Rent growth slowed in most of Canada's larger markets

Nationally, rental market conditions became more uniform in 2024. Most census metropolitan areas (CMAs) experienced slower rent growth, though some exceptions remained.

• Toronto had the lowest rent growth among major CMAs. This is the result of rising vacancy rates and a low turnover rate, which declined further in 2024. For occupied units under rent control, landlords had limited ability to raise rents beyond the provincial guideline. Moreover, with a record increase in the supply of rental apartment condominiums, landlords in the purpose-built sector prioritized keeping existing tenants by taking a more cautious approach to rent increases.
• In Vancouver and Montréal, because of tighter rental market conditions and a slight rise in turnover, rent growth didn't slow as much as it did in Toronto.
• Ottawa and Edmonton were 2 CMAs that bucked the trend, with overall average rent growth slightly accelerating. In 2023, rent increases in these areas lagged their respective provincial averages. However, in 2024, stronger rental demand allowed both areas to catch up, with relatively modest adjustments for existing tenants and more significant increases for new tenants.
• Calgary's rent growth slowed in 2024 but still significantly outpaced all other large urban centres due to unabated rental demand. Strong rent increases were supported by updated rental stock over the recent years, with a growing share of newer units becoming competitive with homeownership and secondary rental options. Landlords had more flexibility to raise rents for existing tenants, as they were not bound by rent increase guidelines.

Figure 1: Rent growth slowed in most of Canada's largest rental markets

*Percentage change in average rent for a 2-bedroom purpose-built apartment based on a fixed sample

**Canada includes all urban areas with a population of at least 10,000 people

Source: CMHC

New tenants across Canada continued to face significant rent hikes. Rents for units that turned over rose by 23.5%, similar to 2023 rates. While turnover impacted 1 in 8 units, these units contributed to more than 40% of the total rent increases. (Canada Table 6.0 and 6.1)

• Toronto, Vancouver, and Halifax saw some of the highest rent increases among major CMAs for turnover units. In these rent-controlled markets, persistently low tenant turnover meant that when units became available, landlords had room to adjust rents to match current market levels. Higher rents made it harder for new renters to enter the market and further limited mobility for existing tenants.

*The following letter codes are used to indicate the reliability of the estimates: (a) Excellent, (b) Very good, (c) Good, (d) Poor (Use with Caution)

Source: CMHC

Rental demand stayed strong, but signs of weakness emerged

Rental demand grew in 2024, as shown by an increase in the number of occupied units. Here are some of the key factors that impacted demand:

Migration: Population growth remains a significant driver of rental demand. As of July 1, 2024, international migration reached a record high of nearly 1.2 million people over the past 12 months. However, the introduction of a cap on international student intake and adjustments to their provincial distribution led to a shift in late 2024. As a result, fewer foreign students were admitted this school year. Our local market intelligence suggested that in Ontario and British Columbia, the 2 provinces most impacted by these measures, landlords in areas near post-secondary institutions found it harder to fill vacant units this fall.

Labour market: Employment conditions softened across most markets. This mainly affected younger renters aged 15 – 24 and made it harder for them to form their own households. The 25 to 44-year-olds had a slightly lower employment rate as well. However, due to stronger labour force growth, the number of employed in this age group grew significantly, helping to sustain strong rental demand. According to the latest Census, 40 to 50% of households in major CMAs within this age group were renters.

Access to homeownership: Even with the recent decline in entry-level home prices particularly in higher-priced markets like Toronto and Vancouver, and lower mortgage rates, renting remained the more affordable option. Renters struggled to transition to homeownership because of the additional pressure from rising non-shelter costs. These rising costs made it more difficult to save for a down payment and to qualify for a mortgage, which led many to stay in rentals.

• In CMAs like Calgary and Edmonton, where homeownership was more affordable, renter outflow to homeownership was evident in high turnover and rising vacancy rates.
• Vacancy rates in higher-priced CMAs like Toronto and Vancouver remained low due to limited homeownership options for potential first-time homebuyers.

More purpose-built rentals brought much-needed relief to tight markets

Demand remained high. However, the highest supply growth in over 3 decades outpaced it, resulting in higher vacancy rates and a cooling in rent growth in many urban centres (Canada Table 1.0).

• Calgary and Edmonton saw the largest increases in rental completions, resulting in the highest vacancy rates among major CMAs (Figure 2). Many of these completions occurred in the second half of the year, with some projects still in the lease-up phase. The slower absorption of new units further contributed to the increase in vacancy rates.
• Montréal's rental apartment completions remained among the highest on record, surpassing those of any other CMA despite a decline from the record levels seen in 2023. With a large share of its population living in rental apartments compared to other CMAs, Montréal continued to experience high rental demand. However, according to market intelligence, longer lease-up periods for new units suggest some moderation in demand. This, combined with strong supply growth, has pushed up the rental vacancy rate.
• Similarly, in Ottawa, record rental apartment completions pushed the vacancy rate higher. Census data shows that a larger share of renters live in the secondary low-rise market (single-detached, semi-detached, and row homes) in Ottawa compared to other large urban centres. The decline in low-rise completions in 2024 drove increased demand for purpose-built rental apartments, which was outpaced by stronger increases in supply.

Figure 2: Purpose-built rental apartment completions far exceed historical averages

*Based on the 12-month period prior to June 30th of the survey reference year.

Source: CMHC

Substantial rise in condominium apartment completions contributed to rental supply growth

Rental supply also increased with a strong uptick in condominium apartment³ completions that were subsequently rented out. These new units, featuring modern finishes and amenities, attracted renters, raising vacancy rates in the purpose-built rental market. This trend was especially evident in newer, higher-priced purpose-built units, which, according to our local market intelligence, had to offer incentives to remain competitive.

• In Toronto, condominium apartment completions reached new highs. Many of these units were purchased by investors a few years ago at the pre-construction stage. This increased the share of rented condominium apartments to 41%, the highest among all CMAs. Despite negative cash flows and plans to sell upon completion, oversupply in the resale market led investors to lease them instead. However, the influx of renters kept condominium apartment vacancy rates low and stable.
• In comparison, Vancouver's rental share increased more modestly, due to a higher proportion of homeowners in apartments and a lower investor share. Compared to Toronto, a more balanced resale market allowed more investors to sell upon completion, reducing the number of units entering the rental market.
• In contrast, Calgary and Edmonton saw rental shares decline as investors sold units to capitalize on strong market demand. Homebuyers seeking affordable options and intra-provincial migrants increased demand for condominium ownership. These factors led to price hikes and favourable selling conditions.  

