The January 2025 Rent Report from Rentals.ca & Urbanation reveals the 12 most affordable cities in Canada for renters, ranked by one-bedroom rental rates as of December 2024. These cities offer a perfect balance of urban amenities and cost-effective living, making them ideal choices for budget-conscious individuals and families.
As rental prices fluctuate across the country, affordability remains a key concern for many Canadians looking for affordable housing. This report highlights diverse rental options in various cities, ensuring that everyone can find a suitable place to live without compromising on quality or convenience.
Saskatoon, Saskatchewan: Prairie Affordability Meets Urban Amenities
Saskatoon ranks as the most affordable city for renters, offering urban living in Canada’s prairie region. According to Rentals.ca’s Rent Report for December 2024, one-bedroom units average $1,223, showing a 6.9% month-over-month decrease but a 6.3% year-over-year increase. Two-bedroom units average $1,469, with a 4.5% monthly decrease and a 4.6% yearly increase. As Saskatchewan’s cultural and economic center with a population of 352,093, Saskatoon combines affordability with urban amenities, making it a top choice for cost-conscious renters.
Regina, Saskatchewan: Economic Strength with Budget-Friendly Living
Regina presents a compelling option for renters seeking affordability in a growing economic center. As the second most affordable city in Canada, one-bedroom rates average $1,261, showing a 1.9% monthly decrease but a 4.0% yearly increase. Two-bedroom units average $1,439, with a slight 0.7% monthly decline and a 2.2% yearly increase. With a population of 271,119, Regina boasts a robust economy built on manufacturing, agriculture, and resource industries.
Edmonton, Alberta: Capital City Value
Edmonton offers surprisingly affordable rental options for a major Canadian city, with average monthly rents for one-unit bedrooms at $1,328, falling 2.0% monthly but rising 3.3% yearly. Two-bedroom rates in the city average $1,655, decreasing 1.3% monthly while maintaining a 3.3% yearly growth. With a population of 1,563,571, the city supports a strong technology sector and diverse economy, offering a robust job market and economic opportunities.
Lethbridge, Alberta: Affordable and Practical Living
Lethbridge is known for being an affordable city for renters. Its one-bedroom rates average $1,366, increasing 1.5% monthly and showing impressive 14.5% yearly growth. Two-bedroom units average $1,529, dropping 5% monthly but maintaining an 8.6% yearly gain. With a population of 135,230, the city provides a variety of rental options and essential amenities, and proximity to essential services and recreational facilities, making Lethbridge an attractive option for those seeking value and comfort.
Winnipeg, Manitoba: Metropolitan Living at Moderate Costs
Winnipeg combines big-city amenities with reasonable rental rates, listing one-bedroom rates at $1,416, decreasing 1.4% monthly but growing 5.6% yearly. Two-bedroom units average $1,771, seeing a 1.6% monthly decline with a 3.5% yearly increase. The provincial capital serves a population of 910,240 with diverse employment opportunities, particularly in the growing IT sector, and supports a comfortable lifestyle in this vibrant urban center.
Quebec City, Quebec: Historic Charm with Modern Affordability
Quebec City provides an attractive combination of cultural richness and reasonable living costs, with average one-bedroom monthly rents of $1,425, rising 3.1% monthly and 7.5% yearly. Two-bedroom units average $1,921, showing strong growth with a 6.6% monthly increase and 14.6% yearly gain. The UNESCO World Heritage Site serves a population of 880,875 residents and provides affordable rental options while offering comfortable living in a historically significant urban center.
Windsor, Ontario: Industrial Heritage with Competitive Costs
Windsor maintains competitive rental rates with an average one-bedroom monthly rent of $1,554, increasing 0.6% monthly but decreasing 0.2% yearly. Two-bedroom units average $1,866, rising 1.4% monthly despite showing a 4.2% yearly decline. The city’s population of 467,973 benefits from strong manufacturing sector employment opportunities. Windsor’s industrial base continues to provide stable employment opportunities for residents.
Calgary, Alberta: Big City Living with Moderate Rental Costs
Calgary offers relatively reasonable rental rates for a major metropolitan center. One-bedroom units average $1,606, with a 1.7% monthly and 6.0% yearly decline. Two-bedroom units average $1,933, decreasing 1.6% monthly and showing a 7.2% yearly decline. With a population of 1,682,509, the city maintains a strong economy with diverse employment opportunities across multiple sectors. It combines urban amenities with relatively moderate housing costs compared to other major Canadian cities.
St. Catharines, Ontario: Scenic Living with Steady Rental Growth
St. Catharines offers affordable rental options for those seeking scenic living with steady rental growth. One-bedroom rates are listed at $1,669, showing a 0.5% increase month-over-month and a 4.8% increase year-over-year. Two-bedroom units average $1,978, experiencing a 0.3% monthly increase and a 1.8% yearly increase. With a population of 478,261, St. Catharines combines affordability with a growing rental market.
Laval, Quebec: Suburban Comfort with Metropolitan Access
Laval provides an affordable alternative to Montreal living with average one-bedroom monthly rents of $1,675, increasing 0.2% monthly and 1.3% yearly. Two-bedroom units average $2,120, showing positive growth with a 0.3% monthly and 6.0% yearly increase. The city’s population of 438,366 enjoys easy access to Montreal while maintaining lower living costs, supporting comfortable suburban living with urban amenities.
Hamilton, Ontario: Vibrant Community with Affordable Rentals
Hamilton, ON, reports one-bedroom rates at $1,723, with a 1.0% decrease month-over-month and a 5.6% decrease year-over-year. Two-bedroom units average $2,083, declining 0.9% monthly and showing a 4.7% yearly decrease. With a population of 841,186, Hamilton offers a vibrant community with affordable rental options. Its mix of urban amenities and natural beauty, along with a thriving arts scene and cultural events, makes it an attractive place to live.
Montreal, Quebec: Cultural Hub with Evolving Rental Market
Montreal, QC, rounds out the list with one-bedroom rates at $1,727, experiencing a 0.4% decrease month-over-month and a 0.8% decrease year-over-year. Two-bedroom units average $2,266, showing minimal change with a 0.2% monthly increase and a 0.7% yearly growth. With a population of 4,502,177, Montreal is a vibrant cultural hub known for its diverse neighborhoods, offering a variety of rental options that cater to different lifestyles and budgets.
Canadian Rental Market Dynamics for 2025
The Canadian rental market continues to experience strain as tenant demand remains high amid shifting financial conditions. Analysis from the Canada Mortgage and Housing Corporation reveals persistent gaps between available rental units and the number of prospective tenants, contributing to elevated rental prices. While anticipated reductions in lending rates could stimulate homeownership, many metropolitan areas still see substantial demand for rental properties.
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