Canada’s most expensive rental markets remain concentrated in major urban centres, but new data reveals a growing affordability crisis in smaller cities, where rents have doubled in some areas since 2019.
In the first quarter of 2025, Vancouver posted the highest average asking rent for a two-bedroom apartment at $3,170. Toronto followed at $2,690, with Victoria ($2,680) and Ottawa ($2,490) rounding out the top four. By contrast, Montréal ranked 17th among Canada’s census metropolitan areas (CMAs), with an average asking rent of $1,930. The most affordable markets were found in smaller Quebec cities such as Drummondville ($1,200) and Sherbrooke ($1,250).
However, the lower rent levels mask dramatic growth over the past six years. Drummondville and Sherbrooke recorded the largest increases in the country, with average asking rents for two-bedroom units doubling from $600 to $1,200 and from $660 to $1,250, respectively. Montréal also saw a steep rise, with rents climbing 70.8 per cent from $1,130 in 2019.
While still home to the country’s highest average rents, major urban centres have seen more modest growth compared with their smaller counterparts.
Toronto’s average asking rent for a two-bedroom apartment rose just 5.1 per cent from $2,560 in 2019. After declining during the early stages of the COVID-19 pandemic, rents rebounded to a peak of $2,920 in late 2023, before falling to $2,690 in the first quarter of this year, a 5.6 per cent year-over-year decrease.
Vancouver followed a similar pattern, with rents increasing 27.3 per cent from $2,490 in 2019 to $3,170 in early 2025. After peaking at $3,580 in the third quarter of 2023, the city recorded a 7.8 per cent decline over the past year.
The trend extends beyond apartments. Single rooms for rent, often considered a more affordable option, also show stark regional differences.
In Quebec, average asking rents for rooms remained below $600 in several CMAs, including Saguenay ($480), Sherbrooke ($500), Trois-Rivières ($510), Drummondville ($560) and Québec City ($570). In British Columbia, however, room rents have climbed significantly. Vancouver posted an average of $1,070, while Victoria and Kelowna followed at $970. Mid-sized communities such as Nanaimo ($890) and Kamloops ($870) also reported elevated rates.
The data paints a portrait of a shifting rental landscape, one in which housing challenges are no longer confined to the country’s largest cities but are increasingly shared from coast to coast.