2,125 $2,195
3.5%
0.2%
Laval $1,840 $1,720 $1,650
7%
11.5%
Lethbridge $1,300 $1,372 $1,250
-5.2%
4%
London $1,850 $1,795 $1,795
3.1%
3.1%
Markham $2,600 $1,850 $2,095
40.5%
24.1%
Milton $2,100 $2,000 $2,375
5%
-11.6%
Mississauga $2,736 $2,100 $2,324
30.3%
17.7%
Moncton $1,400 $1,350 $1,300
3.7%
7.7%
Montreal $1,999 $1,600 $1,750
24.9%
14.2%
Mount Pearl* $1,050 $1,100 $875
-4.5%
20%
Nanaimo $1,890 N/A $1,900

N/A
-0.5%
Nepean $2,022 $2,150 $1,950
-6%
3.7%
Niagara Falls $1,800 $1,800 $1,790

0.0%
0.6%
North Bay $1,850 $1,875 $1,350
-1.3%
37%
North Vancouver $3,730 $3,100 $3,070
20.3%
21.5%
North York $2,704 $2,700 $2,550
0.1%
6%
Oakville $2,750 $2,650 $2,600
3.8%
5.8%
Oshawa $1,974 $1,850 $1,885
6.7%
4.7%
Ottawa $2,235 $2,000 $2,100
11.8%
6.4%
Peterborough $1,975 $1,950 $1,850
1.3%
6.8%
Quebec City $1,350 $1,095 $975
23.3%
38.5%
Red Deer $1,350 N/A N/A

N/A

N/A
Regina $1,350 $1,250 $1,150
8%
17.4%
Richmond $3,000 $2,625 $2,500
14.3%
20%
Sarnia $1,705 $1,650 $1,450
3.3%
17.6%
Saskatoon $1,348 $1,300 $1,242
3.7%
8.5%
Sault Ste. Marie $1,475 $1,400 N/A
5.4%

N/A
Scarborough $2,515 $2,000 $2,135
25.8%
17.8%
Sherbrooke $1,250 $1,062
17.7%
 N/A
St. Catharines $1,800 $1,900 $1,698
-5.3%
6%
St. John’s $1,495 $1,400 $1,675
6.8%
-10.7%
Sudbury $1,680 $1,650 $1,600
1.8%
5%
Summerside* $1,800 N/A N/A

N/A

N/A
Surrey $2,200 $2,100 $2,190
4.8%
0.5%
Thunder Bay $1,600 $1,600 $1,250

0.0%
28%
Toronto $3,065 $2,650 $2,768
15.7%
10.7%
Trois-Rivières $1,200 $1,150 $920
4.3%
30.4%
Vancouver $3,608 $3,000 $3,198
20.3%
12.8%
Vaughan $2,750 $2,499 $2,300
10%
19.6%
Victoria $2,510 $2,500 $3,150
0.4%
-20.3%
Waterloo $2,186 $2,000 $1,950
9.3%
12.1%
Welland $1,650 $1,695 $1,772
-2.7%
-6.9%
Whitehorse* $2,325 $2,200 N/A
5.7%

N/A
Windsor $1,650 $1,550 $1,550
6.5%
6.5%
Winnipeg $1,495 $1,400 $1,318
6.8%
13.4%

THIS IS WHERE HART WILL INPUT COPY

City One Bedroom
Median Rent		 Last Quarter Rent (Mar 2023) Last Year Rent (Jul 2022) Quarter-Over-Quarter
Rent % Change		 Year-Over-Year
Rent % Change
Abbotsford $1,425 $1,475 $1,600
-3.4%
-10.9%
Airdrie $1,250 $900 $1,100

N/A

N/A
Barrie $1,650 $1,600 $1,660
3.1%
-0.6%
Belleville $1,500 $1,400 $1,250
7.1%
20%
Brampton $1,500 $1,500 $1,600

0.0%
-6.3%
Brandon $900 $825 N/A
9.1%

N/A
Brantford $1,495 $1,525 $1,674
-2%
-10.7%
Burlington $2,300 $2,200 $2,200
4.5%
4.5%
Burnaby $2,300 $1,900 $2,100
21.1%
9.5%
Calgary $1,650 $1,370 $1,299
20.4%
27%
Coquitlam $2,240 $2,032 $2,175
10.2%
3%
Edmonton $1,100 $1,050 $955
4.8%
15.2%
Etobicoke $2,300 $2,225 $1,895
3.4%
21.4%
Fredericton $1,250 $1,100 $1,200
13.6%
4.2%
Guelph $1,862 $1,600 $1,975
16.4%
-5.7%
Halifax $1,795 $1,750 $1,458
2.6%
23.1%
Hamilton $1,700 $1,700 $1,645

0.0%
3.3%
Kamloops $1,500 $1,450 $1,200
3.4%

N/A
Kanata $2,395 N/A N/A

N/A

N/A
Kelowna $1,500 $1,550 $1,798
-3.2%
-16.6%
Kingston $1,590 $1,550 $1,450
2.6%
9.7%
Kitchener $1,795 $1,784 $1,700
0.6%
5.6%
Laval $1,500 $1,325 $1,400
13.2%
7.1%
Lethbridge $1,130 $1,000 $1,062
13%
6.4%
London $1,500 $1,395 $1,350
7.5%
11.1%
Markham $2,250 $1,725 $1,550
30.4%
45.2%
Milton $1,700 $1,650 $1,675
3%
1.5%
Mississauga $2,250 $1,699 $1,700
32.4%
32.4%
Moncton $1,150 $1,200 $1,050
-4.2%
9.5%
Montreal $1,570 $1,395 $1,495
12.5%
5%
Mount Pearl* $1,150 $1,000 $1,050
15%
9.5%
Nanaimo $1,595 $1,512 $1,495
5.5%
6.7%
Nepean $1,400 N/A N/A

