November 2022 Canadian Monthly Rental Report

Rent stabilization for the winter months:

Continuing from our rent report in October 2022, rent stabilization is occurring with the month over month declines across the majority of markets in Canada. Monthly rent is down 5.48% vs. October 2022. However the rent is up approximately 18% vs. November 2021. Rent stabilization, in combination with the new affordability standards in Canada puts investors and landlords in a levelling out period.

Affordability standards have changed:

The age-old rule of a family not spending more than 30% of their household income on rent will be changed, as the average family in Canada will now spend over 35% (down from 36% in Oct 2022) of their income on rent, with that number rising upwards of 45% plus of their income within hot rental markets in the country such as Vancouver, Victoria, Kelowna, and Toronto.

The average median rent amount across Canada was $2,140/month, with Ontario ($2,400), British Columbia ($2,400), and Yukon ($2,150) coming in as the top 3 provinces.

The more affordable cities for families in Ontario include Sault Ste. Marie, Sudbury, Windsor all being under 35% of household income, while others like Ottawa, Kingston, London, Brantford, Belleville, Guelph and Hamilton are still on the affordable end for families, with rent under 45% of household income.

What to expect for the rest of the year:

Rent declines could be the normal seasonal pattern as prices tend to decline in the winter months and stay that way until at least after the holidays. However, further interest rate hikes, combined with continuing inflation, will continue to keep the pressure on renters as more mortgages come up for renewal with less buying power available. In our Canada-wide rent report we look at recent market trends, overall rent rates, and affordability metrics to provide a near real-time analysis of the state of the Canadian rental market.

The average median rent amount across Canada was $2,140/month, with Ontario ($2,400), British Columbia ($2,400), and Yukon ($2,150) coming in as the top 3 provinces.

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	123%	0.8 : 1	69%	1.5 : 1
Vancouver	120%	0.8 : 1	64%	1.6 : 1
Kitchener/Waterloo/Cambridge	87%	1.2 : 1	45%	2.2 : 1
Victoria	84%	1.2 : 1	57%	1.8 : 1
Abbotsford	80%	1.3 : 1	44%	2.3 : 1
Kelowna	77%	1.3 : 1	48%	2.1 : 1
Niagara/St. Catherines	76%	1.3 : 1	41%	2.4 : 1
Guelph	76%	1.3 : 1	41%	2.4 : 1
Halifax	76%	1.3 : 1	43%	2.3 : 1
Hamilton	76%	1.3 : 1	41%	2.5 : 1
Peterborough	73%	1.4 : 1	43%	2.3 : 1
Montreal	72%	1.4 : 1	42%	2.4 : 1
Ottawa	71%	1.4 : 1	33%	3.1 : 1
Belleville	70%	1.4 : 1	42%	2.4 : 1
Kingston	68%	1.5 : 1	39%	2.5 : 1
Calgary	67%	1.5 : 1	34%	2.9 : 1
London	65%	1.5 : 1	42%	2.4 : 1
Brantford	59%	1.7 : 1	43%	2.3 : 1
Sarnia	59%	1.7 : 1	42%	2.4 : 1
Sault Ste. Marie	55%	1.8 : 1	29%	3.4 : 1
Windsor	53%	1.9 : 1	36%	2.8 : 1
Moncton	53%	1.9 : 1	36%	2.8 : 1
Trois-Rivières	52%	1.9 : 1	38%	2.6 : 1
Winnipeg	52%	1.9 : 1	32%	3.2 : 1
Sudbury	52%	1.9 : 1	35%	2.8 : 1
Sherbrooke	47%	2.1 : 1	28%	3.6 : 1
Edmonton	46%	2.2 : 1	27%	3.7 : 1
Thunder Bay	45%	2.2 : 1	28%	3.5 : 1
Regina	42%	2.4 : 1	25%	4.1 : 1
Saskatoon	40%	2.5 : 1	29%	3.4 : 1

