Canada Renter Interest Report: Moncton, NB, leads in Q4 2025, Vancouver breaches top 10

Moncton, NB, was the most in-demand rental market in Canada in Q4 2025, as renter interest stayed strong nationwide despite the slower pace typical of late-year months. The Q4 Canada renter interest report shows that, across the country, demand for rentals remained steady, driven by ongoing affordability challenges and a limited supply of available homes.

With peak moving season behind them, renter activity cooled in some major markets, but competition for available units remained high in others. Plus, elevated home prices and tight inventory continue to push many Canadians toward renting as they head into the new year.

To identify Canada’s top-trending rental markets, we analyzed millions of interactions on RentCafe.com during the fourth quarter of 2025. Our analysis focused on four key indicators from Canadian properties listed on the platform. We then ranked the cities that are attracting the highest level of interest from apartment-seekers, including:

• available listings
• listing views
• apartments saved as favourites
• saved personalized searches

The fourth quarter of 2025 brought a mix of stability and reshuffling among Canada’s most sought-after cities for renters. Moncton, NB, maintained its lead, ranking #1 nationally in our Canada Renter Interest Report. Hamilton, ON, recorded the strongest showing, surging 10 positions to claim the #2 spot, while Halifax, NS, slipped slightly to #3.

Further west, Saskatoon, SK, moved up three places to become the #4 city for renter interest, while Regina, SK, edged down two positions to round out the top five.

Renter interest increased across several Canadian cities, with demand spreading beyond the largest urban centres. Montréal and Vancouver continued to attract strong attention from apartment-seekers, but changes in renter activity were more modest, reflecting the stability of their well-established rental markets.

Moncton, NB, tops Canada renter interest report

Moncton, NB, leads Canada’s rental rankings in the fourth quarter of 2025 with a perfect score of 100.00, reflecting sustained demand in Atlantic Canada. In fact, the city continues to outperform larger markets, supported by steady engagement across multiple indicators:

• Page views increased 34% year-over-year, signaling sustained visibility among apartment-seekers.
• Availability declined by 33%, meaning fewer units were listed on RentCafe.com as renters moved faster to secure homes.
• Saved searches and favourited listings remained stable year-over-year, pointing to consistent and sustained renter interest.

This underscores Moncton’s continued appeal among renters, supported by relative affordability, quality of life and ongoing economic momentum across Atlantic Canada.

Aside from locals, the most interest in apartments in Moncton comes from renters in Halifax, NS; Montréal, QC; and Toronto, ON.

Calgary, AB, exits the top 10 as Vancouver, BC, moves in

Canada’s largest rental markets showed mixed activity with renter engagement varying across major cities toward the end of the year. While Toronto, Vancouver, Montréal, Edmonton and Calgary remain among the most searched markets, online engagement shifted unevenly with some cities sustaining steady renter interest and others cooling more noticeably after mid-year peaks.

Vancouver, BC

Vancouver experienced one of the strongest gains, climbing four spots to land at #7 nationally in the Canada Renter Interest Report and scoring 67.64. Here, a sharp year-over-year decline in available apartments suggests that renters moved faster to secure units, influencing engagement patterns across the platform.

• Availability fell 32% year-over-year, pointing to tighter rental supply.
• Page views declined 18%, reflecting shorter search cycles.
• Favourited listings decreased 5% while saved searches fell 7%, pointing to faster decision-making among apartment seekers.

The data shows that renters in Vancouver are moving faster as limited supply is prompting apartment seekers to make quicker decisions despite high costs.

Edmonton, AB

Edmonton ranks among Canada’s top 10 rental markets with a score of 60.92, reflecting steady demand. However, renter engagement showed signs of cooling toward year-end.

• Page views declined 30% and favourited listings fell 40%, suggesting that renters are more selective in their search.
• Saved searches decreased 17% as fewer renters actively tracked listings.

Even with these declines, Edmonton remains a key rental market in western Canada as renters look for more affordable alternatives.

Toronto, ON

Toronto recorded a modest improvement, climbing two positions to rank #12 nationally and scoring 55.63. While the city continues to attract interest from apartment-hunters, engagement levels softened compared to the same time last year with fewer listings being viewed overall.

