Canada Rental Pricing in Major Cities

Discover how rental pricing is shifting in Toronto, Vancouver, and Calgary in 2025, and what renters and rental service providers should know in Canada’s changing housing market. 

Vancouver, BC

Vancouver still ranks as Canada’s most expensive rental market, but the trend is clearly shifting. One‑bedroom units average around $2,500/month, two‑bedrooms about $3,450 (April 2025),  yet both are down year‑over‑year (‑1.6% and ‑1.1% respectively) in Metro Vancouver (Shepert, 2025). In fact, over the past two years Vancouver’s asking rents have dropped by about 15% (CTC News, 2025). 

Even in Canada’s priciest city the rental market is cooling. For renters this means more leverage; for landlords the message is clear: pricing must reflect market realities and new supply.

Toronto, Ontario

Toronto continues to be among Canada’s top rental hubs. Data from March 2025 shows that the average one‑bedroom rent in the city dipped to ~$2,133/month (a drop of about $140 YoY) for unfurnished units (Toronto Rent Report, 2025). The broader national trend as of March shows Toronto’s one‑bedroom rents dropping ~5.4% to ~$2,359 (Canada Housing Market, 2025). 

In Toronto the rental pricing evolution is toward moderation rather than growth. With new supply (condos, purpose‑built rentals) entering the market and demand cooling, both tenants and landlords are adjusting expectations.

Calgary, Alberta

Calgary is experiencing one of the steepest rental declines among major Canadian markets. At the end of 2024, average asking rents across all rental types in Calgary dropped ~7.2%, landing around ~$1,921/month (CityNews, 2025). 

Further data for mid‑2025 indicate a ~9% year-over-year drop and one‑bedrooms around ~$1,670 and two‑bedrooms ~$2,000 (Canada Housing Market). 

Calgary is shifting into a more renter‑friendly market. For landlords, this signals a need to be more strategic on pricing, unit type, and concessions. For renters, affordable city‑centre options are increasing.