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CTV News
19 hours ago
- Business
- CTV News
Average rent for 1-bedroom apartment in Ottawa drops below $2,000 in May
A for-rent and a for-sale sign are displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. THE CANADIAN PRESS/Sean Kilpatrick The average cost to rent a one-bedroom apartment in Ottawa dropped below $2,000 a month in May for the first time since last summer, as renters found some relief on the market. The monthly rental report from and Urbanation shows the average rent for a one-bedroom apartment in Ottawa was $1,994 in May, down from $2,016 in April and $2,024 in March. A one-bedroom apartment rented for $1,989 a month last July. The cost to rent a two-bedroom apartment was $2,559 in May, down from $2,589 in April. According to the report, the average rent for an apartment or condominium in Ottawa was $2,239 in May, up from $2,220 in April and $2,219 in March. Ottawa was the only major Canadian city to see an annual increase in rental rates. In May 2024, the average rent across all apartment types in Ottawa was $2,149, and a one-bedroom apartment rented for an average of $1,982. Across Canada, the average asking rent for all residential properties was $2,129 in May, down 3.3 per cent from May 2024. 'The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,' Shaun Hildebrand, President of Urbanation, said in a statement. 'Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.' Vancouver has the highest average rent in Canada at $2,839 a month. A one-bedroom apartment rented for $2,544 a month in May. Toronto has the second highest asking rent in Canada at $2,606 a month, with a one-bedroom costing $2,302 a month. The average rent in Kingston was $2,076 a month in May, with a one-bedroom apartment costing an average of $2,025 a month. In Gatineau, the average rent in May was $1,973 a month. Kanata and Gloucester The cost to rent an apartment in Ottawa's suburbs dropped in May. According to the report, the average asking rent was $2,439 a month in Kanata. That's down from $2,478 a month in April. The average asking rent in Gloucester dropped from $2,286 in April to $2,218 in May. Kanata and Gloucester have the most expensive rental rates for areas outside of the Greater Toronto Area.
CTV News
18-05-2025
- Business
- CTV News
Have falling rent prices made it easier to live in Toronto? We want to hear from you
Toronto's rental market has been in a steady decline for months, finally showing signs of softening — but has that made a real difference for you? This month, new data from and Urbanation, revealed average apartment rents in the city have dropped 7 per cent year-over-year. It's the 14th straight month of annual declines, pushing the average rent to a 32-month low of $2,589. At the same time, real estate data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales in the city were down more than 30 per cent in April compared to the same time last year. As the market shifts, some renters are starting to see new perks including discounted lease terms, free months of rent, or other incentives landlords once rarely offered. But how far do those savings go in a city still well known for high housing costs? Are you finally seeing some breathing room in your budget — or are the deals not what they seem? We want to hear from you Whether you scored a rental deal that felt too good to be true or been offered an incentive, CTV News Toronto wants to hear from you. Are you seeing more competition, or less? Share your story by emailing us at torontonews@ with your name, general location, and phone number in case we want to follow up. Your comments may be used in a story. READ MORE:
CTV News
18-05-2025
- Business
- CTV News
Have falling rent prices made it easier to live in Toronto? We want to hear from you
Toronto's rental market has been in a steady decline for months, finally showing signs of softening — but has that made a real difference for you? This month, new data from and Urbanation, revealed average apartment rents in the city have dropped 7 per cent year-over-year. It's the 14th straight month of annual declines, pushing the average rent to a 32-month low of $2,589. At the same time, real estate data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales in the city were down more than 30 per cent in April compared to the same time last year. As the market shifts, some renters are starting to see new perks including discounted lease terms, free months of rent, or other incentives landlords once rarely offered. But how far do those savings go in a city still well known for high housing costs? Are you finally seeing some breathing room in your budget — or are the deals not what they seem? We want to hear from you Whether you scored a rental deal that felt too good to be true or been offered an incentive, CTV News Toronto wants to hear from you. Are you seeing more competition, or less? Share your story by emailing us at torontonews@ with your name, general location, and phone number in case we want to follow up. Your comments may be used in a story. READ MORE:
CTV News
09-05-2025
- Business
- CTV News
Rental rates higher in Kanata and Gloucester compared to other parts of Ottawa: report
A for rent and a for sale sign are displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. THE CANADIAN PRESS/Sean Kilpatrick Ottawa tenants are seeing a slight decrease in rental rates for an apartment this spring, but a new report shows rental rates in Kanata and Gloucester are higher than in other parts of Ottawa. The monthly rental report from and Urbanation shows the average rent for an apartment or condominium in Ottawa was $2,200 in April, down from $2,219 in March and $2,214 in February. The average asking rent increased slightly year over year to $2,200 in April from $2,198 in April 2024. A one-bedroom apartment cost an average of $2,016 in Ottawa last month, compared to $2,024 in March and $2,030 in February. Rental rates for a two-bedroom apartment averaged $2,598 in Ottawa in April, down from $2,559 in March. Across Canada, the average asking rent decreased 2.8 per cent in April from a year ago to $2,127. The report from and Urbanation says it was the seventh consecutive month of annual rent declines in Canada. 'The rental market in Canada has shown some early signs of stabilizing this spring with rents moving higher over the past two months,' Shaun Hildebrand, President of Urbanation, said in a statement. 'Renters are starting to take advantage of the improvement in affordability, which is thanks to the record amount of new supply hitting the market.' Vancouver has the highest average rent in Canada at $2,836 a month, with a one-bedroom costing $2,554 a month. Toronto is second with an average rent of $2,606, while rents in Mississauga average $2,489 a month. Calgary saw the largest annual rent decline for apartments in April, with rents dropping 8.9 per cent to an average of $1,903 a month. Renting in the suburbs Kanata and Gloucester have some of the highest rents in Canada, according to the report. The average asking rent in April was $2,478 a month in Kanata and $2,286 a month in Gloucester. and Urbanation says Kanata and Gloucester have the highest rents among mid-size markets in Ontario outside of the Greater Toronto Area. The average rent is $2,707 a month in Oakville, $2,513 in Etobicoke and $2,508 in Vaughan. The average asking rent in Kingston was $1,942 a month in April, with a one-bedroom costing $1,818 a month. In Gatineau, renters pay an average of $1,934 a month.
