As we ring in the new year, renters across Montreal may notice a slight bump in their cost of living.
While the price of rent across the country has gone down over the past month, Zumper's January 2025 Canadian Rent Report reveals that Montreal is close to becoming one of Canada's 10 most expensive cities to rent an apartment in.
According to the new index published on Thursday, Vancouver, Toronto and Burnaby remain the three most expensive cities in Canada, but all saw their rents decline both monthly and annually.
Montreal, on the other hand, experienced a 2.9% annual increase in the price of one-bedroom apartments and a 3.7% increase for two-bedroom units over the past year. Thankfully, the changes have been gradual, with one-bedroom rents holding steady since December, and two-bedroom rents actually dipping by 0.9% over the last month.
This keeps Montreal ranked 11th, sandwiched between Kitchener and London, Ontario. It's also worth noting that a two-bedroom in Montreal remains cheaper than the median one-bedroom in Toronto.
Meanwhile, Quebec City recorded the largest monthly rent drop in the country, with one-bedroom prices falling by 6%. However, Quebec's capital also saw the highest rent increase on two-bedroom units this month, with a 5.1% jump.
With that in mind, here's a breakdown of what rent costs in Montreal and every other city that ranks higher on the list.
Median rent for one-bedroom apartments
- Vancouver, BC: $2,550 (-1.9% M/M, -5.6% Y/Y)
- Toronto, ON: $2,380 (-0.4% M/M, -4.8% Y/Y)
- Burnaby, BC: $2,330 (-1.3% M/M, -6.4% Y/Y)
- Victoria, BC: $2,070 (-1.4% M/M, +2.5% Y/Y)
- Ottawa, ON: $1,990 (-0.5% M/M, +2.1% Y/Y)
- Barrie, ON: $1,960 (-1.0% M/M, +12.0% Y/Y)
- Halifax, NS: $1,930 (-5.9% M/M, -3.5% Y/Y)
- Kelowna, BC: $1,930 (+0.5% M/M, -0.5% Y/Y)
- Oshawa, ON: $1,790 (-0.6% M/M, -3.8% Y/Y)
- Kitchener, ON: $1,770 (-1.7% M/M, -8.3% Y/Y)
- Montreal, QC: $1,750 (0.0% M/M, +2.9% Y/Y)
Median rent for two-bedroom apartments
- Vancouver, BC: $3,460 (-1.1% M/M, -10.4% Y/Y)
- Toronto, ON: $2,950 (-1.7% M/M, -8.7% Y/Y)
- Burnaby, BC: $2,900 (-1.7% M/M, -9.4% Y/Y)
- Victoria, BC: $2,760 (-1.1% M/M, +1.1% Y/Y)
- Ottawa, ON: $2,400 (0.0% M/M, 0.0% Y/Y)
- Halifax, NS: $2,400 (-5.1% M/M, -7.0% Y/Y)
- Montreal, QC: $2,250 (-0.9% M/M, +3.7% Y/Y)
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A graph of the Canadian National Rent Index, showing rising costs and a plateau in prices over the last few months.
Average asking rent in the top 25 small and mid-sized markets as of October 2023.
A table of the average listed rent by province in November 2023.
An overhead view of Quebec City sprawl. 
A graph comparing the average asking rent for roommate rentals in major Canadian cities like Vancouver, Toronto and Montreal.
Montreal homes in the fall.
Average asking rent for all property types in Canada.
Apartment buildings around Mount Royal.
Average listed rent by province and unit in October 2023.
