Canadian rent has dropped for the first time in years — except in Montreal, where it's rising
Toronto and Vancouver have dropped around 6% — but Montreal's up by even more.
Montreal's rent has risen over 10% from last year while prices across Canada are on the decline.
Some good news for Canadian renters: nationally, rent prices are on the decline for the first time in years — but the trend seems to have skipped over Montreal.
According to Zumper's November 2024 Canadian Rent Report, the average rent for a one-bedroom apartment dropped year-over-year across Canada in October, marking the decline since Zumper first introduced its Canadian National Rent Index in July 2022. However, cities in Quebec bucked the trend, with Montreal rent climbing by 10.1% for a one-bedroom and 8.1% for a two-bedroom compared to last year.
The data from October highlights shifting dynamics in the Canadian rental market, with many smaller cities seeing price jumps while larger, more traditionally more expensive cities experience declines.
According to Zumper, the average rent in Montreal is now $1,750 per month for a one-bedroom, placing it in a three-way tie with Calgary and Kingston for Canada's 11th priciest market. Zumper’s data suggests that while Montreal remains somewhat more affordable than markets like Vancouver and Toronto, it's no longer the budget-friendly city it used to be.
Canada's most expensive rental markets in Vancouver, Toronto and Burnaby all saw rent declines in October. Zumper reports Vancouver's one-bedroom rents fell 6.5% year-over-year, while its next-door neighbour Burnaby's dipped 6.3%. Toronto saw a similar dip, dropping 5.9% from last year.
Meanwhile, the country's traditionally more affordable cities are experiencing fast-rising rent costs. Saskatoon, for example, saw the biggest annual one-bedroom price hike, jumping 16.8% in October. Edmonton followed at 16.7%, as did Quebec City at 16.3%.
Here's how Montreal's one-bedroom rent compares nationally with the other top markets, as well as each city's year-over-year change:
- Vancouver, BC: $2,600 (-6.5%)
- Toronto, ON: $2,400 (-5.9%)
- Burnaby, BC: $2,380 (-6.3%)
- Victoria, BC: $2,110 (+1.0%)
- Halifax, NS: $2,100 (+6.1%)
- Ottawa, ON: $2,010 (+2.6%)
- Kelowna, BC: $2,000 (+2.6%)
- Barrie, ON: $1,960 (+8.9%)
- Kitchener, ON: $1,850 (-5.6%)
- Oshawa, ON: $1,850 (-1.6%)
- Calgary, AB: $1,750 (-7.4%)
- Kingston, ON: $1,750 (+2.3%)
- Montreal, QC: $1,750 (+10.1%)
- London, ON: $1,740 (+3.0%)
- Hamilton, ON: $1,700 (-2.9%)
For Montreal renters, it's clear that while the city remains a bit more accessible than Canada’s most costly metros, rising rents are something to keep an eye on as we head into 2025.
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