The trend continues with rental rates across Canada for individuals as well as multi-income families have become increasingly less affordable throughout 2022.
Edmonton, Thunder Bay, Regina and Saskatoon rank as the most affordable cities while Toronto, Vancouver and Kitchener Waterloo rank as most unaffordable regions.
For individuals looking to rent on their own, the most unaffordable cities include Toronto (123%), Vancouver (120%), Kitchener/Waterloo (84%), Victoria (84%) and Abbotsford (80%).
The most affordable cities to rent on your own include Saskatoon (40%), Regina (42%), Thunder Bay (45%), Edmonton (46%) and Sherbrooke (47%) based on median income.For families, the lease affordable cities trend continues with Toronto (69%), Vancouver (64%), Victoria (57%), Kelowna (48%), and Kitchener/Waterloo (45%) of household income. The least affordable cities are Regina (25%), Edmonton (27%), Thunder Bay (28%), Sherbrooke (28%) and Saskatoon (29%).

Province	Median Rent (Nov 2022)	Median Rent (Oct 2022)	Median Rent (2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Alberta	$1,795	$1,800	$1,300	-0.3%	38.1%
British Columbia	$2,400	$2,700	$2,400	-11.1%	0.0%
Manitoba	$1,545	$1,650	$1,280	-6.4%	20.7%
New Brunswick	$1,500	$1,325	$1,200	13.2%	25.0%
Newfoundland	$1,600	$1,600	$1,225	0.0%	30.6%
Nova Scotia	$2,100	$1,995	$1,568	5.3%	33.9%
Northwest Territories	$2,060	$1,680	$1,399	22.6%	N/A
Ontario	$2,400	$2,550	$2,250	-5.9%	6.7%
Prince Edward Island	$1,700	$1,940	$1,575	-12.4%	N/A
Quebec	$1,450	$1,472	$1,350	-1.5%	7.4%
Saskatchewan	$1,300	$1,200	$1,100	8.3%	18.2%
Yukon	$2,150	$2,275	N/A	N/A	N/A
All Canada	$2,140	$2,264	$1,814	-5.5%	18.0%

Markets across the country are continuing to see high demand for rental properties – which means relatively low average days-on-market (DOM). Overall, from last month we saw days on market increase for most of the cities across the country showing signs of a definite slowdown in the rental market – however still showing very low days on market overall (with 20 DOM being the highest average number). Only 10 cities of the 38 saw declines in DOM. The biggest change for fast renter turnover was in London which saw listing DOM down 7 days sooner than last month. Montreal on the other hand saw listings sitting for 7 days longer. In Ontario, Niagara Falls, Mississauga and Peterborough led the country with just under 10 DOM at 7 days, 10 and 10 days respectively. Heading east, Halifax and Moncton saw listings quickly rented within 12 days. The two most expensive markets of Toronto and Vancouver both took an average of 15 DOM. In the prairies, Saskatoon and Winnipeg saw steady demand at 10 DOM. With most markets taking 2 weeks or less, rentals listings continue to see high demand and quick turnover.

