2025 Canada Rental Market Trend Report

Will Canadian Rent Prices Continue to Fall? Migration, Interest Rates and Construction all playing a role 

Canada’s rental market experienced notable shifts in 2024, with rental prices declining in major cities like Vancouver and Toronto, while Alberta’s urban centers experienced rising prices. As the market continues to evolve, several factors—including migration patterns, construction growth, and interest rates—will play a crucial role in shaping rental prices in the year ahead. To gauge perspectives from both sides, we also surveyed landlords and renters about the current state of the rental market—uncovering a clear divide in opinions.

To provide a comprehensive analysis of these trends, Vancouver-based rental platform liv.rent has released its 2025 Rental Market Trend Report. This report covers average rent prices, key market comparisons, and the driving forces behind these changes, as well as a forecast and predictions for the coming year.

Below is a snapshot of the insights from this year’s report. Download the full report for a deeper look at rental price trends, immigration and interprovincial migration patterns, construction activity, forecasts for 2025, and more.

Download the free 2025 liv.rent Rental Market Trend Report below for complete information on average rent prices and driving factors for B.C., Ontario, Alberta, and Quebec.

About the liv.rent Rental Market Trend Report

This report gives a retrospective analysis of key rental market data for B.C., Ontario, Alberta, and Quebec, plus predictions for 2025 and direct opinions from both landlords and renters on the state of the current rental market in Canada. Providing important context to a year characterized by significant changes in cities across the country, the liv.rent Rental Market Trend Report is designed to help renters and landlords better understand the current state of the Canadian rental market. It also gives a snapshot of key information surrounding immigration and interprovincial migration levels, housing project data, and other rental-related topics.

To gather these insights, the liv.rent team analyzed data from our own listings and other popular listing sites. This is supported by data from government agencies such as the Bank of Canada, CMHC, and Statistics Canada which provides insight into driving factors and major influences.

The full Canada-wide report is available as a free PDF here. Download your copy today to get an in-depth overview of 2025 trends in the Canadian rental market.

Here is a sample of some of the Canada-wide insights you can find in the full 2025 liv.rent Rental Market Trend Report:

Canada overview

Canada sees 50% decline in net non-permanent residents​

• In 2024, the net flow of non-permanent residents dropped to 319,506—a 50% decrease from the 2023 total of 636,427. Every province saw a rise in the outflow of non-permanent residents.

Emigration: Highest level recorded since 2017​

• In 2024, Canada recorded 81,601 emigrants—the highest number since 2017, when 83,210 people left the country. Every province saw a year-over-year rise in emigration.

British Columbia

B.C. is no longer the second most ​ sought-after province for immigrants​​

• In 2023, 15% of Canada’s immigrants settled in B.C., making it the second most popular province after Ontario. However, in 2024, that share fell to 13%, with Alberta taking second place.

Richmond’s population decline sparks drop in rent prices ​ ​

• In January 2024, Richmond’s rent prices for an unfurnished one-bedroom unit peaked at $2,466/month. By December, they hit a year-low of $2,267/month.​
• Furnished rentals also experienced notable year-over-year declines: one-bedroom (-2%), two-bedroom (-3%), and three-bedroom (-9%).​

Alberta

Edmonton defies national rental trends: rents on the rise while other cities see declines​

• While most major Canadian cities have seen year-over-year rental price declines, Edmonton stands out as a rare exception.​
• Across all unit types—both furnished and unfurnished—rents in Edmonton have consistently increased YoY throughout 2024.​

Edmonton sees a construction boom with 40% increase in housing starts​​

• While major cities like Vancouver, Toronto, and Montreal saw a decline in housing starts, Edmonton surged ahead with a 40% YoY increase.​
• The city’s housing supply is expanding fast, offering a diverse mix of single-family homes, townhouses, and apartments, catering to growing demand.

Ontario

Ontario sees 66% spike in non-permanent resident departures​ ​​

• In 2024, the number of non-permanent residents leaving Ontario surged by 66.52% compared to 2023. ​Ontario also recorded the highest departure volume of non-permanent residents in Canada.

Toronto’s rent prices drop as more residents move aways​

• Toronto’s rent prices started dropping in July 2024, just as emigration from Ontario jumped 9% in Q3 compared to Q2.
• Year-over-year, rent prices fell across all unit types, with furnished three-bedroom units seeing the steepest decline at –15.8%.

Quebec

Montreal’s housing supply continues to tighten

• Montreal’s housing supply remains tight, with a sharper year-over-year decline in new construction and projects in progress. However, housing completions did see a +29% increase, largely driven by newly built apartments.

Landlords-Renters: Divided Opinions

Two thirds of landlords are not making a profit​

• Despite 57% of renters believing that landlords are making a significant profit on their rentals, this isn’t reflective of the current market. 31% of landlords are making moderate profit on their rental property and 2% making a significant profit. 

Download the full report to view all of the in-depth insights.

Data Collection Methodology

The 2025 liv.rent Rental Market Trend Report uses data from liv.rent listings, as well as data our team manually collects from other popular listing sites. Our data collection methods differ from some government agencies like the Bank of Canada and Statistics Canada in that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied and may be rent-controlled or rented for significantly lower than the current rates. 

For data related to influencing factors, our team refers to data from trusted sources like Statistics Canada, Canada.ca, Canadian Mortgage and Housing Corporation (CMHC), as well as gathering supporting information from media outlets such as CBC News, Calgary Herald, Globe and Mail , Daily Hive, and The Niagara Independent.

For more information on our data collection methodology, including what types of rental housing we look at, please consult the full reports.

Download the free 2025 liv.rent Rental Market Trend Report here for complete information on average rent prices and driving factors for B.C., Ontario, Alberta, and Quebec.

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