Canada

Rental Yields in Canada in 2022, Q3

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Rental returns in Toronto are moderate to good

Residential Valuation Specialist | January 11, 2023

Last Updated: Oct. 07, 2022
MONTREAL - QUEBEC - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Mercier-Hochelaga-Maisonneuve, Montreal, QC
1-Bedroom $247,138 $836 4.06%
2-Bedroom $290,023 $1,218 5.04%
3-Bedroom $399,054 $1,562 4.70%
4+Bedroom $425,222 $1,817 5.13%
Côte-des-Neiges–Notre-Dame-de-Grâce
1-Bedroom $290,023 $1,087 4.50%
2-Bedroom $377,248 $1,454 4.62%
3-Bedroom $522,623 $1,635 3.76%
4+Bedroom $652,734 $2,326 4.28%
Le Sud-Ouest
1-Bedroom $303,834 $1,228 4.85%
2-Bedroom $442,667 $1,635 4.43%
3-Bedroom $580,773 $1,817 3.75%
4+Bedroom $864,981 $1,708 2.37%
Verdun
1-Bedroom $316,191 $1,232 4.68%
2-Bedroom $435,398 $1,599 4.41%
3-Bedroom $617,117 $2,108 4.10%
4+Bedroom $995,092 $4,358 5.25%
Outremont
1-Bedroom $435,398 $1,127 3.11%
2-Bedroom $595,311 $1,599 3.22%
3-Bedroom $798,836 $2,108 3.17%
4+Bedroom $1,217,516 $2,177 2.15%
Villeray–Saint-Michel–Parc-Extension
1-Bedroom $275,486 $1,112 4.84%
2-Bedroom $381,246 $1,345 4.23%
3-Bedroom $544,429 $1,541 3.40%
4+Bedroom $606,214 $2,671 5.29%
Rosemont–La Petite-Patrie
1-Bedroom $272,578 $927 4.08%
2-Bedroom $377,248 $1,417 4.51%
3-Bedroom $534,253 $1,526 3.43%
4+Bedroom $708,703 $1,672 2.83%
Ahuntsic-Cartierville
1-Bedroom $244,230 $1,010 4.96%
2-Bedroom $308,777 $1,334 5.18%
3-Bedroom $381,537 $1,454 4.57%
4+Bedroom $544,429 $2,032 4.48%
Montréal-Quebec avg. Rental Yields 4.17%
TORONTO - ONTARIO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Etobicoke
1-Bedroom $470,208 $1,656 4.23%
2-Bedroom $511,416 $1,987 4.66%
3-Bedroom $551,152 $2,428 5.29%
4+Bedroom $577,642 $3,679 7.64%
Scarborough
Studio $382,568 $1,140 3.58%
1-Bedroom $389,927 $1,251 3.85%
2-Bedroom $440,038 $1,803 4.92%
3-Bedroom $484,925 $1,840 4.55%
North York
Studio $404,718 $1,177 3.49%
1-Bedroom $417,963 $1,417 4.07%
2-Bedroom $500,304 $1,987 4.77%
3-Bedroom $596,039 $2,208 4.44%
York
Studio $485,631 $1,122 2.77%
1-Bedroom $412,056 $1,177 3.43%
2-Bedroom $602,632 $1,840 3.66%
3-Bedroom $640,158 $2,355 4.41%
4+Bedroom $807,851 $2,906 4.32%
Downtown
Studio $441,510 $1,545 4.20%
1-Bedroom $448,050 $1,840 4.93%
2-Bedroom $625,399 $2,208 4.24%
3-Bedroom $883,020 $3,127 4.25%
4+Bedroom $1,103,039 $3,642 3.96%
Entertainment District
Studio $404,644 $1,692 5.02%
1-Bedroom $498,906 $1,876 4.51%
2-Bedroom $643,869 $2,206 4.11%
3-Bedroom $940,416 $5,335 6.81%
East York
1-Bedroom $352,325 $1,321 4.50%
2-Bedroom $440,774 $1,913 5.21%
3-Bedroom $735,762 $2,649 4.32%
Toronto - Ontario avg. Rental Yields 4.49%
VANCOUVER - BRITISH COLUMBIA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Vancouver-British Columbia (all locations)
Studio $506,853 $1,453 3.44%
1-Bedroom $565,133 $1,748 3.71%
2-Bedroom $1,102,303 $2,723 2.96%
3-Bedroom $1,652,646 $5,077 3.69%
Vancouver-British Columbia avg. Rental Yields 3.45%
HAMILTON - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Hamilton (all locations)
Studio $342,163 $1,141 4.00%
1-Bedroom $353,208 $1,394 4.74%
2-Bedroom $456,227 $1,656 4.35%
3-Bedroom $478,303 $1,987 4.98%
4+Bedroom $728,418 $2,392 3.94%
Hamilton avg. Rental Yields 4.40%
OTTAWA - ONTARIO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Ottawa - Ontario (all locations)
Studio $235,398 $1,012 5.16%
1-Bedroom $308,983 $1,177 4.57%
2-Bedroom $331,133 $1,472 5.33%
3-Bedroom $345,114 $1,619 5.63%
Ottawa - Ontario avg. Rental Yields 5.17%
CALGARY - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Calgary (all locations)
Studio $166,262 $736 5.31%
1-Bedroom $190,585 $970 6.11%
2-Bedroom $228,040 $1,015 5.34%
3-Bedroom $434,078 $1,060 2.93%
Calgary avg. Rental Yields 4.92%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

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Rental returns on apartments in Toronto tend to outpace those in Montreal. Montreal yields between 2.15% to 5.29% with an average of 4.17%, where as in Toronto the yields fall between 2.77% and 7.64% with an average of 4.49%. In this low-return era, in a low-risk country such as Canada, that is a really acceptable yield.

In Vancouver, gross rental yields are lower, at between 2.96%% to 3.71%. Taking account of the fact that we give gross figures - a guess might be that net yields would be around 2% or lower.

Hamilton produces yields between 3.94% to 4.98%. Ottawa yields are the strongest with 4.57% to 5.63%. Calgary yields are between 2.93% and 6.11%, with an average of 4.92%.

Transactions costs in Canada are usually reasonable. The Canadian property market is cooling.

   

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