City	Three Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Abbotsford	2500	2500	N/A	0.0%	N/A
Belleville	2300	2500	2100	-8%	9.5%
Brampton	2945	2999	2650	-1.8%	11.1%
Brandon*	1450	N/A	N/A	N/A	N/A
Brantford	2495	2500	2299	-0.2%	8.5%
Burlington	3100	3200	3000	-3.1%	3.3%
Calgary	2245	2300	1800	-2.4%	24.7%
Charlottetown	2200	2250	N/A	N/A	N/A
Edmonton	1775	1795	1450	-1.1%	22.4%
Etobicoke*	3200	3000	3000	N/A	6.7%
Fredericton	1980	1975	N/A	0.3%	N/A
Guelph	2700	2800	2448	-3.6%	10.3%
Halifax	2500	2500	2200	0.0%	13.6%
Hamilton	2625	2700	2500	-2.8%	5%
Kelowna	3000	2900	2950	3.4%	1.7%
Kingston	2500	2500	2500	0.0%	0.0%
Kitchener	2800	2895	2472	-3.3%	13.3%
Laval*	2100	1800	N/A	N/A	N/A
Lethbridge*	1488	1425	N/A	N/A	N/A
London	2500	2500	2399	0.0%	4.2%
Markham	2998	2988	2880	0.3%	4.1%
Milton	3000	2999	2800	0.0%	7.1%
Mississauga	3100	3200	2800	-3.1%	10.7%
Moncton	1900	1775	1600	7%	18.8%
Montreal	2225	2000	1750	11.3%	27.1%
Nepean*	2300	2399	2250	-4.1%	2.2%
Niagara Falls	2400	2375	2280	1.1%	5.3%
Oakville	3400	3495	3200	-2.7%	6.3%
Oshawa	2595	2595	2447	0.0%	6%
Ottawa	2397	2450	2300	-2.2%	4.2%
Peterborough	2500	2700	2275	-7.4%	9.9%
Regina	1600	1800	1490	-11.1%	7.4%
Sarnia	2550	2375	2700	7.4%	N/A
Saskatoon	1800	1950	1464	-7.7%	23%
Sault Ste. Marie	1750	1850	N/A	-5.4%	N/A
Scarborough*	2899	2800	2345	3.5%	23.6%
Sherbrooke	1475	1500	N/A	-1.7%	N/A
St. Catharines	2295	2395	2150	-4.2%	6.7%
St. John’s	1850	1872	1675	-1.2%	10.4%
Sudbury	2125	2400	1800	-11.5%	18.1%
Surrey	3000	3100	2250	-3.2%	33.3%
Thunder Bay	1895	1700	1600	11.5%	18.4%
Toronto	3900	4200	3090	-7.1%	26.2%
Trois-Rivieres	1542	N/A	N/A	N/A	N/A
Vancouver	4000	4375	2875	-8.6%	39.1%
Vaughan	3400	3495	3100	-2.7%	9.7%
Victoria	3675	3500	2750	5%	33.6%
Waterloo	2974	3000	2650	-0.9%	12.2%
Welland	2150	2250	2100	-4.4%	2.4%
Whitehorse	2100	N/A	N/A	N/A	N/A
Windsor	2100	2075	1950	1.2%	7.7%
Winnipeg	1795	1850	1600	-3%	12.2%
Corner Brook*	1300	N/A	N/A	N/A	N/A

Montreal (11.3%) and Thunder Bay (11.5%) saw notable increases in rent in this category bringing down all 3 bedroom rents to $2,225 and $1,895 respectively.Most cities however, saw declines such as Regina (-11.1%) and Sudbury (-11.5%) but this category overall was less effected than the 1 and 2 bedroom categories in terms of overall rent fluctuations.

City	Three Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Abbotsford	2500	2500	N/A	0.0%	N/A
Belleville	2400	2500	2200	-4%	9.1%
Brampton	2995	3000	2600	-0.2%	15.2%
Brandon*	1455	N/A	N/A	N/A	N/A
Brantford	2498	2500	2300	-0.1%	8.6%
Burlington	3100	3250	3100	-4.6%	0.0%
Calgary	2295	2400	1900	-4.4%	20.8%
Charlottetown	2200	2250	N/A	-2.2%	N/A
Corner Brook*	1498	N/A	N/A	N/A	N/A
Edmonton	1800	1849	1598	-2.7%	12.6%
Fredericton	2175	2100	1800	N/A	N/A
Guelph	2725	2750	2245	-0.9%	21.4%
Halifax	2500	2500	2275	0.0%	9.9%
Hamilton	2625	2650	2500	-0.9%	5%
Kelowna	2975	2900	N/A	2.6%	N/A
Kingston	2500	2600	2500	-3.8%	0.0%
Kitchener	2800	2950	2495	-5.1%	12.2%
Lethbridge*	1500	1425	1300	5.3%	15.4%
London	2500	2595	2372	-3.7%	5.4%
Markham	2995	3000	2880	-0.2%	4%
Milton	3000	3000	2750	0.0%	9.1%
Mississauga	3148	3195	2700	-1.5%	16.6%
Moncton	1900	1950	1600	-2.6%	18.8%
Montreal	2374	2500	2025	-5%	17.2%
Nepean*	2300	2397	2350	-4%	-2.1%
Niagara Falls	2400	2350	2299	2.1%	4.4%
North York*	2999	2675	2700	N/A	11.1%
Oakville	3400	3400	3200	0.0%	6.3%
Oshawa	2595	2525	2365	2.8%	9.7%
Ottawa	2400	2500	2300	-4%	4.3%
Peterborough	2500	2700	2275	-7.4%	9.9%
Regina	1600	1800	1490	-11.1%	7.4%
Sarnia	2600	2350	2700	10.6%	-3.7%
Saskatoon	1850	1950	1658	-5.1%	11.6%
Sault Ste. Marie	1750	1850	N/A	-5.4%	N/A
Scarborough*	2899	2800	2320	3.5%	25%
St. Catharines	2300	2400	2348	-4.2%	-2%
St. John’s	2000	1995	N/A	0.3%	N/A
Sudbury	2350	2400	1900	-2.1%	23.7%
Surrey	2950	3000	2322	-1.7%	27%
Thunder Bay	1800	1700	1475	5.9%	22%
Toronto	4182	4500	3270	-7.1%	27.9%
Vancouver	3980	4500	N/A	-11.6%	N/A
Vaughan	3495	3600	3025	-2.9%	15.5%
Victoria	3800	3500	N/A	8.6%	N/A
Waterloo	3000	3199	2750	-6.2%	9.1%
Welland	2198	2248	N/A	-2.2%	N/A
Whitehorse	2100	2600	N/A	N/A	N/A
Windsor	2100	2100	1950	0.0%	7.7%
Winnipeg	1795	1895	1500	-5.3%	19.7%

