Canadian cities where rent has risen the most since the pandemic

Apartment rents in Canada have long erased the price drop brought on by the COVID-19 pandemic and have since hit ever-loftier highs, rising at often dizzying rates fuelled by a lack of supply and unprecedented population growth.

But the rate of increase since April 2021, when a pandemic low was reached, has varied widely across the country. Prospective renters in some cities today face average rents that have jumped far higher than in others. Across Canada, the average asking rent for one-bedroom units has risen from $1,414 per month in April 2021 to $1,849 this June, according to Rentals.ca data — an increase of around 30.8 per cent in slightly more than three years.

In Calgary, Vancouver, Burnaby, B.C., and London, Ont., the increase since April 2021 ranges from 40 per cent to over 50 per cent. The 53.6 per cent jump in Burnaby is equivalent to an annual rate of increase of around 14.3 per cent.

The biggest increases for two-bedroom apartments look similar, but with Victoria, B.C., at the top with a 53.4 per cent rise, and London, Ont., lower down.

Some cities that have seen significant increases remain nonetheless relatively affordable. Edmonton and Regina, Sask., for example, have seen average rents go up more than 35 per cent. But they remain comfortably at the low end of Rental.ca's June 2024 ranking because their April 2021 values were substantially lower than those of the most expensive cities — with average rent roughly half as much as in Vancouver or Toronto.

On the lower end, Gatineau, Que., Laval, Que., Montreal, Winnipeg and Fort McMurray, Alta., have all seen increases of 25 per cent or less for one-bedroom units, well below the Canadian average.

The steep rise in rent in Vancouver and its adjacent suburb Burnaby aligns with labour force data showing significant population growth this year. Calgary, too, has seen an influx of people, with Alberta now the top destination for interprovincial migration. Housing affordability is thought to be one of the factors bringing people to the province.

Population growth has also been notable in Toronto, where the average one-bedroom rent has risen nearly 35 per cent since the pandemic low. Montreal has seen similar recent population growth as Vancouver, but rent increases there have not been as sharp as those in the west-coast city.

John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android.