CanadaOverviewOntarioQuebec031224Table of contents CanadaOverview11Overview is based on data currently collected on Vancouver, Toronto, Montreal, Calgary and Edmonton. 11.Rental prices drop YoY acrossCanada2.Edmonton stood out as the onlymajor city with a YoY increase inrental prices for all unit types.3.Furnished rentals experienced asignificantly larger YoY price drop.KeyHighlightsRental prices dropYoY across Canada1.West Vancouver:$2,7512.North Vancouver:$2,6753.Vancouver:$2,5714.Burnaby:$2,4315.Richmond:$2,401Top 5 Most ExpensiveCitiesin Canada2 Ranking is based on average monthly rent price for unfurnished one-bedroom units. 1.Edmonton:$1,3162.St. Catharine's:$1,6023.London:$1,6284.Abbotsford:$1,6305.Niagara Falls:$1,634Top 5 Cheapest Citiesin Canada2 2 This section explores the key factors driving the decline inrent prices, including the slowdown in immigrationandinterprovincial migration, rising emigration, and agrowing number of permanent residents leaving the country.Breaking down Canada'srental price decline:Key factors at play Although immigration reached a record high in 2024, year-over-year growth slowed noticeably, increasing by just +2%compared to the +5% jump in 2023.3This shift reflects theGovernment of Canada's revised Immigration Levels Plan4,signaling a more measured approach moving into 2025.Immigration:Shaping the declinein rent prices3Source:Statistics Canada.Table17-10-0040-01 Estimates of the components of international migration, quarterly4Source:Canada.ca In 2024, interprovincial migration slowed down, withyear-over-year movement dropping by-8% compared to2023. Manitoba (+14%), Quebec (+2%), and Saskatchewan(+0.2%) were the only provinces to experience an increasein in-migrants.5InterprovincialMigration: Showinga gradual slowdown5Source:Statistics Canada.Table17-10-0020-01 Estimates of the components of interprovincial migration, quarterly Although Alberta’s in-migrant levels in 2024 (77,761) fellshort of its 2023 total (92,607)6, it still recorded the highestnumber of in-migrants among all provinces.Alberta was also the only province to achieve positive netinterprovincial migration7exceeding 30,000 people.Alberta remains thetop choice forCanadians relocating6Source:Statistics Canada.Table17-10-0020-01 Estimates of the components of interprovincial migration, quarterly7Net Interprovincial Migration = In-Migrants-Out-Migrants In 2024, Canada saw 81,601 people leave the country, thehighest number of emigrants recorded since 2017, when83,210 departed.8In fact, every province experienced a year-over-yearincrease in emigrants, with the total rising by +3%compared to 2023.9Emigration:Highest levelrecorded since 20178The dataset includes data up to Q3 2024. Therefore, all annual calculations are based solely on Q1 to Q3 data.9Source:Statistics Canada.Table17-10-0040-01 Estimates of the components of international migration, quarterly In 2024, Ontario accounted for 48% of Canada’s emigrants,followed by British Columbia (18%), Quebec (13%), andAlberta (13%).This marks the highest level of emigration from Ontariosince 2011.10Ontario accounts fornearly half ofCanada's emigrants10Source:Statistics Canada.Table17-10-0040-01 Estimates of the components of international migration, quarterly In 2024, the net flow of non-permanent residents11fellto 319,506—a 50% decline from the 2023 net totalof 636,427.Every province experienced an increase in the outflow ofnon-permanent residents. New Brunswick saw the largestyear-over-year rise (+97%), followed by Nunavut (+78%),Ontario (+67%), Alberta (+66%), and Nova Scotia (+61%).12Canada sees 50%decline in net non-permanent residents11Net Flow of Non-Permanent Residents =Inflow of Non-Permanent Residents–Outflow of Non-PermanentResidents.12Source:Statistics Canada.Table17-10-0040-01 Estimates of the components of international migration, quarterly OntarioMonth of publication: February 2025. 1Ontario's average monthly rent for anunfurnished one-bedroom unit is$1,939, up just 0.99% YoY, a sharpdrop from 2023's 13.05% increase.2024 AverageRent PriceOntario1Ranking is based on average monthly rent for unfurnished one-bedroom units 1.St. Catharine's: $1,6022.London: $1,6283.Niagara Falls: $1,634Top 3CheapestCitiesinON1 With fewer newcomers and moredepartures, Ontario's rent pricesdropped.Downward Trend in RentPrices 1.Markham: $2,3692.Mississauga: $2,2793.Toronto: $2,235Top 3 Most ExpensiveCities in ON1 In 2023, Ontario saw the highest emigration levels since2011. But 2024 set a new record, with 39,430 people leavingthe province.2Ontario now leads Canada in emigration, making up 48% ofall departures.3Ontario leads Canadain emigration asdepartures hit recordhigh2Q4 2024 data was unavailable, so calculations were based on Q1 to Q3 for all years.3Source:Statistics Canada.Table 17-10-0009-01 Population estimates, quarterly ChartON Emigration [Q1–Q3] In 2024, the number of non-permanent residents leavingOntario surged by 66.52% compared to 2023.Ont