This page compares Canadian cities as places to buy a rental: how much rent a condo’s price buys, how tight the rental market is, which way asking rents are moving, and the local rules and costs that change the numbers. It is part of WealthNorth’s guide to investment property financing, and the tables update when the underlying data does.
Rent relative to price, by city
Gross yield is annual rent divided by price. The table uses each city’s average (or benchmark) condo apartment price and the current asking rent for a two-bedroom apartment, sorted from highest yield to lowest.
| City | Condo or apartment price | Price measure | Two-bedroom asking rent (second quarter of 2026) | Gross yield | Price รท annual rent | Mortgage payment at 20% down | Rent minus mortgage |
|---|---|---|---|---|---|---|---|
| Edmonton | $208,672 | Average sale price, apartment condo (RAE, September 2026) | $1,570 | 9.0% | 11.1 | $923 | $647 |
| Ottawa | $385,500 | MLS benchmark price, apartment (OREB, July 2026) | $2,360 | 7.3% | 13.6 | $1,705 | $655 |
| Calgary | $318,759 | Average sale price, apartment (CREB, September 2026) | $1,890 | 7.1% | 14.1 | $1,410 | $480 |
| Winnipeg | $283,715 | Average sale price, condominium (WRREB, August 2026) | $1,660 | 7.0% | 14.2 | $1,255 | $405 |
| Vancouver | $682,500 | MLS benchmark price, apartment (GVR, September 2026) | $3,030 | 5.3% | 18.8 | $3,019 | $11 |
| Victoria | $605,399 | Average sale price, condo apartment (VREB, September 2026) | $2,640 | 5.2% | 19.1 | $2,678 | โ$38 |
| Toronto | $617,593 | Average sale price, condo apartment (TRREB, August 2026) | $2,650 | 5.1% | 19.4 | $2,732 | โ$82 |
Sources: local real estate board reports via WealthNorth's housing market data; Statistics Canada Table 46-10-0092-01, quarterly average asking rents (second quarter of 2026). Mortgage at the Bank of Canada's average rate on new uninsured fixed-rate mortgages of 5 years or more (4.49%, July 2026), 25-year amortization, compounded semi-annually. "Rent minus mortgage" leaves out property tax, condo fees, insurance, vacancy and repairs, which all come out of the difference.
A higher gross yield means more rent per dollar of price, which makes positive cash flow more achievable once costs and the mortgage are paid. It isn’t the whole story: condo prices here are city-wide averages, and houses, multiplexes and individual neighbourhoods can differ widely. For a specific property, the rental property calculator turns price, rent and costs into cash flow and cap rate, and cap rate explained covers how investors compare markets on a cap rate basis.
Vacancy and rent trends
A low vacancy rate means units re-rent quickly; a rising one means more competition for tenants. Asking rents show what a new tenant pays today, and their direction over the past year.
| City | CMHC apartment vacancy rate (2025) | Prior year | Two-bedroom asking rent | Change over the year |
|---|---|---|---|---|
| Calgary | 5.0% | 4.8% | $1,890 | -6.4% |
| Edmonton | 3.9% | 3.1% | $1,570 | -2.5% |
| Halifax | 2.5% | 2.0% | $2,400 | 5.3% |
| Hamilton | 3.6% | 2.4% | $2,150 | 0.0% |
| Kitchener-Cambridge-Waterloo | 4.2% | 3.7% | $2,120 | -1.9% |
| London | 3.9% | 2.7% | $1,920 | -4.0% |
| Montreal | 3.3% | 2.5% | $1,820 | -5.2% |
| Ottawa | 3.1% | 2.5% | $2,360 | -2.9% |
| Quebec City | 2.6% | 1.0% | $1,460 | -2.0% |
| Regina | 2.7% | 2.5% | $1,480 | 1.4% |
| Saskatoon | 3.2% | 1.9% | $1,620 | 5.2% |
| Toronto | 3.0% | 2.5% | $2,650 | -0.7% |
| Vancouver | 3.7% | 1.6% | $3,030 | -4.1% |
| Victoria | 3.1% | 2.7% | $2,640 | -2.6% |
| Winnipeg | 2.8% | 1.7% | $1,660 | 1.8% |
Sources: CMHC Rental Market Survey via Statistics Canada (vacancy rates, purpose-built apartments in buildings of six or more units); Statistics Canada Table 46-10-0092-01 (asking rents, second quarter of 2026). Vacancy is for census metropolitan areas; Ottawa’s figures are for the Ontario part of Ottawa-Gatineau.
What else changes the answer by city
- Rent rules. Provinces differ on how much and how often rent can rise and which units are exempt; see rent increase rules by province. Those rules cap how fast income can grow on a unit you inherit with a sitting tenant.
- Short-term rental rules. Several large cities limit short-term rentals to the host’s principal residence; see Airbnb rules by city.
- Closing costs. Land transfer tax varies by province and, in Toronto, adds a municipal tax; the land transfer tax calculator gives the figure for a price and province.
- Property tax. Residential rates differ by municipality and are a fixed cost against the rent.
- Vacancy and speculation taxes. Some cities and British Columbia tax homes left empty; see vacant home taxes.
- Local demand. Population growth, employment, universities and new rental supply move vacancy and rents over time; the housing market data by city tracks prices month to month.
Cash-flow markets vs appreciation markets
| Market type | What it looks like | What it asks of the investor |
|---|---|---|
| Rent high relative to price | Near the top of the yield table; lower entry prices | Rent can come close to covering costs; price growth has often been slower |
| Rent low relative to price | Near the bottom of the yield table; high entry prices | A monthly shortfall is common with a minimum down payment; the return depends on appreciation and principal paydown |
| In between | Mid-table yields | Cash flow close to break-even depends on the specific property and financing |
Whether any of these beats a passive investment is the question in is buying a rental property worth it. For condo-specific costs such as fees and special assessments, see condo investment analysis; for financing, see rental property mortgages.
Sources
The figures and rules on this page come from these sources, last checked against them between September 24, 2026 and October 2, 2026. How we check facts.
- Bank of Canada: Mortgage rates, fixed 5 years and over: uninsured residential mortgages, funds advanced (data series)
- Financial Consumer Agency of Canada: How much you need for a down payment
- Rentals.ca: Rentals.ca National Rent Report
- Statistics Canada: Canada Mortgage and Housing Corporation, average rents for areas with a population ofโฆ
- Statistics Canada: Asking rent and paid rent prices, by rental unit type and number of bedrooms,โฆ