Elevated Supply Reducing Advertised MF Rents in Major Markets

Elevated supply is lowering advertised multi-family rental rates in major Canadian markets, though rents still rise overall. Vacancy rates are expected to increase through 2025. Since late 2024, asking rents dropped between 2% and 8% in Calgary, Toronto, Vancouver, and Halifax, while Edmonton, Ottawa, and Montreal saw slower rent growth. CMHC-backed financing supported 88% of new purpose-built apartment starts in 2024.