N/A

N/A
Niagara Falls $1,400 $1,450 $1,500
-3.4%
-6.7%
North Bay $1,250 $1,150 $1,100
8.7%
13.6%
North Vancouver $2,700 $2,425 $2,525
11.3%
6.9%
North York $2,278 $1,800 $1,800
26.6%
26.6%
Oakville $2,384 $2,350 $2,275
1.4%
4.8%
Oshawa $1,649 $1,500 $1,550
9.9%
6.4%
Ottawa $1,815 $1,650 $1,750
10%
3.7%
Peterborough $1,634 $1,595 N/A

N/A

N/A
Quebec City $1,272 $950 $1,045
33.9%
21.7%
Red Deer $995 N/A $1,042 N/A
-4.5%
Regina $1,160 $1,100 $970
5.5%
19.6%
Richmond $2,255 $2,100 $1,700
7.4%
32.6%
Sarnia $1,405 $1,258 $1,100
11.7%
27.7%
Saskatoon $1,100 $1,110 $950
-0.9%
15.8%
Sault Ste. Marie $1,200 $1,150 N/A
4.3%

N/A
Scarborough $2,124 N/A N/A

N/A

N/A
Sherbrooke $968 $875 N/A
10.6%

N/A
St. Catharines $1,545 $1,500 $1,400
3%
10.4%
St. John’s $1,050 $1,000 $1,600
5%
 N/A
Sudbury $1,300 $1,250 $1,125
4%
15.6%
Surrey $1,650 $1,500 $1,625
10%
1.5%
Thunder Bay $1,175 $1,200 $1,145
-2.1%
2.6%
Toronto $2,450 $2,200 $2,045
11.4%
19.8%
Trois-Rivières $850 $745 $630
14.1%
34.9%
Vancouver $2,722 $2,375 $2,400
14.6%
13.4%
Vaughan $2,200 $1,800 $1,650
22.2%
33.3%
Victoria $1,974 $2,000 $2,350
-1.3%
-16%
Waterloo $1,850 $1,694 $1,580
9.2%
17.1%
Welland $1,395 $1,420 $1,200
-1.8%
16.3%
Whitehorse* $1,650 $1,525 N/A
8.2%

N/A
Windsor $1,300 $1,300 $1,200

0.0%
8.3%
Winnipeg $1,175 $1,090 $1,050
7.8%
11.9%

THIS IS WHERE HART WILL INPUT COPY

City Price per Sqft
Abbotsford
$$2.11
Airdrie
$$1.73
Barrie
$$2.02
Belleville
$$2.04
Brampton
$$2.16
Brandon
$$1.30
Brantford
$$2.03
Burlington
$$2.63
Burnaby
$$3.45
Calgary
$$2.20
Cape Breton
$$1.60
Charlottetown
$$1.62
Coquitlam
$$3.05
Corner Brook
$$1.33
Edmonton
$$1.66
Etobicoke
$$2.94
Fredericton
$$1.56
Guelph
$$2.40
Halifax
$$2.28
Hamilton
$$2.39
Kamloops
$$2.05
Kanata
$$1.88
Kelowna
$$2.41
Kingston
$$2.33
Kitchener
$$2.36
Laval
$$1.83
Lethbridge
$$1.66
London
$$1.89
Markham
$$2.49
Milton
$$2.15
Mississauga
$$2.77
Moncton
$$1.52
Montreal
$$2.32
Mount Pearl
$$1.23
Nanaimo
$$2.14
City Price per Sqft
Nepean
$$1.61
Niagara Falls
$$1.81
North Bay
$$1.96
North Vancouver
$$3.93
North York
$$3.01
Oakville
$$2.87
Oshawa
$$2.02
Ottawa
$$2.40
Peterborough
$$2.15
Quebec City
$$1.69
Red Deer
$$1.41
Regina
$$1.68
Richmond
$$3.40
Sarnia
$$1.83
Saskatoon
$$1.74
Sault Ste. Marie
$$1.88
Scarborough
$$2.59
Sherbrooke
$$1.29
St. Catharines
$$2.12
St. John’s
$$1.53
Sudbury
$$1.89
Summerside
$$1.55
Surrey
$$2.62
Thunder Bay
$$1.78
Toronto
$$3.84
Trois-Rivieres
$$1.18
Vancouver
$$4.45
Vaughan
$$3.12
Victoria
$$2.91
Waterloo
$$2.37
Welland
$$1.78
Whitehorse
$$2.27
Windsor
$$1.68
Winnipeg
$$1.67
Yellowknife
$$1.76

Vancouver leads the country with highest average rent per square foot of $3.76/sq. ft, holding very steady from last month’s $3.74/sq. ft. For the majority of other areas, price per square foot saw declines. Toronto saw a decline of 4.1% MoM to $3.45/sq. ft down from $3.60/sq. ft last month. In the rest of Ontario, Hamilton is also down at $2.18/sq. ft, a decline of 3.1%. And Brantford at $1.78/sq. ft, from $1.88 last month, a decline of 5.3%.

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.

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.

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.