Affordability conditions yet to improve

Rental supply grew at a record pace in 2024 due to new completions. These higher-priced additions were unaffordable to many renters and primarily served higher-income households. Because of the filtering effect (PDF), they will still play an essential role in improving overall affordability over time.

Despite slower rent growth in 2024, there has been no improvement in affordability. Rent increases slightly outpaced wage growth for the 25 to 44-year-old core renter group. Rent arrears rates showed a marginal decline (Canada Table 5.0) but remained significantly higher than arrears rates for mortgage holders. This reflects greater difficulty among renters in coping with financial stress.

Rent arrears rates were highest in Ontario, where affordability challenges persist. Rental operators in the region also reported that a backlog at the Landlord and Tenant Board has kept many units in arrears.

This year highlighted that increasing supply alone is insufficient to address immediate affordability issues. Our findings underscore the need for policies that tackle both supply constraints and affordability challenges for low- to middle-income renters.

Footnotes

1. Privately initiated rental apartments with 3 or more units.
2. Percentage change of average rents from fixed sample.
3. The Condominium Apartment Survey (CAS) represents self-contained units in condominium apartments. The CAS is a census of all apartment condominiums with 3 or more units, except for Montréal, where a sample of structures is surveyed.

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Vacancy rates rose as demand slowed and supply continued to grow

Vacancy rates increased across Metro Vancouver in 2024, a change from the rates under 1% for the previous 2 years. The 1.6% vacancy rate (Table 1.1.1) this year was the highest we've seen in the past 10 years, except in 2020. The market remains relatively tight especially in lower-priced segments.

While nearly all zones saw higher vacancies, there was a pronounced increase in the Downtown core. New rental buildings entering the market in neighbourhoods like Mount Pleasant and East Hastings created some of these vacancies. These buildings are likely to lease at rates well above the prevailing market rates. Unlike previous years, our local market intelligence suggests that in recent months, it takes longer to fully lease new buildings. This indicates weaker demand for these higher-priced units.

Changing migration patterns and a weakening job market contributed to lower demand in Metro Vancouver. While immigration to British Columbia was still significant, it was relatively lower in recent quarters.

Unemployment trended higher in the region while the labour force was relatively unchanged compared to last year. Except for the COVID period, the current unemployment rate was last seen in 2016. Higher youth unemployment was a major driver in recent labour-market changes. Some young people will find it more difficult to move out on their own and this will reduce rental demand.

Slow growth in rentals, with more development in the suburbs

The purpose-built rental apartment universe expanded at a slower pace in 2024 than in the previous 2 years. Despite that, this year's growth remains significant compared to average growth in the past decade. Unlike recent years, most of this growth took place outside of the City of Vancouver. Areas like North Vancouver, Surrey and the Tri-Cities saw relatively more units added to their rental stock. These areas are attractive for developers as they're likely to have cheaper land for new development compared to the City of Vancouver.

The stock of 3+ bedroom units expanded significantly, continuing a trend that began in 2020. This signals continued interest in larger rental units. Most of this expansion was outside the City of Vancouver where such rentals are more affordable.

Rent growth slowed amid weaker demand and high prices

Rents continued to climb in many parts of Metro Vancouver but more slowly than the record pace seen in 2023. Same-sample average rent growth fell to 4.4% (Table 1.1.5), less than half of last year's growth rate. However, this increase is still significant and in line with rent growth in the past 9 years. Higher rents especially within the City of Vancouver pushed renter budgets and limited further growth compared to lower rents further away from the city.

Average asking rents of vacant units increased since last year due to more vacant units in pricier areas and continued demand for rental units in limited supply. However, our local market intelligence indicates that most rent increases took place at the end of 2023 while asking rents fell in recent months. This reflects some waning demand.

Pricing of newer units in some areas may have contributed to slower occupancy. The average rent for a newer 2-bedroom unit in the City of Vancouver is $3,491. This is 35% higher than a comparable unit in Surrey (Table 3.1.7). The prices of new and vacant units in the City of Vancouver and the Downtown peninsula pushed the budgets of potential renters.

Figure 1: Significant price premiums of newer rental stock closer to the metro region core impact renters' preferences

Percentage difference of average rent of rental stock built between July 2021 – June 2024, City of Vancouver and select areas

Source: CMHC

The overall turnover rate increased in 2024 after years of decline. Nearly all the increase in this year's turnover rate was attributable to newer buildings where tenants did not see a notable gap between their rent and asking rents.

Rental condominium apartment market remained tight even as investors grew supply at a quicker pace

Investors in condominium apartment projects continued to put newly completed units onto the secondary rental market, with 29.7% of newly completed apartment units used as rentals. Owners of existing condominium apartment units put their units onto the rental market at a greater pace than in 2023. Vacancies remain low across the region for these units with a slight decline in the vacancy rate. While rental demand shows some signs of weakness, higher average rents in this segment indicate that demand is still significant.

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The overall vacancy rate reached its highest level since 2013 while vacancies remained low in the city centre

The overall vacancy rate increased to 2.6% with significant increases in Langford/View Royal/Colwood (Zone 7) while remaining low in the City of Victoria (Table 1.1.1). In Langford, a 24.8% increase in the purpose-built rental universe pushed vacancy rates up. New units outside of the city centre tend to have longer lease-up times, which likely drove the increase.

Supported by a substantial government sector, the labour market remains resilient with low unemployment unlike nearby major markets like Vancouver, Calgary and Edmonton. This bolstered rental demand in Victoria.

Students drive rental demand in the Saanich and Oak Bay areas near the University of Victoria. Vacancy rates in both zones were well below the CMA average as rental supply has not kept up with demand historically. The number of units under construction in Saanich roughly doubled from 2023 to 2024, signaling more rental supply growth in the next 12 to 24 months.

High demand pushed rent growth, worsening affordability

An influx of new rental units contributed to increases in average rents especially in Langford. Rents for 2-bedroom units in Victoria surpassed those of Toronto, making Victoria the second most expensive market in Canada, behind Vancouver.

Same-sample average 2-bedroom rent growth declined to 3.6% in 2024 (Table 1.1.5). A substantial increase in supply and the higher vacancy rates contributed to slower rent growth despite strong demand.

Turnover remained above the CMA average in the Langford and Sidney areas. Renters living in these areas are likely to be renting at a rate closer to market rents and have fewer incentives to stay in place. Meanwhile, turnover rates declined in the City of Victoria, reflecting tighter market conditions.

Purpose-built rental growth accelerated especially in Langford

The purpose-built rental universe expanded by 5.7% in 2024 (Table 1.1.3), above the recent historical pace. Units added in the area stretching from Langford to Sooke accounted for over half of the increase, while units added in the city accounted for less than one third.

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Edmonton's vacancy rate eased due to growing supply and slower lease-up time

The vacancy rate of purpose-built apartments in the Edmonton CMA increased to 3.1% in 2024 (Table 1.1.1). Increases in vacancies were most notable for 2-bedroom and 3-bedroom apartments. Bachelor and 1-bedroom units maintained stable vacancy rates despite a surge in new supply. This indicates steady demand for smaller units.

Vacancy rates rose mostly in areas outside city limits, specifically in Fort Saskatchewan, Leduc and Strathcona County. However, the University and South zones (made up of Southwest, East central and Millwoods areas) also posted higher vacancies.

Migration fueled Edmonton's population growth, leading to rising unemployment as job gains lagged workforce expansion. Although unemployment among the 15 to 24 age group may have negatively impacted rental demand, strong demand from migrants helped moderate this effect.

Average rent grew at faster pace despite growth in rental supply

Over the past year, high demand for rentals and rising rents spurred new purpose-built rental construction, increasing the rental stock by 5.0%. Edmonton's purpose-built rental stock has been growing steadily with the pace of expansion surpassing the 10-year historical average. These new units are primarily 1- and 2-bedroom units in the Downtown, University, Southwest, Castledown and Strathcona County zones (Table 1.1.3).

Despite the increase in supply, the rental market remained tight due to sustained demand. While some other CMAs saw a decline in the pace of rent growth, the same-sample average rent for a 2-bedroom apartment in Edmonton grew at a faster pace compared with the previous year (Table 1.1.5).

Rents for vacant units were $277 more on average than those for units that were already occupied (Table.1.1.9). Historically, Edmonton landlords have lowered asking rents to attract tenants, given the CMA's large rental inventory. This year, high demand allowed landlords to maintain higher rents for vacant units. This was notable especially within the Edmonton Core zones and Strathcona County.

This widening rent premium on vacant units was a considerable disincentive to move, leading to a decline in the average turnover rate (see Figure 1). Rents for units that turned over were 5.2% higher, showing landlords' ability to set higher rates for new tenants (Canada Table 6.2). Meanwhile, lower increases for units that didn't turn over reflected a shift toward tenant retention, with incentives re-emerging to keep tenants.

Figure 1: Rising average market rents in Edmonton led to a lower turnover rate below historical averages

Rent premium of vacant units over occupied units and turnover rate, 2-bedroom units, Edmonton CMA

Source: CMHC

Rental affordability deteriorated for low-income households

Despite increased supply, rents remained unaffordable for low-income residents in Edmonton. While newer rental units (Table 1.2.1) and those priced over $1,300 saw higher vacancies, vacancy rates for lower-cost rentals remained steady or declined, underscoring affordability concerns (Table 1.4).

Low-income households earning less than $38,000 annually have access to about 6.0% of Edmonton's rental units (Table 3.1.8). This is roughly half the proportion that was available to them in 2023. This shortage is especially severe in the Edmonton Core zones where affordable units are largely unavailable.

Most of the units accessible to low-income households are small apartments. This raises concerns about suitability and overcrowding for families. In addition, low-income households must compete with higher-income households for these few units.

Condominium apartment rentals played a smaller role in Edmonton's rental market

The role of the rental condominium apartment market in Edmonton's rental space declined as fewer condominium apartments were available as long-term rentals. Despite new condominium apartment completions, the share of condominium apartment units as long-term rentals dropped to 33.4% (Table 4.3.1).

The vacancy rate for rental condominium apartments stayed steady while the average rent for a 2-bedroom condominium apartment increased to $1,466 (Table 4.1.2). Even with this increase, condominium apartments remained discounted relative to purpose-built rentals of similar size as landlords tried to attract renters (Canada Table 4.1). Renters continued to show a preference for purpose-built rental units over condominium apartments for long-term rentals.

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Calgary's vacancy rate rose as new rentals took longer to lease

The overall vacancy rate for purpose-built rental apartments in the Calgary CMA increased to 4.8% (Table 1.1.1), rebounding from a 3-year decline. The surge in rental completions provided more options and eased market pressures. Our local market intelligence suggested that the influx of new buildings, which took longer to lease fully, drove up the vacancy rate.

Rental demand in Calgary remained high, driven by migration-led population growth and stable economic conditions. This was despite higher unemployment due to labour force growth outpacing job creation.

Vacancies rose across most building sizes (Table 1.3.1). Newer buildings, specifically those constructed in 2015 or later, saw the largest rise (see Figure 1). The average vacancy rate in these properties grew to 7.1% (Table 1.2.1). This was likely due to higher rents compared to older buildings (Table 1.2.2). Notably, 2-bedroom units, which rent for higher amounts, saw vacancies increase significantly (Table 1.4). The high costs associated with new units likely deterred renters despite the appeal of modern amenities.

Figure 1: The largest increase in vacancy rates in 2024 occurred in newer, typically higher-priced units

Purpose-built rental apartment vacancy rates by years of construction (all bedrooms), Calgary CMA

Source: CMHC

The Downtown zone saw the most significant vacancy growth. Many bachelor and 1-bedroom units remained empty as renters explored options with more bedrooms. All other zones within the CMA recorded vacancy rate increases. The Southeast zone was an exception where the vacancy rate remained stable.