Since 2021, parts of Northern Ontario saw some of the highest YoY increases in median 3 bedroom home rents. Sudbury (+23.7% YoY) saw a (-2.1%) decline MoM. In the west coast, Victoria saw strong MoM gains of 8.6%, reaching $3800 in median rent. In Ontario, 3 bedroom home rents appear to be stabilizing with slight declines MoM in Hamilton (-0.9%), Brantford (-0.1%), Belleville (-4%), Burlington (-4.6%), Kitchener (-5.1%), Waterloo (-6.2%) and Toronto (-7.1%).

City	Two Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Abbotsford	$1,600	$1,900	N/A	-15.8%	N/A
Belleville	$1,937	$1,800	$1,600	7.6%	21.1%
Brampton	$1,900	$1,925	$1,650	-1.3%	15.2%
Brandon	$1,025	N/A	N/A	N/A	N/A
Brantford	$1,850	$1,900	N/A	-2.6%	N/A
Burlington	$2,750	$2,920	$2,500	-5.8%	10%
Calgary	$1,650	$1,725	$1,314	-4.3%	25.6%
Charlottetown	$1,700	$1,900	N/A	-10.5%	N/A
Edmonton	$1,354	$1,397	$1,215	-3.1%	11.4%
Etobicoke*	$2,500	$2,500	$2,172	0.0%	15.1%
Fredericton	$1,475	$1,550	N/A	-4.8%	N/A
Guelph	$2,325	$2,500	N/A	-7%	N/A
Halifax	$2,000	$1,925	$1,850	3.9%	8.1%
Hamilton	$2,172	$2,197	$1,900	-1.1%	14.3%
Kanata*	$2,000	$2,300	$1,888	-13%	5.9%
Kelowna	$2,095	$2,250	$2,200	-6.9%	-4.8%
Kingston	$1,972	$2,195	$1,799	-10.2%	9.6%
Kitchener	$2,200	$2,264	$1,925	-2.8%	14.3%
Laval*	$1,290	$1,500	N/A	-14%	N/A
Lethbridge	$1,268	$1,212	$1,195	4.6%	6.1%
London	$2,000	$2,082	$1,855	-3.9%	7.8%
Markham	$2,250	$1,975	$1,750	13.9%	28.6%
Milton	$2,150	$2,600	$1,800	-17.3%	19.4%
Mississauga	$2,274	$2,350	$2,154	-3.2%	5.6%
Moncton	$1,262	$1,300	$1,300	-2.9%	-2.9%
Montreal	$1,675	$1,742	$1,595	-3.8%	5%
Nepean*	$1,950	$2,000	$1,850	N/A	5.4%
Niagara Falls	$1,700	$1,800	$1,550	-5.6%	9.7%
North York	$2,569	$2,644	$2,298	-2.8%	11.8%
Oakville	$2,700	$2,725	$2,498	-0.9%	8.1%
Oshawa	$1,850	$1,914	$1,850	-3.3%	0.0%
Ottawa	$2,192	$2,200	$1,900	-0.4%	15.4%
Peterborough	$2,000	$2,175	$1,808	-8%	10.6%
Quebec City	$1,050	$1,045	$915	0.5%	14.8%
Regina	$1,150	$1,214	$1,035	-5.3%	11.1%
Sarnia	$1,700	$1,585	N/A	7.3%	N/A
Saskatoon	$1,200	$1,250	$1,175	-4%	2.1%
Sault Ste. Marie	$1,500	$1,472	N/A	1.9%	N/A
Scarborough*	$2,376	$2,350	$1,845	1.1%	28.8%
Sherbrooke	$1,162	$1,095	N/A	6.1%	N/A
St. Catharines	$1,795	$1,750	$1,525	2.6%	17.7%
St. John’s	$1,298	$1,295	$1,300	0.2%	-0.2%
Sudbury	$1,500	$1,500	$1,495	0.0%	0.3%
Summerside*	$1,500	N/A	N/A	N/A	N/A
Surrey	$2,050	$2,475	N/A	-17.2%	N/A
Thunder Bay	$1,488	$1,700	$1,375	-12.5%	8.2%
Toronto	$2,962	$2,995	$2,600	-1.1%	13.9%
Trois-Rivieres*	$1,270	N/A	N/A	N/A	N/A
Vancouver	$3,526	$3,600	$3,025	-2.1%	16.6%
Vaughan	$2,575	$2,600	$2,100	-1%	22.6%
Waterloo	$2,274	$2,198	$2,272	3.5%	0.1%
Welland	$1,700	$1,738	$1,475	-2.2%	15.3%
Whitehorse	$2,100	N/A	N/A	N/A	N/A
Windsor	$1,800	$1,700	$1,650	5.9%	9.1%
Winnipeg	$1,495	$1,450	$1,300	3.1%	15%
Yellowknife*	$2,010	$1,675	$1,740	20%	15.5%
Corner Brook*	$1,200	N/A	N/A	N/A	N/A
Mount Pearl*	$1,050	N/A	N/A	N/A	N/A

