Rent is down in some of Canada's hottest markets — These spots have the best deals right now
Good news for renters across Canada — rent prices are dropping in some of the country's biggest markets, offering a rare chance to snag a more affordable apartment.
Whether you're considering a move across Canada or even just within your own city, you might be wondering if now is a good time to move and where you can get the best deal.
According to Zumper's latest Canadian Rent Report, the national median rent for a one-bedroom apartment dipped to $1,863, marking a 1.1% decrease from this time last year. Two-bedroom rentals also saw a drop, down 1.3% year-over-year to $2,313.
But many Canadian cities — including some of Canada's biggest and priciest markets — saw much bigger decreases, with some even recording double-digit drops.
If you moved into your current place in the last few years while rent was at an all-time high, you might even be able to snag a discount — or score a free upgrade — by switching apartments right now. With the market cooling, you could also be in a good position to negotiate a rent decrease with your landlord.
If you're looking for the cheapest cities in Canada or just a better deal in a pricey market, these are the cities with the best (and worst) deals for renters right now.
Best-deal cities for renters
Some of Canada's priciest rental markets have seen the most significant price drops, making them more affordable than they've been in years. Here's a look at where renters can get the best deals right now:
- Kitchener, ON: Median rent for a one-bedroom in this mid-sized Ontario city has dropped a whopping 8.3% year-over-year to $1,770. Two-bedroom prices have also fallen 9.7% to $2,140, making this city the leader in savings overall.
- Vancouver, BC: While it's still the most expensive city in Canada, Vancouver has seen one-bedroom rents fall 5.6% to $2,550, while two-bedroom prices have taken a massive 10.4% dip to $3,460.
- Burnaby, BC: Despite still being the third most expensive spot for renters, this city's one-bedroom rents have dropped 6.4% to $2,330, and two-bedroom prices have fallen 9.4% to $2,900, making it a surprising spot for savings and a cheaper alternative to nearby Vancouver.
- Toronto, ON: Rent in Toronto has decreased 4.8% year-over-year for one-bedrooms ($2,380) and 8.7% for two-bedrooms ($2,950). While still pricey, the reductions are notable for Canada's largest city, and now could be your time to get your foot in the door of Toronto's rental market before prices go up again.
- Calgary, AB: Known for its affordability, Calgary has seen one-bedroom rents drop 6.5% to $1,720 and two-bedroom prices dip 4.7% to $2,020.
- Halifax, NS: One-bedroom rents in Halifax have dropped 3.5% annually to $1,930, while two-bedroom prices have decreased 7% to $2,400 — pushing it out of the top five priciest markets in Canada.
- Oshawa, ON: With a 3.8% drop in one-bedroom rents to $1,790 and a 4.6% dip for two-bedrooms ($2,070), Oshawa is a great cheaper option in the GTA.
- Hamilton, ON: One-bedroom rents in this growing city have declined by 1.8% to $1,660, while two-bedroom prices have dropped 5.7% to $1,980.
- Kingston, ON: Rent for a one-bedroom in Kingston have dropped 1.8% year-over-year to $1,680, while two-bedroom prices have fallen 3.5% to $1,940, making it another great spot for renters to save.
Worst-deal cities for renters
Meanwhile, if you're considering a move to (or within) these cities, you might want to wait. Rent has been on the rise in these spots over the past year:
- Edmonton, AB: While it's still one of the cheapest big cities in Canada, the median rent for a one-bedroom here has jumped by an eye-watering 10.4% over the past year to $1,380, and two-bedrooms have spiked 12% to $1,680.
- Regina, SK: Also one of Canada's cheapest markets, rent for a one-bedroom in the Saskatchewan capital has risen 9.5% to $1,270, and two-bedroom rents have increased by 6.7% to $1,440.
- Winnipeg, MB: One-bedroom rents have climbed 7.7% to $1,400, and two-bedroom prices have risen 8.4% to $1,800.
- Quebec City, QC: One-bedroom rents have risen 3.7% year-over-year to $1,400, and two-bedroom prices have jumped 8.9% to $1,840, making this one of the fastest-growing rental markets.
- St. Catharines, ON: Rent for a one-bedroom have increased 6.5% annually to $1,650, while two-bedroom prices have climbed 5.4% to $1,940 in this mid-sized market.
What's driving the changes?
Zumper attributes the price drops to a surge in apartment completions in 2024. Cities like Toronto, Calgary and Ottawa saw record-breaking new apartment supply, cooling off these rental markets substantially.
"This influx of new supply has been significant in meeting demand nationwide, helping to temper the rapid double-digit rent growth seen in 2023," the report says.
So, whether you're eyeing a rental in Vancouver or debating a move to Toronto, this could be the perfect moment to lock in a lower price in some of Canada's hottest rental markets.
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