Significant growth in purpose-built rental apartments due to new completions

Calgary's stock of purpose-built rental apartments saw its largest annual increase (+10.0%) since 1990, driven by new completions and conversions. With the strong pace of construction in 2024, we expect more purpose-built rental units to be added to the stock in coming years.

In alignment with market demand, most of these units were 1- and 2-bedroom apartments concentrated in the Southwest and Northwest zones. The Downtown, Beltline and Fish Creek zones also recorded notable increases (Table 1.1.3), signaling a more diverse rental market with options across the CMA.

Our local market intelligence suggested that landlords are prioritizing tenant retention due to increased rental supply. New units are focused on attracting and keeping tenants, while existing units aim to retain them. Incentives like rent-free months, signing bonuses and gift cards for longer leases have come back.

Rental affordability concerns persisted despite slower rent increases

In 2024, Calgary's average rent growth slowed compared to the previous year. It remained the fastest 2-bedroom average rent increase among Canada's largest markets. This continues to raise affordability concerns for Calgary renters, as incomes have not kept pace with rising costs.

The average same-sample rent for a 2-bedroom unit grew by 8.9% (Table 1.1.5), a rate still above the historical average. More costly units with modern amenities partly drove growth in average rents, as developers targeted rent levels that covered their construction costs. 2- and 3+ bedroom units saw the largest rent increases (Table 1.1.2).

The average asking rent for vacant apartments was much higher than for occupied ones (Table 1.1.9). This gap was most prominent in high-demand areas like the North Hill, Downtown, and Beltline zones, where demand continued to drive price increases. Faced with this rent gap, many renters stayed in their current apartments to avoid the higher costs of moving into newer units. This kept turnover rates stable (Table 1.1.6). Rent increases were also significantly lower for units that didn't change tenants compared to those that did (Canada Table 6.0).

Condominium apartment rental market conditions remained tight, with low, stable vacancy rates

The condominium apartment rental market in Calgary remained stable over the past year with a vacancy rate of 1.3% (Table 4.1.1). Although the inventory of condominium apartments grew, fewer units were available as long-term rentals. This reduced the share of rental-targeted condominium apartments to 36.3%. This decline was most noticeable in the Core area, while rental proportions in other sub-areas remained the same (Table 4.3.1).

As more purpose-built rentals became available, renters increasingly preferred these units, which often offered more competitive pricing compared to condominium apartment rental units.

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Rental market conditions remained tight despite additional supply

The Saskatoon rental market remained tight in 2024. The vacancy rate was stable (Table 1.1.1), despite 3% growth in the rental market supply (Table 1.1.3). 2-bedroom units drove this growth, which eased vacancy rates slightly.

The Northeast zone led this expansion but had the second lowest vacancy rate at 1.0%. Strong demand from students and renters attracted to nearby amenities drove this localized trend, pushing average rents higher.

Newly completed units drew strong demand and commanded higher rents. Buildings completed in 2015 or later maintained a low vacancy rate (Table 1.2.1), pushing rents above the average asking rent. In comparison, units built between 1960 and 1974 offered rents below the average and had higher vacancy rates (Table 1.2.2). This reflected renters' preference for newer units that typically offer modern features.

Rent growth remained high as tenants stayed put

Rental affordability decreased across Saskatoon as total same-sample rent growth stayed high at 7.5% (Table 1.1.5). Suburban areas like the North, Northeast and South zones saw rent increases exceeding 9% due to marginal growth in the rental supply.

The South, Southeast, and North zones saw strong demand for rental units, with vacant units having higher rents than occupied ones (Table 1.1.9).

Tenants in Saskatoon were more likely to remain in their units in 2024 as turnover rates declined across most zones (Table 1.1.6). Units within the same structure that turned over had an average rent that was 6.1% higher (Canada Table 6.2) than units that did not, reflecting tight market conditions.

The condominium apartment market tightened further in 2024

The condominium apartment rental market showed similar characteristics to that of the purpose-built rental market. Despite the condominium apartment universe expansion, strong ownership demand outpacing supply drove the average vacancy rate lower to 0.6% (Table 4.1.1). Larger structures with 50+ units saw the greatest decline.

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Vacancy rates increased in 2024, but rental market conditions remained tight

The overall vacancy rate increased to 2.6% but remained below the 10-year average (Table 1.1.1). Vacancy rates increased across most parts of Regina, with the largest increase in the Central, Wascana University and East zones.

Strong population growth driven by immigration kept rental demand high, despite higher unemployment due to rapid labour force growth. Our local market intelligence suggests that a weaker job market has been impacting rental demand more recently. Rental units are turning over more frequently and taking longer to rent, as renters are finding it more difficult to find employment.

Rent growth accelerated as demand continued to outpace supply

While most CMAs saw slower rent growth, Regina saw a faster growth in the same-sample average 2-bedroom rent. Rent increases were consistent across the CMA, with the highest growth in the East zone.

Newly constructed units that rented out at higher rates had an impact on average rent levels. The average 2-bedroom rent for units built in 2015 or later was 18.4% higher than the overall rent for similar-sized units (Table 1.2.2).

Regina remains relatively affordable despite high rent growth in recent years. Average 2-bedroom rents are below Prairie and national averages (Table 1.1.2).

Purpose-built rental supply expanded, with most new construction in the East zone

The purpose-built rental supply expanded 3.3% in 2024, and this is above the recent historical pace (Table 1.1.3). The East zone accounted for most of the increase, while the remainder of the CMA saw modest increases. With 74% of the units currently under construction located in the East zone, we expect the high rental supply growth in this area to continue.

The 3+ bedroom apartment universe expanded by about 40%, reflecting increased demand for newer, larger rental units. There was also an influx of new townhomes, which made up a larger share of the rental stock compared to 2023.

In comparison with the purpose-built rental market, the condominium apartment universe increased by less than 0.5% (Table 4.3.1), reflecting limited construction activity in this market segment. Rental condominium apartment vacancy rates remained low.

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Vacancy rates held steady in most zones while average rents increased

Winnipeg's vacancy rate held steady below its 10-year average while same-sample 2-bedroom rent growth outpaced historical levels. Vacancy rates remained the same across most zones. The Centennial and Assiniboine Park zones had the only increases while the Midland, Lord Selkirk, St. James and St. Vital zones saw declines (Table 1.1.1).