In British Columbia’s lower mainland, Surrey ($2050) and Abbotsford ($1600) saw the largest declines in the 2 Bedroom section for all housing types of (-17.2%) and (-15.8%) respectively MoM. Kingston (-10.2%) and Thunder Bay (-12.5%) were other notable drops in Ontario. Markham (+13.9%), Sarnia (+7.3%) and Windsor (+5.9%) led the way in monthly gains.

City	Two Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Abbotsford	1900	1925	N/A	-1.3%	N/A
Belleville	1750	1725	1600	1.4%	9.4%
Brandon	1000	N/A	N/A	N/A	N/A
Brantford	1800	1850	N/A	-2.7%	N/A
Burlington	2832	2700	2500	4.9%	13.3%
Calgary	1800	1885	1450	-4.5%	24.1%
Charlottetown	1595	1900	N/A	-16.1%	N/A
Edmonton	1400	1450	1200	-3.4%	16.7%
Fredericton	1450	1550	N/A	-6.5%	N/A
Guelph	2350	2500	N/A	-6%	N/A
Halifax	1998	1725	1850	15.8%	8%
Hamilton	2150	1999	1874	7.6%	14.7%
Kelowna	2125	2250	2124	-5.6%	0.0%
Kingston	1972	1999	1725	-1.4%	14.3%
Kitchener	2200	2275	1975	-3.3%	11.4%
Lethbridge*	1295	1322	N/A	-2%	N/A
London	1999	2070	1772	-3.4%	12.8%
Markham	2598	2800	N/A	-7.2%	N/A
Milton*	2625	2700	2300	-2.8%	14.1%
Mississauga	2750	2900	2200	-5.2%	25%
Moncton	1250	1300	1300	-3.8%	-3.8%
Montreal	1675	1750	1598	-4.3%	4.8%
Nepean*	1950	N/A	1850	N/A	5.4%
Niagara Falls	1645	1730	N/A	-4.9%	N/A
North York*	2742	2900	2325	-5.4%	17.9%
Oakville	2700	2800	2300	-3.6%	17.4%
Oshawa	2125	1950	1858	9%	14.4%
Ottawa	2200	2175	1954	1.1%	12.6%
Peterborough	2000	2175	1775	-8%	12.7%
Quebec City	1048	1035	920	N/A	13.9%
Regina	1176	1200	1075	-2%	9.4%
Sarnia*	1350	1575	N/A	-14.3%	N/A
Saskatoon	1222	1450	1150	-15.7%	6.3%
Sault Ste. Marie*	1400	1470	N/A	-4.8%	N/A
Sherbrooke	1100	1095	N/A	0.5%	N/A
St. Catharines	1825	1750	1450	4.3%	25.9%
St. John’s	1200	1225	N/A	-2%	N/A
Sudbury	1498	1500	N/A	-0.1%	N/A
Surrey	2500	2599	N/A	-3.8%	N/A
Thunder Bay	1462	1688	1375	-13.4%	6.3%
Toronto	3000	2995	2600	0.2%	15.4%
Trois-Rivieres*	1150	938	930	22.6%	23.7%
Vancouver	3785	3900	3151	-2.9%	20.1%
Vaughan	2650	2600	2200	1.9%	20.5%
Victoria	2600	2600	N/A	0.0%	N/A
Waterloo	2300	2198	N/A	4.6%	N/A
Welland	1695	1695	N/A	0.0%	N/A
Windsor	1900	1575	1600	20.6%	18.8%
Winnipeg	1495	1500	1295	-0.3%	15.4%

