This Rental Market Update report provides an update on rental market conditions across Canada building on insights from our 2024 Rental Market Report, using alternative data sources. It also includes insights obtained through market intelligence from industry experts.

Highlights

• Since October 2024, advertised rents are declining due to increased supply, while rents for occupied dwellings continue to rise at a slower pace than a year ago.
• Sluggish job markets and decelerating migration are creating challenging environments for landlords and property managers.
• Purpose-built rental supply is growing. CMHC construction financing programs and products supported an estimated 88% of Canada’s new purpose-built rental apartment starts in 2024.
• Vacancy rates are expected to rise in most major markets this year.
• Despite easing rent growth and increasing supply, rental affordability isn’t improving –especially in Vancouver and Toronto as turnover rents are driving increases. Calgary, however, has shown a slight improvement.

https://www.cmhc-schl.gc.ca/observer/2025/2025-mid-year-rental-market-update