TORONTO–The average credit score among renters in Canada is above the mortgage lending threshold set by major banks but lower than the average mortgage-holder’s score, according to a new report.
SingleKey said its research found that average renters had a credit score of 694—higher than banking giants’ limit of 680 and below the average homeowner score of 764.
Its review of applications filed between Jan. 1 and Aug. 15 showed average monthly rent sat at $2,200.08 and annual income at $112,449.64. The national rent-to-income ratio in Canada is 37.62%.
Additional Findings
The analysis further found major cities reflect even stronger tenant profiles. Toronto and Vancouver renters average credit scores above 729, though Toronto tenants spend 41.12% of income on rent—the highest among large cities. Vancouver rents average $3,095.71 monthly, while Montreal remains the most affordable at $1,520.87.
The SingleKey data show most Canadian tenants, with average credit scores above 680, qualify for major bank mortgage rates in 2025.
Similar to what many would-be homeowners in the U.S. are experiencing, SingleKey noted, “The high rent-to-income ratios reflect a continuing crisis for renters across Canada, many of whom have seen their ability to save for a down payment hindered by the high cost of living and rising shelter costs.”
Declining Prices, But…
The report did point out, however, that home prices have been declining across many major markets amid a continuing slowdown in Canada’s housing market, with a recent Ratehub.ca study showing affordability improved in most of the country’s largest cities last month.
But many of those declines were marginal, it added.
