This city saw the highest average asking rent for a two-bedroom apartment, according to StatCan

In the first quarter of 2025, Vancouver led the nation with the highest average asking rent for a two-bedroom apartment, at $3,170. This made it the most expensive city in Canada for anyone looking to rent a two-bedroom space. Compared to the same period last year, the asking rent in Vancouver actually fell from $3,440 in the first quarter of 2024.

Behind Vancouver, Toronto and Victoria were close contenders. Toronto's average asking rent for a two-bedroom unit was $2,690, while Victoria followed at $2,680. Although these two cities also saw declines compared with the previous year, their rents continue to hover near the top of Canadian rental costs.

In contrast, Ottawa saw its average asking rent rise to $2,490. That’s a notable increase from $2,290 during the first quarter of 2024, marking a real shift in that market. While Ottawa remains less costly than Vancouver or Toronto, renters there are still facing a steeper price climb.

Looking at how rent has changed over time, Vancouver has seen a 27.3 percent rise in average asking rent since the first quarter of 2019, when two-bedrooms averaged $2,490. Toronto’s increase was more modest, about 5.1 percent over the same period, climbing from $2,560 to today’s $2,690.

These asking rent figures are important because they reflect what new tenants would pay now, rather than what long-term tenants pay under older leases or rent control rules. That makes them a better snapshot of current market pressure and how hard it may be for people entering the rental market today.

All things considered, Vancouver clearly stands atop Canada’s rental market for two-bedrooms, even with a slight drop from last year’s peak. Rising prices in Ottawa and the still high costs in Toronto and Victoria show that rental affordability continues to be a pressing issue across the country.