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<\/a> Metro Vancouver <\/a>was the only major market to experience a decrease in per square foot \u2014 by one cent. The area went from $4.34 in Q4-2023 to $4.33 in Q1 of this year. Most major markets in Canada experienced an increase in average rent per square foot values for the quarter.<\/p>\n\n\n\n The most expensive zone in Canada is Metro Vancouver\u2019s downtown core, at $5.01 per square foot. Moving outside of B.C., both Calgary <\/a>and Ottawa <\/a>continue to experience some of the strongest growth in downtown rental rates in Canada. Calgary sat at $2.25 per square foot in Q1-2022 and rose to $2.94 in Q1-2024. Ottawa went from just over $2.80 to $3.11 during the same period.<\/p>\n\n\n\n Meanwhile in Edmonton<\/a>, rates continue to rise (from $2.12 in Q4-2023 to $2.20 per square foot in this year\u2019s first quarter), and overall average rental rates for newer purpose-built rental buildings in the city are up 34 per cent from three years ago. However, Edmonton is still the least expensive city for rentals in the nation.<\/p>\n\n\n\n Vacancy issues continue to plague GTHA<\/strong><\/p>\n\n\n\n