Asking Rent Prices in Montreal Have Jumped More Than 70 Percent Since 2019: StatCan

A sign shows an apartment for rent in the Montreal borough of Lasalle on April 23, 2024. The Canadian Press/Christinne Muschi

The average asking price for rental units in Montreal increased by nearly 71 percent between 2019 and the first quarter of this year, according to Statistics Canada.

The average asking rent for a two-bedroom unit in Montreal was $1,130 in 2019, which increased by 70.8 percent to $1,930 by the first quarter of 2025, according to a quarterly report released by StatCan on June 25 in collaboration with the Canada Mortgage and Housing Corporation.

Montreal ranked 17th highest for average asking prices of two-bedroom apartments among 40 census metropolitan areas (CMAs) in Canada.

“Because prospective renters typically face higher rents compared with long-term tenants—whose rents reflect past leases and can also be subject to rent control regulations—asking rents offer a picture of current market trends,” StatCan said in the report.

Meanwhile, smaller CMAs in Quebec, such as Drummondville and Sherbrooke, recorded the lowest average asking rent prices in the first quarter of 2025. However, these two CMAs also had the largest growth in rental asking price from the first quarter of 2019 to the first quarter of this year.

Asking rent in Drummondville averaged $600 per month in 2019, which jumped to $1,200 per month in 2025, while the asking rent for Sherbrooke in 2019 was $660 and jumped to $1,250 this year.

Toronto, Vancouver

CMAs with the highest average asking rent experienced slower growth in prices between 2019 and 2025.

Toronto, for example, ranks second for highest asking prices. Average asking rent for a two-bedroom apartment in Toronto was $2,560 in the first quarter of 2019, and grew 5.1 percent to $2,690 in the first quarter of 2025.

Average asking rents declined during the first year of the COVID-19 pandemic in Toronto, StatCan said, adding that the decrease was followed by an increase in the second half of 2023, reaching a peak of $2,920 for a two-bedroom unit. Year over year, asking rent decreased by 5.6 percent in Toronto from 2024 to this year’s first quarter.

Vancouver, which has the highest average asking rent for a two-bedroom apartment in Canada, experienced stronger growth than Toronto over the six-year period. Average asking rent in Vancouver increased 27.3 percent from $2,490 in the first quarter of 2019, to $3,170 in the first quarter of this year.

Asking rent in Vancouver began to increase in 2021 and reached its peak of $3,580 by the third quarter of 2023. Prices then decreased by 7.8 percent from the first quarter of 2024 to that of this year.

‘Significant Pressures’

Canada’s housing department released a report on April 30 that indicated rent increases have reached a “record high” average of 8 percent annually, which exceeds both inflation and wage growth.

Canadian renters have been facing “significant pressures” due to high demand for rental housing with rental vacancy rates reaching a historical low in 2023, says Housing, Infrastructure and Communities Canada’s 2024 Transition Binder. The department added that the demand for rental housing has outpaced the supply in most city centres across Canada.

Canada’s increasing population, primarily driven by immigration, coupled with labour shortages in the construction industry and the rising cost of housing, are trends that have influenced the supply-and-demand dynamics in the housing market, the document says.

“Lack of growth in purpose-built affordable rental housing combined with the diminishing non-market housing stock is impacting social areas beyond housing (e.g., health) and disproportionately affecting newcomers, vulnerable and lower-income groups,” the Transition Binder says.