Quarterly rent statistics, first quarter 2019 to first quarter 2025
Released: 2025-06-25
In the first quarter of 2025, Vancouver was the census metropolitan area (CMA) with the highest average asking rent for a two-bedroom apartment, at $3,170, followed by Toronto ($2,690), Victoria ($2,680) and Ottawa ($2,490). By comparison, Montréal ranked 17th, with an average asking rent of $1,930. Smaller CMAs in Quebec recorded the lowest average asking rents, including Drummondville ($1,200) and Sherbrooke ($1,250).
Because prospective renters typically face higher rents compared with long-term tenants—whose rents reflect past leases and can also be subject to rent control regulations—asking rents offer a picture of current market trends.
Statistics Canada, in partnership with the Canada Mortgage and Housing Corporation, is launching a new statistical program: Quarterly rent statistics. This program provides experimental estimates on the asking rent of available rental units listed on major rental platforms in Canada. These quarterly statistics cover rental units in apartment buildings, by number of bedrooms. Data are also published for rooms for rent, offering a unique perspective on more affordable rental options. Data are available for census metropolitan areas from the first quarter of 2019 to the first quarter of 2025.
Chart 1
Average asking rents for two-bedroom apartments, by census metropolitan area
Asking rents in Montréal increased nearly 71% from 2019 to the first quarter of 2025
The CMAs of Drummondville and Sherbrooke, which had the lowest average asking rents in the first quarter of 2025 were those that saw the largest increase in average asking rents for two-bedroom apartments from the first quarter of 2019 to the first quarter of 2025. During this period, the average asking rent increased from $600 to $1,200 in Drummondville and from $660 to $1,250 in Sherbrooke.
Montréal also experienced a marked increase in average asking rent from 2019 to the first quarter of 2025. Starting at $1,130 in 2019, asking rent in this CMA grew by 70.8% to reach $1,930 in the first quarter of 2025.
By contrast, the CMAs with the highest average asking rents experienced slower relative growth from 2019 to the first quarter of 2025. The Toronto CMA saw overall 5.1% growth in the asking rent of two-bedroom units, increasing from $2,560 in the first quarter of 2019 to $2,690 in the first quarter of 2025. Average asking rents in Toronto declined during the first year of the COVID-19 pandemic, followed by an increase to reach a peak of $2,920 in the second half of 2023. In the first quarter of 2025, average asking rents subsequently decreased by 5.6% year over year in Toronto.
Vancouver followed a similar pattern as Toronto, although it experienced comparatively stronger growth. Average asking rent for two-bedroom apartments increased by 27.3% from the first quarter of 2019 to the first quarter of 2025 (from $2,490 to $3,170). In this CMA, average asking rents started increasing in early 2021 to reach a peak of $3,580 in the third quarter of 2023, then decreased by 7.8% from the first quarter of 2024 to the first quarter of 2025.
Chart 2
Average asking rents for two-bedroom apartments in the largest census metropolitan areas
Chart 3
Average asking rents for rooms in the largest census metropolitan areas
Single rooms for rent are listed at prices exceeding $1,000 in Vancouver
Individual rooms that are rented out can offer more affordable accommodation options for tenants. In the first quarter of 2025, the average asking rent for them was the lowest in several CMAs in Quebec, including Saguenay ($480), Sherbrooke ($500), Trois-Rivières ($510), Drummondville ($560) and Québec ($570). By contrast, average asking rents for rooms were the highest in the largest CMAs in British Columbia, including Vancouver ($1,070), Victoria and Kelowna ($970 each), Nanaimo ($890) and Kamloops ($870).
If you would like to provide feedback on the experimental approach of the program, you are encouraged to contact us by email (statcan.chsp-info-pslc.statcan@statcan.gc.ca).
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Note to readers
Statistics Canada, in collaboration with the Canada Mortgage and Housing Corporation (CMHC), is releasing today new statistics on the asking rents of available rental units in Canadian cities. This initiative complements existing data sources, including the Rental Market Survey (RMS) and the Condominium Apartment Survey (CAS), conducted annually by the CMHC. The RMS collects data on privately owned purpose-built rental structures with at least three units in urban areas (populations of 10,000 or more). The RMS also collects rent data directly from property owners and managers, reporting occupied and vacant unit rents. Through the CAS, the CMHC gathers rent data for condominium apartment units rented out by their owners in 17 census metropolitan areas where condominium apartments are a major source of rental housing. Data are obtained from condominium board representatives or property management companies or their representatives.
In this release, average asking rent is derived from listings posted on major rental listing platforms in Canada. Asking rent offers a new picture of what prospective tenants can expect to pay based on the type of housing they are searching for (rental unit type, number of rooms and location).
Estimates include purpose-built (primary) rentals and units available in the secondary rental market. They do not cover collective dwellings, vacation homes, mobile houses or subsidized housing.
While asking rent estimates are adjusted for distributional representation of rental unit types, they are not adjusted for changes in quality. This means that variations in the asking rent levels can be influenced by changes in quality attributes of rental units, such as the presence of utilities, upgraded finishes or parking.
Data are experimental and subject to revision.
All data are expressed in current dollars and based on the 2021 Standard Geographical Classification.
Definitions
A census metropolitan area (CMA) is formed by one or more adjacent municipalities centred on a population centre (known as the core). A CMA must have a total population of at least 100,000, of which 50,000 or more must live in the core. To be included in the CMA, other adjacent municipalities must have a high degree of integration with the core, as measured by commuting flows derived from data on place of work from the previous Census Program.
Asking rent refers to the monthly amount for which a rental unit is advertised, regardless of what is included in the rent.
Rental unit refers to a private dwelling or a set of living quarters in a private dwelling that is rented or for rent.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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