Areas such as London (-3.4%) are continuing the downward trend in the 2 bedroom condo/apartment segment with a drop to $2,000. The biggest MoM drop in this class was seen in Charlottetown (-16.1% ) where rents fell to $1,595. Year-over-year Charlottetown is still 10% higher. Areas seeing significant MoM gains are few with Halifax (15.8%) leading with a MoM gain to $1,998 and up 8% since last year along with Windsor (20.6%) up to $1,900 from last month’s $938. The big jump in Windsor could possibly due to larger 2 bedroom condo or apartment units coming on the rental market in the last month.

City	One Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Brantford	1295	1675	1499	-22.7%	-13.6%
Charlottetown	1086	1400	N/A	-22.4%	N/A
Mississauga	1800	2200	1637	-18.2%	10%
Saskatoon	900	1100	950	-18.2%	-5.3%
Niagara Falls	1345	1598	N/A	-15.8%	N/A
Sault Ste. Marie	1175	1310	N/A	-10.3%	N/A
Kelowna	1650	1838	N/A	-10.2%	N/A
Fredericton	1200	1275	N/A	-5.9%	N/A
Burlington	2150	2250	1975	-4.4%	8.9%
Guelph	1850	1912	N/A	-3.2%	N/A
Kingston	1500	1550	1549	-3.2%	-3.2%
Ottawa	1758	1800	1600	-2.3%	9.9%
Sarnia	1350	1372	N/A	-1.6%	N/A
Etobicoke*	2200	2225	2025	-1.1%	8.6%
Brampton	1500	1500	1422	0.0%	5.5%
Hamilton	1650	1650	1472	0.0%	12.1%
Moncton	1050	1050	1200	0.0%	-12.5%
Oshawa	1599	1599	1600	0.0%	-0.1%
Scarborough	1610	1610	1350	0.0%	19.3%
Kitchener	1850	1848	1592	0.1%	16.2%
Calgary	1262	1250	1100	1%	14.7%
Montreal	1500	1465	1262	2.4%	18.9%
Laval*	1440	1400	N/A	2.9%	N/A
Edmonton	1000	962	950	4%	5.3%
Regina	987	949	894	4%	10.4%
Halifax	1500	1425	1450	5.3%	3.4%
London	1400	1322	1280	5.9%	9.4%
North York	2350	2200	1695	6.8%	38.6%
Markham*	1900	1700	1412	11.8%	34.6%
St. Catharines	1575	1400	1422	12.5%	10.8%
Quebec City	1008	875	823	15.2%	22.5%
Abbotsford	1300	1350	N/A	-3.7%	N/A
Sudbury	1225	1250	1175	-2%	4.3%

Niagara Falls (-22.7%) and Fredericton (-22.4%) saw the highest MoM declines in all 1 Bed rents with $1,345 and $1,200 respectively. Across the board this category saw overall declines in rents since last month. Notable jumps in this category were Sherbrooke (21.6%) and Quebec City (15.2%) where rents jumped to $958 and $1,008 respectively.