• Page views declined 43% year-over-year, indicating reduced browsing activity.
• Favourited listings fell 24%, reflecting more selective renter behaviour.
• Saved searches dropped 27%, suggesting fewer renters actively monitoring listings over time.

Toronto remains a core rental market in Canada, supported by its deep labour market, population growth and sustained demand for apartments.

Calgary, AB

Calgary saw its overall position ease, dropping six spots to rank #15 nationally with a score of 53.85. Online activity softened toward the end of the year, with renter engagement trending lower compared to this time last year.

• Page views declined 26% year-over-year, signaling reduced browsing activity.
• Saved searches fell 22%, suggesting fewer renters actively tracking listings.
• Favourited listings decreased 19%, as fewer renters actively searched for apartments toward year-end.

Even with this slowdown, Calgary attracts renters with lower costs and a stable local economy, which remain key factors for apartment-seekers comparing western Canadian markets.

Montréal, QC

Montréal ranked #24 with a score of 29.89, placing it near the bottom of the national ranking as renter activity slowed significantly year-over-year.

• Page views fell 51% Y-o-Y, signaling a significant drop in browsing activity.
• Favourited listings declined 61%, reflecting more limited interaction with available units.
• Saved searches decreased 33%, suggesting fewer renters actively tracking listings over time.

Fewer renters were actively searching for apartments in Montréal toward the end of the year. Many appeared to stay put longer in a market with relatively stable rental patterns. As a result, Montréal registered lower overall engagement than most other major Canadian cities.

Punching above their weight: Smaller cities in national spotlight

Several smaller and mid-sized cities attracted more renter searches in the fourth quarter than their population size would suggest. Supported by steady engagement and sustained visibility in the rankings, these markets remain compelling alternatives to Canada’s largest urban centres, particularly for renters prioritizing affordability and availability.

Saskatoon, SK

Saskatoon strengthened its position among Canada’s top rental markets after climbing three spots to rank #4 nationally with a score of 84.71. While overall engagement was mixed, several indicators point to sustained renter interest amid tightening conditions.

• Favourited listings increased 46%, indicating stronger intent among active apartment seekers.
• Saved searches declined 55%, consistent with shorter search cycles as renters moved more quickly to secure available units.

Saskatoon drew strong renter interest as tight availability and lower rents made it an attractive alternative to larger cities.

Victoria, BC

Victoria gains ground once more, moving up two positions to rank #6 nationally with a score of 70.85. Here, renter engagement remained steady, supported by increased interaction across key indicators.

• Favourited listings increased 21%, pointing to sustained interest among active apartment-seekers.
• Saved searches rose 37%, indicating continued intent to track available units over time.

Renters are drawn to Victoria’s coastal lifestyle, reinforcing its position as one of western Canada’s most desirable smaller rental markets.

Ottawa, ON

Ottawa edged up one position to rank #9 nationally, with a score of 65.09. While overall renter engagement softened compared to this time last year, interest in the market remained relatively stable.

• Page views declined 31% year-over-year, reflecting reduced browsing activity.
• Favourited listings fell 34%, pointing to more selective renter behaviour.

In Ottawa, renter activity slowed toward year-end, even as the city’s stable job market and quality of life kept interest steady.

Stepping up: Cities making biggest leaps this quarter

Cities like Hamilton, ON, and Kitchener, ON, drew increased renter searches, standing out beyond Canada’s traditional rental hubs.

Hamilton, ON

Hamilton recorded the largest jump in the national ranking by climbing 10 positions to reach #2 overall with a score of 92.95.

• Favourited listings increased by more than 200% year-over-year, signaling strong renter intent.
• Page views grew 13% as more renters actively browsed Hamilton listings.
• Saved searches jumped 72% with many more renters tracking listings over time.

This surge reflects sustained spillover demand from the Greater Toronto-Hamilton Area (GTHA) as renters priced out of Toronto and surrounding suburbs increasingly turn to Hamilton for more attainable options.

Supported by improved transit connectivity, stable employment anchors and a persistent affordability gap relative to the GTHA core, Hamilton remains a top alternative market where renters are prepared to act quickly amid tight supply.

Interest in apartments in Hamilton comes from local renters, as well as renters from Toronto; Burlington, ON; and Mississauga, ON.

