The average asking price in B.C.’s largest city was $3,170, down from $3,440 in Q1 2024, the federal agency reported Wednesday.

In Toronto, the average asking rent for a two-bedroom was $2,690 in the first quarter of this year, down from $2,850 a year earlier, while in Victoria, it was $2,680, a slight drop from $2,690 during the same period last year.

In Ottawa, the average rent reached $2,490 in the first three months of the year, up from $2,290 in Q1 2024.

These four census metropolitan areas had the highest rents in the country. Montreal ranked 17th, with an average asking rent of $1,930 for a two-bedroom unit in the first quarter, down slightly from $1,940 a year earlier.

In Quebec City, the average asking rent for a two-bedroom was $1,470, up from $1,420 in the same period last year.

Sherbrooke and Drummondville had the lowest asking rents, at $1,250 and $1,200 respectively. However, both figures have nearly doubled over six years—from $660 and $600—representing the steepest increases in the country between Q1 2019 and Q1 2025.

Montreal also recorded a significant six-year jump in average rent prices, rising 70.8% from $1,130 in the first quarter of 2019.

Compared to Q1 2019, Statistics Canada says the average asking rent for two-bedroom apartments in Vancouver has increased by 27.3%.

In Toronto, the increase was more modest at 5.1% over the same period.

Average asking rents for two-bedroom apartments
in the largest census metropolitan areas

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Last modified: June 25, 2025