Elevated Supply Reducing Advertised MF Rents in Major Markets

Elevated supply is reducing advertised multi-family rental rates in major Canadian markets, though rents continue to rise overall. Vacancy rates are expected to increase through 2025. Since late 2024, asking rents have declined due to more supply but at a slower rate than before. Calgary, Toronto, Vancouver, and Halifax saw rent drops, while Edmonton, Ottawa, and Montreal experienced slower rent growth. CMHC financing supported 88% of new purpose-built apartment starts in 2024.