Kitchener, ON

Kitchener also posted a notable gain, climbing nine positions to rank #13 nationally with a score of 55.41.

• Favourited listings surged 158% year-over-year, pointing to heightened competition for available units.
• Saved searches increased 62%, with more renters tracking listings over time.

Kitchener saw increased renter interest as job opportunities across the Tri-Cities region remained strong, while also appealing to renters seeking more affordable options outside of the GTHA without sacrificing access to local employment.

Renter interest in Kitchener was driven primarily by searches from Toronto; Waterloo, ON; and Cambridge, ON.

Cooling off: Where renter interest took a hit

The fourth quarter marked a period of recalibration across several Canadian rental markets with renter attention becoming more selective after an active earlier year. But, rather than broad-based pullbacks, declines in interest were concentrated in specific cities, particularly in Ontario and Québec, where competition eased and search intensity softened toward year-end.

Shifting renter behaviour reflects broader market conditions outlined in the latest Yardi Canadian National Multifamily Report. The national average vacancy rate rose to 4.5%, while the annual average turnover — which measures the share of renters who moved out during the last 12 months — climbed to 25.5%, pointing to a gradual easing in market pressure.

Kingston, ON

Kingston dropped six positions to rank #11 nationally with a score of 59.66.

• Page views declined 34% year-over-year, with fewer renters browsing listings.
• Favourited listings dropped 46%, though saved searches were unchanged, indicating tempered but still watchful renter interest.

After several quarters of heightened interest, renter activity in Kingston appears to be easing as demand cools and search behaviour becomes more selective toward year-end.

Calgary, AB

Calgary fell six positions to rank #15 nationally with a score of 53.85.

• Page views fell 26% year-over-year, reflecting a slower pace of apartment searches.
• Both favourited listings and saved searches declined, as renters faced less urgency in a market with more new supply.

Following a period of strong momentum earlier in the year, renter interest in Calgary moderated, suggesting a shift toward a more balanced and measured rental market.

Provincial overview: Top 10 reveals multi-regional renter interest

At the provincial level, the top 10 highlights the broad geographic spread of renter demand in the last quarter of 2025. Ontario places two cities — Hamilton (#2) and Ottawa (#9) — among Canada’s most sought-after rental markets.

Saskatchewan and British Columbia also stand out, each securing two spots in the top tier, reflecting continued renter interest beyond the country’s largest cities.

Finally, New Brunswick, Nova Scotia, Manitoba and Alberta each placed one city in the top 10.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout Canada.

To compile this report, the research team analyzed RentCafe.com’s rental listing data across 25 cities in Canada with a relevant listing inventory sample. The regions are defined according to Statistics Canada.

The cities were ranked based on a city-level rental interest score. Full points were awarded to the most desirable city for a particular metric, while the zero-point level was set slightly below the worst city’s value. Cities that lacked sufficient information regarding specific metrics were awarded zero points.

The city that obtained the highest total score was awarded 100 points and all total scores of the following cities were adjusted accordingly.

To calculate each city’s score, we ranked them according to four metrics and their averages as of the fourth quarter of 2025 (October through December) versus the same quarter of the previous year. Any shifts in ranking reflect these quarterly changes.

1. Availability Rate (Maximum score: 40 points)

The availability rate score was calculated by dividing the total vacant units at the city level for the fourth quarter of 2025 by the total units and a quarter-over-quarter comparison of the same. The lowest rate received maximum points.

2. Page Views (Maximum score: 30 points)

The page views score was calculated as the total number of page views during the fourth quarter of 2025 at the city level divided by the total renter population in the city and a quarter-over-quarter comparison of the same. Page views are defined as a unique visitor interaction on a specific page in a 30-minute window.

3. Favourites (Maximum score: 15 points)

The favourites score was calculated as the total rental listings added to favourites at the city level for the fourth quarter of 2025 divided by the total renter population in the city and a quarter-over-quarter comparison of the same. A favourite is defined as a rental listing saved to favourites by a website visitor.

3. Saved Searches (Maximum score: 15 points)

The saved searches score was calculated as the total number of saved searches at the city level for the fourth quarter of 2025 divided by the total renter population in the city and a quarter-over-quarter comparison of the same. A saved search is defined as a filtered/personalized apartment search saved by a website visitor.

Fair use & redistribution

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