{"id":25745,"date":"2023-11-30T06:00:00","date_gmt":"2023-11-30T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=25745"},"modified":"2023-12-08T09:50:43","modified_gmt":"2023-12-08T14:50:43","slug":"real-estate-prices-vs-rental-prices-canada-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/real-estate-prices-vs-rental-prices-canada-2023\/","title":{"rendered":"Here\u2019s How Much Real Estate Prices Have Changed Compared to Rental Prices in Canada"},"content":{"rendered":"\n<p>Home prices across Canada have steadily climbed over the last five years. As affordability has changed and homes have crept further out of reach in that time, many prospective buyers have pivoted towards the rental market in the search for a home.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>With so many people changing tact and the Canadian population growing rapidly, the rental market has changed in that time as well, with rental prices increasing steadily in response to the affordability issue facing buyers. The average rent in Canada is now over $2,100, according to Rentals.ca, a near $900 increase in the last five years. But has rent increased at a higher rate than home prices?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/buyers-sellers-markets-canada-winter-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Top Buyers\u2019 and Sellers\u2019 Markets Across Canada for Winter 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>To find out, Zoocasa analyzed data from major markets across Canada and compared how average sales prices have changed in the last five years to how average rental prices have changed at the same time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rental Price Growth is Outpacing Resale Price Growth Nationally<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"458\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1-750x458.png\" alt=\"\" class=\"wp-image-25748\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1-750x458.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1-300x183.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1-768x469.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1-1536x938.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-and-Rent-Have-Changed-Across-Canada-Since-October-2018-1.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>On a national level, rental prices have increased at a greater pace than sales prices. The average rent in Canada in 2018 was $1,270 and has since increased to $2,109, up 66.06%. In the same time period, average sales prices have changed by 36.37%, from $536,100 to $731,100 according to the Canadian Real Estate Association. With smaller monetary figures, percentage increases are more likely to be larger than you would see with six-figure home prices.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"464\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-750x464.png\" alt=\"\" class=\"wp-image-25749\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-750x464.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-300x186.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-768x475.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-1536x951.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices-2048x1268.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/Canadian-Home-Sale-Prices-vs.-Rental-Prices.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>From city to city, price growth varies. The greatest increase in average sales prices is in <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax<\/a>. Prices in Nova Scotia\u2019s capital have increased from $282,800 to $528,200 since 2018, marking an 86.78% increase. That\u2019s over 30% higher than the city with the second greatest increase, <a href=\"https:\/\/www.zoocasa.com\/montreal-qc-real-estate\/houses\" target=\"_blank\" rel=\"noreferrer noopener\">Montreal<\/a>, where prices have increased 54.40%. <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> has had the third-highest increase, at 45.48%, followed by <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a>, <a href=\"https:\/\/www.zoocasa.com\/winnipeg-mb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Winnipeg<\/a>, <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver <\/a>and <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"465\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-750x465.png\" alt=\"\" class=\"wp-image-25750\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-750x465.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-300x186.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-768x476.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-1536x952.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada-2048x1269.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Sales-Prices-Have-Changed-in-Canada.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/calgary-condos-vs-detached-homes-appreciatiation-nov-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Calgary Apartment Condos vs. Detached Homes: Which Appreciated More?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The greatest increase in rental prices is in Vancouver. The average rental price in 2018 was $2,000, increasing to $3,325 as of this year, up 66.25%. Montreal has had the second-greatest increase in rental prices, with a 58.91% increase from $1,280 to $2,034. As affordability has changed in the real estate market, rental markets have become more volatile with greater demand, forcing prices to go up.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"464\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-750x464.png\" alt=\"\" class=\"wp-image-25751\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-750x464.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-300x186.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-768x475.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-1536x950.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed-2048x1267.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/How-Rental-Prices-Have-Changed.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Saskatoon is the outlier. It\u2019s had the lowest increase in housing prices, with an increase of just 20.50% in the last five years. While that has happened, it\u2019s also had the smallest increase in rental prices by far, with an increase of just 11.36%. Rent in the city is $267 cheaper than the next most affordable city on our list, Winnipeg. The lower increase in sales prices has meant that fewer buyers have felt the need to dip into the rental market, which has kept rent prices more steady.<\/p>\n\n\n\n<p>Whether you\u2019re looking to buy or rent, our <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">expert real estate agents<\/a> can help you find the perfect home for you.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to find your home?<\/div>\n<div class=\"cta-body\">Give us a call today!<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Home prices across Canada have steadily climbed over the last five years. As affordability has changed and homes have crept further out of reach in that time, many prospective buyers have pivoted towards the rental market in the search for a home.&nbsp; Enjoying our content? Subscribe to our free weekly newsletter to get real estate [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":25763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[58,1111,1108],"tags":[],"class_list":["post-25745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-canada","category-rentals"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s How Much Real Estate Prices Have Changed Compared to Rental Prices in Canada | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Home prices have changed a lot in the last five years. Discover how the price of a home has changed in comparison to how much rent has changed in Canada since 2018.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/real-estate-prices-vs-rental-prices-canada-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s How Much Real Estate Prices Have Changed Compared to Rental Prices in Canada | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Home prices have changed a lot in the last five years. 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