Vacancies increased sharply in newer units built in 2015 or later while they declined in structures built before 1990 (Table 1.2.1). This suggests that higher average rents for the newer units discouraged renters who chose the lower rent ranges instead. As a result, vacancy rates increased for the most expensive units while they declined for the least expensive ones (Table 1.4).

Affordability worsened despite strong growth in rental supply

The rental market universe, which reflects rental supply, increased by 5.5% (Table 1.1.3), one of the highest growth rates across all CMAs. Despite this growth in supply, strong demand kept vacancy rates low. Significant growth in the population aged 15 to 24 and in non-permanent residents within the CMA drove this strong demand.

The suburban zone of Fort Garry had the highest average same-sample rent growth even though it accounted for 27.9% of the increase in the total rental stock. It contributed to Winnipeg's overall rent increase as a result. This increase, in addition to lower vacancy rates for the most affordable units, worsened rental affordability.

Winnipeg's turnover rate remained steady. This implied that renters were on average just as likely to stay in their unit as they were in 2023 despite the large increase in rental supply (Table 1.1.6).

Condominium apartment rental market vacancy rate remained steady, consistent with stable supply

The vacancy rate on Winnipeg's rental condominium apartment market was stable across all zones (Table 4.1.1). Although the overall condominium apartment universe increased in 2024, the share of condominium apartments made available as long-term rentals remained the same at 23.9% (Table 4.3.1).

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Vacancy rates increased as student demand declined and new units were introduced

Although the total vacancy rate for purpose-built rental apartments in the Hamilton CMA increased, it remained low, ranking third lowest in the CMA over the past 10 years (Table 1.1.1). Vacancies grew because of an increase in supply and a reduction in demand. Student rental demand fell due to a decline in international student enrollment. This contributed to higher vacancy rates, most notably in Zone 5 (West End) where many McMaster University students rent.

Record-high rental apartment completions led to rental supply growth

The supply of rental apartments in Hamilton grew by 1.5% in 2024 (Table 1.1.3). This reflected the addition of new supply that mainly came in the form of 1- and 2-bedroom apartments. A large driver of this growth was the record level of rental unit completions this year.

Average rent growth was limited

The average rent growth for 2-bedroom units was 2.3%, a significant slowdown from 13.7% in 2023 (Table 1.1.5). Slower rent growth was due to the decline in student renters and the addition of new rental units. Zone 6 (Mountain), where Mohawk College is located, saw a significant slowdown in rent growth compared to the double-digit rent increases recorded last year.

The decrease in rent growth was most pronounced in student areas. However, it was evident across all zones and bedroom types, reflecting weaker demand and increased supply across the CMA.

Record-high number of condominium apartments being used as rentals

Amid continued weakness in the resale market for condominiums, a record 28.8% of the region's condominium apartments were being rented out (Table 4.3.1). This added more rental supply, which contributed to limited rent growth this year.

Affordability remained a challenge

Units that were only accessible to the highest income quintiles saw the highest vacancy rates (Table 3.1.8). This left the lowest-income households competing for the few units that fit their budgets.

Tenants who had to change apartments also faced challenges. The average rent for units that turned over was 27.8% higher than those that did not (Canada Table 6.2). This large gap was likely the cause of the decline in turnover (Table 1.1.6).

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Vacancy rates increased in the purpose-built rental market in KCW

In Kitchener – Cambridge – Waterloo (KCW), the vacancy rate reached its highest level since 1993 (Table 1.1.1). This was the result of supply growth outpacing demand.

The cap on international study permits in 2024 reduced student rental demand, contributing to higher vacancies in Zones 1 and 4 (Kitchener East and Waterloo, respectively). Historically, KCW's role as an educational hub has placed significant pressure on its rental market.

Slower rent growth signaled market shift while affordability concerns remained

The average annual rent increase for 2-bedroom units in KCW slowed to 4.2% from 7.4% in 2023 (Table 1.1.5). Lower turnover meant fewer opportunities to raise rents to market rates (Table 1.1.6). In addition, a strong expansion in rental supply, especially in Zones 2, 4 and 5 (Kitchener Central, Waterloo and Cambridge, respectively), contributed to the slower pace of rent growth (Table 1.1.3).

The growth in rental supply eased some vacancy pressures, especially for more expensive units (Table 1.4). However, affordability for lower-income renters remained a challenge with rents for newer 2-bedroom rental units averaging $2,356 (Table 1.2.2). The vacancy rate was below 1% for units that are affordable (at or below 30% of income) to the bottom 2 renter household income quintiles (Table 3.1.8).

Condominium apartment rental market remained tight

Condominium apartment vacancy rates in KCW continued to be much lower than in the purpose-built rental market (Table 4.1.1). This difference was partly due to condominium apartment owners prioritizing quicker rental turnover, contributing to lower vacancy rates. These owners were more willing to make concessions to rent their units than landlords in the purpose-built market, as they had less capacity for financial losses.

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Rental vacancy rates increased near post-secondary institutions

The purpose-built rental apartment vacancy rate increased to 3.3% in the Windsor CMA (Table 1.1.1). This was due to higher vacancies in the City of Windsor, especially in Zones 1 (Centre) and 4 (West). Several rental housing providers reported that the recent cap on international study permits reduced rental demand in these areas.

The region's vacancy rate remained low by historical standards and low enough to place continued upward pressure on rents (Table 1.1.5). Rent growth was particularly strong in the City of Windsor (Zones 1-4), likely due in part to turnover rates that were higher than in the suburban areas of the CMA (Zones 5-7) (Table 1.1.6).

Lower-income renters faced scarce availability

Units that are affordable (at or below 30% of income) to renter households in the second-lowest income quintile had a vacancy rate well below the CMA average (Table 3.1.8). Among this subset, there were no vacancies recorded for 1-bedroom units. The scarcity of affordable units highlights the challenges faced by lower-income renters.

More rentals built to address persistently low vacancy

2-bedroom apartments led the increase in the region's supply of rental units. These units were primarily located outside the City of Windsor, in Zones 5 (Amherstburg) and 6 (North Essex County) (Table 1.1.3). Zone 6 includes Lakeshore and St. Clair Beach. These sub-regions may appeal to seniors who wish to sell their homes and downsize into beachside communities with amenities such as recreational facilities, parks and walking trails.

