Rental Market Report

PDF - Report

Highlights from the 2024 Rental Market Report

National Rental Landscape: Despite an increase in overall rental unit supply, demand outpaces supply for the second consecutive year. Canada is experiencing record-low vacancy rates (1.5%) and record-high average rent growth (8.0%) in 2023, creating competitive rental conditions across major markets.
City-Specific Market Trends: Toronto, Montréal, Calgary and Edmonton witness significant declines in vacancy rates, while Vancouver and Ottawa maintain stability. Rent growth accelerates in major markets, with Calgary and Edmonton experiencing the sharpest increases.
Affordability Decline: Rent growth outpaces wage growth, decreasing affordability. Lower-income renters face below-average vacancy rates for more affordable units in major cities, compounding the affordability challenge.

Author:: CMHC
Document Type:: PDF
Date Published:: January 31, 2024

Download

Get the data tables from CMHC's 2023 Rental Market Survey and delve into the numbers shaping the 2024 Rental Market Report.

Explore our Annual Rental Market Report for comprehensive insights into major Canadian cities. Released annually, this report utilizes data from CMHC’s Rental Market Survey and Condominium Apartment Survey.

Uncover trends, rent and vacancy rates in relation to supply and demand and explore insights into the economic and demographic drivers influencing these trends.

Gain a comprehensive overview that includes analyses of both primary and secondary rental markets, along with information on new and existing structures. This is further detailed with a review of affordability conditions, with a special focus on households with lower income.