First-Time Buyers: Programs, down payment strategies, and the buying process in our First-Time Home Buyer Guide.
Rent in Canada has surged over the past several years, outpacing wage growth in most provinces. Here’s what Canadians are actually paying.
Average Rent by Province (2-Bedroom)
| Province/Territory | Average 2-Bedroom Rent | Year-Over-Year Change |
|---|---|---|
| British Columbia | $2,575 | +5.2% |
| Ontario | $2,435 | +4.8% |
| Alberta | $1,780 | +9.5% |
| Quebec | $1,530 | +6.3% |
| Manitoba | $1,380 | +5.1% |
| Saskatchewan | $1,270 | +4.5% |
| New Brunswick | $1,340 | +7.8% |
| Nova Scotia | $1,620 | +6.9% |
| Prince Edward Island | $1,380 | +5.8% |
| Newfoundland & Labrador | $1,100 | +3.2% |
| Northwest Territories | $1,650 | +2.1% |
| Nunavut | $2,100 | +1.5% |
| Yukon | $1,580 | +3.5% |
| National Average | $2,187 | +5.6% |
Source: Canada Mortgage and Housing Corporation (CMHC) Rental Market Report, Rentals.ca, 2025-2026 data.
Average Rent by Major City
| City | 1-Bedroom | 2-Bedroom | Studio |
|---|---|---|---|
| Vancouver | $2,650 | $3,450 | $2,200 |
| Toronto | $2,480 | $3,150 | $1,950 |
| Victoria | $2,100 | $2,680 | $1,750 |
| Ottawa | $1,850 | $2,350 | $1,520 |
| Calgary | $1,680 | $2,050 | $1,350 |
| Edmonton | $1,380 | $1,720 | $1,100 |
| Montreal | $1,550 | $1,870 | $1,250 |
| Halifax | $1,680 | $2,100 | $1,350 |
| Winnipeg | $1,220 | $1,480 | $980 |
| Saskatoon | $1,150 | $1,380 | $920 |
| Regina | $1,100 | $1,320 | $880 |
| St. John’s | $1,050 | $1,280 | $850 |
Rent vs. Income by Province
How much of the median household income goes to rent (2-bedroom):
| Province | Avg. 2-BR Rent (Monthly) | Annual Rent | Median Household Income | Rent as % of Income |
|---|---|---|---|---|
| British Columbia | $2,575 | $30,900 | $76,000 | 40.7% |
| Ontario | $2,435 | $29,220 | $82,000 | 35.6% |
| Alberta | $1,780 | $21,360 | $88,000 | 24.3% |
| Quebec | $1,530 | $18,360 | $64,000 | 28.7% |
| Manitoba | $1,380 | $16,560 | $65,000 | 25.5% |
| Saskatchewan | $1,270 | $15,240 | $70,000 | 21.8% |
| Nova Scotia | $1,620 | $19,440 | $62,000 | 31.4% |
The 30% of income rule for “affordable” rent is exceeded in British Columbia, Ontario, and Nova Scotia — for the median household.
Rent Growth Over the Past 5 Years
National average 2-bedroom rent over time:
| Year | Average 2-BR Rent | Annual Change |
|---|---|---|
| 2020 | $1,380 | -1.2% |
| 2021 | $1,450 | +5.1% |
| 2022 | $1,680 | +15.9% |
| 2023 | $1,920 | +14.3% |
| 2024 | $2,070 | +7.8% |
| 2025 | $2,187 | +5.6% |
Rents have increased roughly 58% since 2020, while wages have grown approximately 15-20% over the same period.
Average Rent by Bedroom Count (National)
| Unit Type | Average Rent | Median Rent |
|---|---|---|
| Studio/Bachelor | $1,420 | $1,350 |
| 1-Bedroom | $1,810 | $1,720 |
| 2-Bedroom | $2,187 | $2,050 |
| 3-Bedroom | $2,650 | $2,450 |
| 4+ Bedroom | $3,100 | $2,850 |
Rent vs. Own
Is it better to rent or buy? Comparing total monthly costs:
| City | Rent (2-BR) | Own (Condo, 10% down, 25yr) | Difference |
|---|---|---|---|
| Vancouver | $3,450 | $5,200 (incl. strata, property tax) | Own costs 51% more |
| Toronto | $3,150 | $4,800 | Own costs 52% more |
| Calgary | $2,050 | $2,650 | Own costs 29% more |
| Montreal | $1,870 | $2,900 | Own costs 55% more |
| Edmonton | $1,720 | $2,100 | Own costs 22% more |
In most Canadian cities, the monthly cost of owning exceeds renting — but owners build equity. The math depends heavily on how long you plan to stay and future price appreciation.
For a detailed comparison, use our mortgage payment calculator and mortgage affordability calculator.
Key Takeaways
- National average rent is $2,187/month for a 2-bedroom — up 58% since 2020
- Vancouver and Toronto remain the most expensive rental markets, with 2-bedrooms at $3,150-$3,450
- Alberta and Saskatchewan offer the most affordable rents relative to income
- Rent exceeds 30% of income in BC, Ontario, and Nova Scotia for median-income households
- Renting is currently cheaper than owning on a monthly basis in most cities, but does not build equity
Sources
- Canada Mortgage and Housing Corporation. “Rental Market Report.” cmhc-schl.gc.ca/professionals/housing-markets-data-and-research
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