Newer units likely to be unaffordable to most renters

The average rent for a new 2-bedroom apartment was $2,358 (Table 3.1.7). These units would be affordable only to the region's highest-income renter households (Table 3.1.8). Meanwhile, new 1-bedroom apartments were affordable only to the top 2 income quintiles.

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The vacancy rate increased and rent growth slowed on weaker student demand in 2024

The average vacancy rate in the CMA rose to 3.8%, the highest level since 2013 (Table 1.1.1). Increased supply and moderating demand drove the vacancy rate higher. As a result, average 2-bedroom rent growth slowed to 3.7%, down from 8.4% in 2023 (Table 1.1.5).

Local market intelligence indicated fewer international students were studying at Brock University and Niagara College. This led to reduced student demand near the campuses, which likely contributed to slower rent growth in St. Catharines (Zones 1-3) and Welland (Zone 6) (where Brock University and Niagara College are located, respectively).

Continued low turnover highlighted the limited mobility of existing tenants

Despite slower rent growth, renters in St. Catharines – Niagara still encountered challenges. For instance, the average turnover rate held at its record low level of 12.4% (Table 1.1.6), reflecting tenants' reluctance to move given high switching costs.

Rents for 2-bedroom units that turned over to a new tenant within the same structure were on average 27.6% higher than those that did not (Canada Table 6.2). At turnover, landlords can bring rents up to current market levels.

Affordability challenges persisted for lower-income households

Low-income renter households in the region continued to face significant affordability issues. Those in the lowest income quintile had few affordable options, if any. Meanwhile, those in the second income quintile faced limited choices with a vacancy rate of just 0.9% for units within their budget (Table 3.1.8).

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Vacancy rate rose to a near decade high

The vacancy rate in the purpose-built rental market in the London CMA increased to 2.9% in 2024 (Table 1.1.1). This is the second highest vacancy rate in this region in a decade. The increase was the result of record-high rental completions and lower student demand due to declining international student enrollment. Less student demand was evidenced by higher vacancy rates in Zones 2 and 4 (Northeast and Northwest, respectively), where many Western University and Fanshawe College students rent.

Rental supply grew because of record rental completions

Private rental apartment supply grew 2.5% in 2024 (Table 1.1.3). Most of the increase was attributable to 1- and 2-bedroom apartments added to Zones 1, 5 and 7 (Downtown North, Southwest and South, respectively). The high number of new rental completions contributed to the growth. 2024 doubled the 2023 tally and registered the highest total completions on record.

Rent growth was uneven across London

Average 2-bedroom rents grew 6.2% in 2024, similar to 2023 (Table 1.1.5). Rent growth was uneven across sub-markets, with some zones and bedroom types recording lower growth than last year. High turnover rates led to faster growth in average rents for 1-bedroom units in Zone 1 (Downtown North) compared to last year (Tables 1.1.6 and 1.1.5).

Affordability remained a challenge

Nearly 60% of all available units were accessible only to households with incomes in the 2 highest renter household income quintiles (Table 3.1.8). The challenge for lower-income households was clear in vacancy rates by rent range (Table 1.4). Vacancy rates were higher in the most expensive units and close to zero at the lower end of the market.

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Purpose-built rental apartment vacancy rates were up across the Greater Toronto Area in 2024

In the City of Toronto, the vacancy rate rose to 2.3%, slightly above its 10-year historical average (Table 1.1.1). Increased supply and competition from a record number of condominiums entering the long-term rental market were the primary drivers.

An elevated number of condominium projects were completed in the City of Toronto over the past year, with 45% of their units rented out (up from the trailing 5-year average of 40% for new projects). This led to a significant influx of condominium rentals in the area, providing much greater choice to renters. Faced with more competition, new purpose-built rental units remained vacant for longer, according to local market intelligence.

Suburban areas of the Greater Toronto Area (GTA) (comprising Durham, York, Peel and Halton Regions) also saw a higher vacancy rate (3.3%) as supply outpaced growth in demand. Increased demand, as measured by growth in the number of occupied units, was particularly evident in the Durham, York and Halton Regions. Historically, lower rents and larger unit sizes in these areas have appealed to prospective renters.

The vacancy rate for rented condominium apartments in the GTA remained unchanged

A record infusion of condominium apartment rental supply was promptly leased, keeping the vacancy rate steady at 0.7% (Table 4.1.1). Condominium apartment investors had less capacity for financial losses than landlords in the purpose-built rental market and were willing to make concessions, such as reducing rents, to get their units leased quickly.

We saw average annual rent reductions of around 1% in and around the City of Toronto's downtown core, where most new rental condominium apartments were built. Elsewhere in the GTA, condominium apartment rents were mostly stable.

Purpose-built rental supply in the GTA expanded at its quickest pace per data going back to 1990

Growth in rental supply (2.8%) was broad-based. However, the pace of increase was higher in the suburban GTA at 3.9% (Table 1.1.3). Municipalities in these areas saw increased development due to their rapid population growth in recent years. As well, local market intelligence indicated some projects were more viable in the suburbs.

Within the City of Toronto, the expansion of the rental stock (2.5%) was led by the Former City of Toronto. However, all sub-regions of the City posted a stronger-than-usual pace of rental supply growth. This result was particularly notable for Etobicoke, North York and Scarborough, as vacancy rates in these areas have persistently held below the City average.

Purpose-built apartment rents in the GTA increased at the slowest pace in 3 years

The slowing rent growth was primarily concentrated in the City of Toronto, dropping from 8.7% to 2.4% annually for 2-bedroom units (Table 1.1.5). Landlords in the City faced greater competition from the growing supply of purpose-built and condominium rentals.

Newer buildings, built 2005 and onward, appear to have led the slowing rent growth (Table 1.2.2). This portion of the stock, which recorded the highest vacancy rates (Table 1.2.1), would have competed more directly with the wave of new rental units entering the market in 2024.