City	ONE Bedroom Median Rent	Last Month Rent (Oct 2022)	Last Year Rent (Oct 2021)	Month-Over-Month Rent % Change	Year-Over-Year Rent % Change
Belleville	1500	N/A	N/A	N/A	N/A
Brandon	800	N/A	N/A	N/A	N/A
Brantford*	1250	1700	1499	-26.5%	-16.6%
Burlington	2325	2250	1988	3.3%	17%
Calgary	1500	1452	1199	3.3%	25.1%
Charlottetown*	1200	1400	N/A	-14.3%	N/A
Edmonton	1050	1018	950	3.1%	10.5%
Etobicoke*	2415	2276	2050	6.1%	17.8%
Fredericton	1175	1250	N/A	-6%	N/A
Guelph	1838	1875	N/A	-2%	N/A
Halifax	1595	1616	1450	-1.3%	10%
Hamilton	1700	1695	1408	0.3%	20.7%
Kelowna	1782	1838	1700	-3%	4.8%
Kingston	1550	1572	1500	-1.4%	3.3%
Kitchener	1898	1870	1608	1.5%	18%
Laval*	1440	1400	1216	2.9%	18.4%
London	1400	1250	1280	12%	9.4%
Mississauga	2295	2400	1900	-4.4%	20.8%
Moncton	1050	1025	N/A	2.4%	N/A
Montreal	1500	1490	1275	0.7%	17.6%
Oakville	2425	2400	2050	1%	18.3%
Ottawa	1850	1835	1599	0.8%	15.7%
Peterborough	1500	1562	1400	-4%	7.1%
Quebec City	1008	875	823	15.2%	22.5%
Regina	950	900	892	5.6%	6.5%
Sarnia	1380	1372	N/A	0.6%	N/A
Saskatoon	880	1134	950	-22.4%	-7.4%
Sault Ste. Marie	1150	1310	N/A	-12.2%	N/A
Sherbrooke	915	788	N/A	16.1%	N/A
St. Catharines	1595	1350	1495	18.1%	6.7%
Sudbury	1175	1250	1225	-6%	N/A
Surrey	1850	1800	1500	2.8%	N/A
Thunder Bay	1000	1150	1300	-13%	N/A
Toronto	2500	2421	2048	3.3%	22.1%
Vancouver	2700	2750	2212	-1.8%	22.1%
Victoria	2139	2188	1680	-2.2%	27.3%
Welland*	1300	1350	1450	-3.7%	-10.3%
Windsor	1100	1100	992	N/A	10.9%
Winnipeg	1046	1121	990	-6.7%	5.7%

The 1 bedroom condo and apartment market appears to be slowing down with Toronto (3.3%) only adding a slight increase from last month to $2500 and Vancouver (-1.8%) continuing its negative trend down to $2700. We’re seeing a similar story play out across the country as seasonal trends may be helping to soften the demand that has been propelling rents to new heights every month. Saskatoon (-22.4%) is one which as experienced a heavier correction of -22.4% to $880 but still up by 7.4% YOY. This downtrend seems more likely to be a heavy effect of seasonality in that market. Overall, this category of rents appear to be stabilizing at least for the time being.

City	Price per Sqft
Vancouver	$3.76
Toronto	$3.45
North York	$2.77
Victoria	$2.77
Etobicoke	$2.74
Burlington	$2.47
Oakville	$2.41
Vaughan	$2.4
Kitchener	$2.33
Scarborough	$2.32
Montreal	$2.31
Whitehorse*	$2.3
Guelph	$2.28
Surrey	$2.23
Hamilton	$2.18
Kanata*	$2.15
Markham	$2.12
Kingston	$2.11
St. Catharines	$2.1
Mississauga	$2.1
Kelowna	$2.1
Waterloo	$2.08
Belleville	$2.07
Halifax	$2.04
Milton	$2
Ottawa	$2
Peterborough	$1.94
Sarnia	$1.93

