If you’re ready to shake off the snow and heat up your search for the perfect rental property, you’re not alone. The beginning of the year is usually a slower time for renters; but with the upcoming thaw, the market is expected to pick up over the next few months.
With house prices remaining high and availability still low, renting remains the best way for many Canadians to find housing. Some cities are more desirable than others, but thanks to a new Canadian Renter Interest Report from RentCafe.com, we have a better idea of where renters are actually looking.
The site analyzed online interactions over the last quarter of 2024 to determine the country’s top rental markets, zooming in on four main factors: availability of apartments, listing views, apartments saved as favourites and saved personalized searches.
So, where is the hottest place to rent in Canada? You may be surprised.
The Hottest Canadian City for Renters Is Winnipeg
According to the report, Winnipeg us the No. 1 choice for Canadian renters searching for an apartment. That could be because the city has plenty of job opportunities, good healthcare and a vibrant community. According to the report, many locals rent there, but many renters also come from Toronto.
The second-most desirable rental city in Canada is Edmonton, where growing tech opportunities attract young professionals and families. Many residents come from Calgary and Vancouver, but Edmonton also attracts some residents from across the border.
Rounding out the top 3 most desirable cities for renters is Victoria, BC, where remote workers and young entrepreneurs are interested in the smaller city’s overall lifestyle. It’s still an expensive place to rent, however, and many current renters come from within the province.
Related: Where Are Canadian Renters Getting the Most Space Per Dollar?
Middle of the Pack
According to the study, the hottest Ontario city for renters is Ottawa. It placed fourth on the list after locals and those from Toronto, Montreal and Gatineau, QC moved into the nation’s capital.
In fifth place was Halifax, where many renters have been checking out apartments. This could be due to the universities and colleges there, mainly since renter interest comes from across Canada. Moncton, NB placed sixth on the list, Kingston, ON was seventh, and Niagara Falls, Oshawa, ON and Nanaimo BC rounded out the Top 10.
Major Cities Still Draw Renters
According to the report, renters are still drawn to major hubs in Canada. Toronto placed 14th on the list, jumping up in overall popularity. However, the report notes the city experienced a sharp decline in saved searches on RentCafe, indicating that renters are jumping on preferred properties quickly. In other words, if you find a Toronto apartment you love, get on that immediately.
Montreal remained steady in the 22nd spot, with more overall listings and favourited properties, while Vancouver went from 21st to 23rd. According to the report, there are more listings in the city but less online engagement, which means selective renters are waiting before committing to a lease.
Overall, Ontario was the biggest province for renters, with 13 cities making the Top 25.
Moncton is the Fastest Growing Place for Renters
In terms of overall growth, it appears as though Moncton, NB is the fastest-growing city for renters. It increased by 19 points from the fall, when RentCafe last released its findings. Toronto and Halifax also increased by six points apiece, while Gatineau and Barrie, ON increased by four points each.
Not all cities experienced an increase in renter interest, however. Saskatoon fell significantly in the rankings, dropping 19 points from second place to 21st. It wasn’t the only city to move down the list. St. Catherines, ON fell by seven points to 20th, Regina fell six points to 12th and Kitchener, Ont. dropped five points to 19th place.
To learn more or to read the full report, visit RentCafe.com.