Rental affordability challenges in the region persisted

Average 2-bedroom rents in the GTA increased (2.7%) by less than average earning growth (4.9% — per Statistics Canada). This implied a modest improvement in rental affordability following years of erosion. Moreover, other affordability-related challenges were still readily apparent in the data:

• Turnover reached a new low, due in part to the 28 to 43% premium an existing tenant would have to pay on average to rent a vacant unit at the market rate (Tables 1.1.6 and 1.1.9).
• Supply remained scarce for low-income renters, with a vacancy rate of only 0.4% for the least expensive units (the 1st quartile, which represents the bottom 25% of rents) (Figure 1).
• The share of purpose-built rentals in arrears was at its second highest recorded level (Canada Table 5.0).

Figure 1: Vacancy rates were lowest for units at or below the 1^st rental quartile

Purpose-built rental apartment vacancy rates by rent quartile, Toronto CMA

Source: CMHC

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The average vacancy rate increased slightly despite strong rental demand in the Ottawa area

Rental demand remained strong in the Ontario portion of the Ottawa – Gatineau census metropolitan area (hereinafter referred to as the Ottawa area) in 2024. However, the apartment vacancy rate rose slightly (Table 1.1.1) due to a record number of new unit completions.

International migration continued to support demand, along with the difficulties faced by young renter households in accessing homeownership. It was also likely that the increased in-office presence required by employers in the area prompted households to move closer to the federal capital. Moreover, in the first half of 2024, the number of people who moved from Ontario to Quebec was at its lowest level since 2020.

The construction of rental units helped ease the market in some sectors

In some sectors of the city of Ottawa, such as Chinatown/Hintonburg/Westboro North, rental unit completions were especially significant over the past 3 years (Table 3.1.7). This was also the case for some outlying areas, particularly those east of Ottawa where newer units account for about half of the rental stock.

The vacancy rate in these sectors increased in 2024, partly due to the arrival of this large number of new units on the market. Meanwhile, supply stagnated and the vacancy rate dropped in the Alta Vista neighbourhood.

Vacancy increased in higher rent ranges while it decreased in more affordable ranges

The vacancy rate decreased for units in the lower rent ranges (Table 1.4). There were very few available units being rented for less than $1,450 (Figure 1) in the greater Ottawa area.

Units in the higher rent ranges contributed to the increase in the proportion of vacant units in 2024. There were units available, but their rents were high (Table 3.1.8).

Figure 1: In the Ottawa area, vacancy rates are highest for units with the most expensive rents, which are often newly built units

Vacancy rate (%) of rental units by rent range

Source: CMHC

The high rents of newer units were partly due to the steep increase in construction costs in recent years. In 2024, the average rent for newly built 2-bedroom apartments was about 50% higher than the average rent on the overall market. Most sectors of Ottawa saw this trend.

Rent growth accelerated, reducing tenant mobility

Sustained rental demand and high costs for building management and maintenance continued to put upward pressure on rents in the Ottawa area. The average rent for 2-bedroom apartments increased by 5% in 2024 (Table 1.1.5). This was the largest increase since 2020. Meanwhile, most of Ontario's other major markets experienced a slowdown in rent growth over the past year.

The average rent increase was much higher for apartments that turned over to new tenants (23.8%) than for those where a lease was renewed (2.2%) (Canada, Table 6.0).

The scarcity of rental units and the high rents faced by tenants when they want to move are limiting their mobility. The downward trend in the turnover rate (the proportion of units that turned over to new occupants) continued in 2024 (Table 1.1.6).

The rental condominium apartment market remained tight

The vacancy rate for long-term rental condominium apartments also remained stable and low in the Ottawa area (Table 4.1.1). Unlike the construction of purpose-built rental housing, condominium construction has declined in recent years. As a result, the number of rental condominium apartments tended to stagnate.

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The Gatineau-area rental market eased slightly in 2024

In the Quebec portion of the Ottawa – Gatineau census metropolitan area (hereinafter referred to as the Gatineau area), the vacancy rate increased slightly from 1.1% to 1.9% (Table 1.1.1). After 2 years of record rent increases, the easing of the rental market in 2024 led to a more moderate increase in the average rent (Table 1.1.5).

Rental housing availability was higher in areas where supply increased

In recent years, the supply of rental units has increased significantly in the Gatineau area. This increase has helped meet growing demand.

The Aylmer sector accounted for about 60% of all new units that were added to the greater Gatineau area's rental stock over the last 3 years. These new units now represented nearly 1 in 3 units in the sector. Their vacancy rate and rents were both higher than average (Table 3.1.7). This is why the overall vacancy rate in Aylmer was the highest in the area (3.7%).

The rental stock in the Hull sector also grew significantly, though to a lesser extent. The rental market there eased slightly in 2024. This was reflected in the vacancy rate, which increased from 0.7% to 2.1%. Larger buildings, such as those with 100 or more units (Table 1.3.3) and where rents are usually higher, fuelled this increase.

Vacant units were practically non-existent in the Gatineau sector

The Gatineau sector's rental market remained very tight in 2024. The vacancy rate there was near 0%. This was due to a smaller increase in supply than in other sectors. In addition, demand in this sector continued to be driven by easy access to many nearby shops and services. On average, rents were also lower than elsewhere in the area. 

Vacant units remained scarce in the least expensive rent ranges

Overall, the availability of units increased in the highest rent ranges in the Gatineau area in 2024. Meanwhile, vacant units in the least expensive rent ranges remained scarce. In all sectors of the area, the vacancy rate was close to zero for units below $1,150 (Table 3.1.8). This presents a challenge for low-income households looking for housing.

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The rental market eased slightly in the Greater Montréal area

In 2024, the vacancy rate remained stable on the Island of Montréal and on the South Shore. However, it rose in the northern part of the metropolitan area (Laval and the North Shore) (Table 1.1.1). Overall, the proportion of vacant units remained rather low in most sectors of the Montréal metropolitan area. As a result, rents have continued to rise rapidly.

Vacant units were still scarce in the most affordable rent ranges across the area. As a result, the rental market remained tight, especially for low-income renters.

Growth in rental demand and supply slowed slightly

Due to the decreases in housing starts in 2022 and 2023, the level of new rental unit completions was slightly lower in the Greater Montréal area in 2024. Vacancy rates were stable or up slightly, indicating that rental demand was also growing at a slightly slower pace.