City	Price per Sqft
Oshawa	$1.88
Brampton	$1.85
Sudbury	$1.8
Nepean	$1.78
Welland	$1.78
Brantford	$1.78
Niagara Falls	$1.77
Abbotsford	$1.73
London	$1.72
Calgary	$1.68
Laval	$1.63
Thunder Bay	$1.63
Windsor	$1.62
Winnipeg	$1.6
Charlottetown	$1.59
Saskatoon	$1.55
Sault Ste. Marie	$1.49
Quebec City	$1.49
Summerside*	$1.47
Fredericton	$1.47
Moncton	$1.45
Regina	$1.41
Edmonton	$1.4
Lethbridge	$1.36
St. John’s	$1.33
Trois-Rivieres	$1.31
Sherbrooke	$1.24
Corner Brook*	$1.23

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%.

City	Price per Sqft
Peterborough	$1.9
Mississauga	$1.73
Burlington	$2.26
Markham	$1.66
Oakville	$1.96
Surrey	$1.92
St. John’s	$1.2
Victoria	$2.22
Regina	$1.43
Milton	$1.73
London	$1.66
Toronto	$2.85
Niagara Falls	$1.7
Nepean*	$1.35
Edmonton	$1.34
Kingston	$2.03
Windsor	$1.59
Calgary	$1.58
Halifax	$1.64
Welland	$1.64
Guelph	$2.13
Kelowna	$1.94
Brantford	$1.72

City	Price per Sqft
Montreal*	$1.96
Lethbridge	$1.48
Oshawa	$1.67
St. Catharines	$2.07
Brampton	$1.74
Vancouver	$3.02
Waterloo	$1.91
Saskatoon	$1.72
Kitchener	$2.09
Hamilton	$1.99
Vaughan	$1.96
Belleville	$1.89
Sudbury	$1.82
Ottawa	$1.74
Sarnia	$1.73
Thunder Bay*	$1.69
Fredericton*	$1.62
Winnipeg	$1.57
Abbotsford	$1.54
Charlottetown	$1.52
Moncton	$1.49
Sault Ste. Marie*	$1.45

Peterborough and Mississauga experienced the highest drop in average rent by square foot in the house type with -14.8% and -10.4% respectively. In the Prairies, Saskatoon and Waterloo experienced the highest increase in this category with 11.7% and 6.1% respectively.

City	Price per Sqft
Trois-Rivieres*	$1.21
Sherbrooke	$1.25
Halifax	$2.21
Windsor	$1.71
Kelowna	$2.55
Montreal	$2.36
Niagara Falls	$1.98
Oakville	$3.35
Ottawa	$2.31
Kingston	$2.31
Mississauga	$2.78
Quebec City	$1.49
Winnipeg	$1.69
Burlington	$2.71
Edmonton	$1.57
Toronto	$3.74
Regina	$1.4
Guelph	$2.35
Waterloo	$2.37
Hamilton	$2.54
Calgary	$2.15
London	$1.84
Etobicoke*	$3.18
Vancouver	$4.01

City	Price per Sqft
Fredericton	$1.44
Brantford	$2.01
Saskatoon	$1.45
Scarborough*	$2.35
Vaughan*	$3.37
North York	$3.31
Surrey	$3.19
Markham	$3.13
Victoria	$2.97
Milton	$2.82
Kitchener	$2.63
Oshawa	$2.49
Belleville	$2.22
St. Catharines	$2.15
Sarnia	$2.07
Peterborough	$2.02
Welland	$1.98
Sudbury	$1.79
Charlottetown	$1.67
Thunder Bay	$1.62
St. John’s	$1.54
Moncton	$1.43
Laval*	$1.39
Lethbridge*	$1.24

The average rent by square foot in the Condos/Apartments class has come down in many regions with Toronto and Vancouver dropping by 2.1% and 8% respectively. Toronto is now at $3.74/sq. ft and Vancouver is at $4.01/sq. ft. Sherbrooke, Halifax and Windsor, Kelowna and Montreal have experienced rises of over 10% in rent by square foot.

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.