A new report from Statistics Canada reveals a dramatic surge in asking rents in Montreal, with prices climbing by nearly 71 per cent since 2019. The average asking rent for a two-bedroom apartment in the city reached $1,930 in the first quarter of 2025, a significant jump from $1,130 six years prior. This substantial increase positions Montreal with one of the fastest-growing rental markets among major Canadian cities.
While Montreal’s average asking rent still trails behind powerhouses like Vancouver ($3,170) and Toronto ($2,690), the rate of increase in Quebec’s largest city has far outstripped its more expensive counterparts. Over the same six-year period, asking rents in Vancouver rose by only 27 per cent, and in Toronto, a mere five per cent. This highlights a significant shift in affordability dynamics across the Canadian rental landscape.
The report also indicates that asking rents have roughly doubled in other Quebec cities, including Drummondville and Sherbrooke, underscoring a broader trend of escalating rental costs across the province. It’s important to note that these “asking rents” reflect current market trends for new listings and tend to be higher than what long-term tenants might be paying. The data provides a crucial snapshot of the evolving pressures faced by renters seeking new accommodations in these rapidly changing markets.