Homa Souratian

Highlights

• Rental market conditions across Canada's large urban centres remained tight despite lessening market pressures in some centres due to record level growth in supply outpacing strong demand.
• The average vacancy rate for purpose-built rental apartments1 rose to 2.2% in 2024 from 1.5% in 2023, remaining below the 10-year historical average of 2.7%.
• Average rent growth slowed, with rents for 2-bedroom units rising by 5.4%2, down from the record 8.0% in 2023.
• Rents increased by 23.5% when units turned over, which is close to 2023 rates. Rent hikes on turnover units accounted for more than 40% of the overall rent increase.
• Despite the slowdown in rent growth, renter affordability remained strained. The increase in rental stock was driven by newly completed, higher-priced units, which were unaffordable for many renters and primarily served higher-income households.

https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres