Rents – Allowable & Actual
Rent Increases for 2025 per province:
BRITISH COLUMBIA
Residential Tenancies – 3%
Manufactured Home Tenancies – 3% plus a proportional amount for the change in local government levies and regulated utility fees. Some increases above the guideline are available. MANITOBA
Residential Tenancies – 1.7%
ONTARIO
Residential Tenancies – 2.5%
Exemptions apply to buildings and additions frst occupied after November 15, 2018. Some increases above the guideline are available for both residential tenancies and manufactured home sites.
MANITOBA
Some increases above the guideline are available. Exemptions apply for units renting for $1,640 or more per month (as of December 31,2024), and for buildings with an occupancy permit frst issued after March 7, 2005, which are less than 20 years old.
PEI
Residential Tenancies – 2.3%
Manufactured Home Tenancies – 2.3%
NEW BRUNSWICK
Residential Tenancies – 3%
Manufactured Home Tenancies – 3%, and other restrictions apply.
NOVA SCOTIA
Residential Tenancies – 5%
Manufactured Home Tenancies – 5%
In Quebec, there is no exact equivalent to the guideline as it is used in BC, Ontario, Manitoba, PEI, and now Nova Scotia. The Quebec government does not set a rent increase that a landlord can charge without any specifc approval. Instead, if tenants challenge the rent increase notice that the landlord gives them, the Tribunal administratif du Logement (the Quebec Rental Board) applies a set of standard cost increases to the specifcs of each rental building. The calculation is based on actual increases in municipal taxes and insurance, and infationary percentage increases applied to other costs such as heating and services. Alberta, Saskatchewan, Newfoundland and Labrador, do not limit rent increases.
Rents – Allowable & Actual
Multifamily rents in Canada continue to increase but the growth rate is slowing. The average national in-place rent increased $17 in Q1 2025 to $1,582 and rose $79 over the last four quarters. In-place rent growth fell 50 basis points during the quarter to 5.3% and declined 120 basis points over the year. In-place rents represent an aggregation of all rents in a given Census Metropolitan Area (CMA), including those for new leases, renewals and existing leases. Rent increases are slowing as demand is softening from red-hot levels, with much of the growth coming from raising the rates on renewal units to bring them closer to market rents for new leases.
In-Place Rents
National & Major CMA Averages
Smaller Western CMA Averages
Smaller Eastern CMA Averages
Rents – Allowable & Actual
Year-Over-Year In-Place Rent Growth Rent Growth
National & Major CMA Averages
Conclusion
For more insight into the Canadian multifamily market view the full report at Yardi.com/CNDMultifamilyReport Smaller Eastern CMA Averages
Western CMA Averages
Despite recent cooling of rents, CMAs in Alberta and Saskatchewan led year-over-year rent growth in Q1 2025 because the numbers still re fect rapid growth during the frst half of 2024. In-place rents rose 7.7% year-over-year in Calgary (up $117 to $1,641), 7.5% in Edmonton (up $104 to $1,494) and 7.0% in Saskatoon (up $97 to $1,476). Year-overyear growth was weakest in Ontario CMAs Toronto (3.9%), and Kitchener-Cambridge-Waterloo and Hamilton (4.2%).