According to the latest available data, the number of non-permanent residents with a study permit was down slightly in Quebec in 2024. This may have limited the increase in housing demand in the central sectors. Similarly, permanent immigration appears to be slowing down in the metropolitan area.

Downtown Montréal had the highest proportion of vacant units in the area. In addition to the slowdown in population growth, rents there were among the most expensive (Table 1.1.2), which limits demand in this sector.

Vacancy rates higher in newer buildings, where rents rose significantly

According to market intelligence, new units are being rented more slowly recently. This slowdown was partly due to higher construction costs, which were reflected in rents. The average rent for newer apartments had risen significantly in recent years (Figure 1), making them less affordable.

Figure 1: Rents for new units have risen sharply in recent years

Average rent ($) for 2-bedroom units in new structures (completed in the 3 years preceding each survey)

Source: CMHC

The slower absorption of new units likely contributed to the increase in the overall vacancy rate in the northern part of the Montréal area (Laval and the North Shore). In that sector, newer units (built within the last 3 years) accounted for a significant share of the rental stock, at about 1 in 7 units (Table 3.1.7).

Although such newer units were out of reach for many tenants, they will help meet increased housing demand in the area over the longer term (see Research Insight, June 2024). This shows the challenge in providing a variety of unit types for different budgets in the short term, especially for low-income households at a time when the cost of new units rose sharply.

Vacant units remained scarce in the most affordable rent ranges

In Montréal and in the suburbs, available units were scarce in the lower rent ranges. For example, the vacancy rate was less than 1% for units under $1,150 (Table 3.1.8), which represented nearly 60% of the rental stock.

However, the vacancy rate was over 5% for units that rented for at least $1,675, which likely included a high proportion of newly built rental apartments.

Rental market affordability continued to erode

After hitting a record high in 2023, growth in the average rent for apartments slowed slightly in 2024 in most of the area's larger sectors (Table 1.1.5). However, it was still higher than average wage growth. As a result, rental market affordability in Montréal continued to erode over the past year.

The average rent increase was much higher for apartments that turned over to new tenants (18.7%) than for those where a lease was renewed (4.7%) (Canada, Table 6.0). The average rent for vacant units was also much higher than the average rent for occupied units (Table 1.1.9).

The scarcity of units combined with the high rents of vacant apartments continued to hinder the mobility of households that wanted to move. As a result, these households likely had difficulty finding housing that meets their needs within their budget.

The increase in the number of rental condominiums helped meet rental demand

In 2024, the number of long-term rental condominium apartments in the Montréal area increased by about 4,000 units (Table 4.3.1). The Montréal condominium apartment sales market, which was weak over the past 2 years, certainly encouraged some owners to rent out their units rather than sell them.

This increase in supply helped meet rental demand. The vacancy rate for rental condominium apartments remained stable and rather low in most of the area's larger sectors.

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The Québec-area rental market remained tight despite growth in supply

In 2024, the rental vacancy rate in the Québec area remained historically low. With less than 1% vacancy (Table 1.1.1), upward pressure on rents continued. The average rent for 2-bedroom apartments rose by 5.2% (Table 1.1.5), another record increase for Québec.

Population growth remained strong in the area. This was due to the stable job market and increasing enrolment in postsecondary institutions. Given the steady rental demand, vacant units are scarce even though a record number of units were completed in the past year.

Growth in rental housing supply struggled to keep up with demand in the Québec area

In the Québec area, the rental vacancy rate was 0.8%. In the central sectors, both the purpose-built rental apartment market and the long-term rental condominium market remained tight (Table 4.1.1). In some suburbs where supply growth was more modest, the vacancy rate was close to 0%.

The rental market eased slightly on the South Shore due to steady supply growth

On the South Shore, growth in rental housing supply was particularly strong in recent years. Newer units (built within the last 3 years) now account for about 1 in 5 units of the rental stock.

These units with above-average rents showed a vacancy rate of 5.4% in 2024 (Table 3.1.7). As a result, newer vacant units led to a slight increase in the overall vacancy rate on the South Shore. However, the rate remained low at 1.9%.

Rents below $1,000 were scarce in the area

The average rent for 2-bedroom apartments was over $1,000 in all sectors of the area. Overall, vacant units were scarce in the most affordable rent ranges for all apartment types (Table 3.1.8).

The average rent increase was much higher for apartments that turned over to new tenants (11.8%) than for those where a lease was renewed (4.3%) (Canada, Table 6.0). This situation posed a challenge for tenants looking for housing, especially low-income households.

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The overall vacancy rate increased across the Halifax region in 2024, yet the market remains tight for the lower rent segments

Rental apartment completions and slower population growth relieved some of the pressure in the Halifax rental market in 2024. The region's apartment vacancy rate increased to 2.1% from 1% where it held in the 3 previous years. The vacancy rate was higher in most areas of the region (Table 1.1.1).

Migration to the region has slowed down, including temporary foreign workers and students as well as residents from other provinces. In addition to changes to immigration policies, this may be linked to declining housing affordability in Halifax.

Rental demand slowed for newer premium units, particularly those downtown. Local market intelligence suggests these units took longer to rent and saw higher vacancies due to high asking rents. Some landlords resorted to offering incentives such as 1 rent-free month.

On the other hand, lower rent segments remained tight with persisting high demand. For instance, the vacancy rate for units priced under $1,300 is now well below 1% (Table 3.1.8). Many existing tenants can't afford to move. The turnover rate of rental apartments remained at a 7-year low in 2024 (Table 1.1.6).

Rent growth decelerated, but not enough to improve affordability

Rent growth was at 3.8% for 2-bedroom apartments in 2024, at a significantly lower rate than in previous years (Table 1.1.5). Asking rents reached a ceiling, given limits to what renters could afford and the weaker demand for higher-priced units.

Rents for units that became available continued to increase faster than incomes. The average rent of apartments that turned over to new tenants increased by roughly 28% in 2024 (Canada Table 6.0).

Record high construction helps to increase rental supply but it takes time

A record number of new rental construction started in recent years. This led to a strong increase of the rental stock and helped to ease market conditions in 2024. However, the availability of construction workers and the overwhelming number of ongoing projects in the region limited the completion rate for new units. It will take time before enough supply is added to improve rental market affordability.

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