2025 Rental Market Report

Vancouver

Vacancies reached highest level in over 30 years

The overall vacancy rate across the Vancouver census metropolitan area (CMA) rose to its highest level in over 30 years, surpassing even the highs seen during the pandemic (Table 1.1.1). While a historically high rate was forecasted for 2025, the increase exceeded expectations.

Our local market intelligence suggested that the recent push for return to office and hybrid work is supporting demand for rental units in the downtown core. Vacancies in Downtown remained lower than the pandemic highs, but rates are at or above previous peaks in other zones in the city.

In Burnaby, high vacancies in the growing Brentwood community were likely impacted by recent condominium apartment completions. New rental projects in Edmonds and Metrotown increased vacancies in the rest of the city. Rising vacancies in suburban areas were providing more options for renters.

Federal policy changes affecting non-permanent residents, such as temporary workers and students, softened demand in the region. Higher youth unemployment and slow wage growth also reduced demand for studio and 1-bedroom units. Many young professionals were choosing co-living with roommates or their parents.

British Columbia’s population growth fell sharply in recent quarters, due to a substantial decline in net international migration. B.C. saw 3 consecutive quarters of outflow of non-permanent residents, most of whom were renters. With migration expected to remain lower, vacancies may stay higher in the short term.⁶

Purpose-built rental supply continued to grow

In 2025, more new purpose-built rentals were added to Vancouver’s rental supply, with growth higher than the 5-year average (Table 1.1.3). Growth continued to be concentrated in the City of Vancouver, with a large addition this year in the growing Mount Pleasant neighbourhood. Favourable zoning policies⁷ and cost waivers from the City, combined with sustained demand, have incentivized rental development in the City.

Outside the region’s core, rental stock growth remained strong in surrounding cities. In Coquitlam, rental units increased the most in 20 years, while Burnaby reversed a 5-year decline, marking a turnaround as major developments neared completion.

Rental stock also grew significantly in Surrey, but leasing difficulties increased. Our market intelligence suggested that these units were facing heavy competition from recent condominium apartment completions and conversions. Additionally, the mix of studio and 1-bedroom units was less desirable to renters. As a result, vacancies in Surrey are expected to be higher in the coming years.

Rent growth slowed as rental market softened

Rent growth slowed across Metro Vancouver after several years of high increases. A softer rental market due to both increased supply and lower demand led to the lowest same-sample percentage rent change in 20 years (Table 1.1.5). This rate was lower than the province’s maximum allowable rent increase of 3% in 2025, indicating many landlords weren’t raising rents for existing tenants. This trend was clearest in centres facing lower demand outside of the inner core.

Rent increase on turnover was noticeably lower across the CMA, suggesting a shift toward a renter’s market (Tables 6.0, 6.2). Our local market intelligence showed that operators were offering incentives, such as 1 – 2 rent-free months to offset long lease-up periods, especially in newer buildings.

Despite these changes, only about 1% – 2% of rental units affordable to lower-income households were vacant, showing a need for more affordable housing (Table 3.1.8). This is particularly challenging for families seeking 2 or more bedrooms. Vacancies for units affordable to households earning below the 60th income percentile remained extremely limited.

Higher turnover across Metro Vancouver driven by a softening rental market

After years of decline, rental turnover increased across all unit types in 2025, continuing the trend from 2024. This reflected a softer rental market, with more options and competitive pricing for renters. Turnover was highest in newer concrete and luxury buildings, where rents were higher, giving tenants less reason to stay. Operators of those buildings proactively increased non-cash incentives to retain existing tenants.

Rental condominium apartments key to regional rental supply

Vacancy rates for rental condominium apartments rose but remained below those of purpose-built units. This was largely due to their newer stock and the greater flexibility of condominium apartment owners (Table 4.1.1). Many condominium apartment owners rely on rental income to cover financing costs and cannot afford long periods of vacancy.

The share of newly completed condominium apartments entering the rental market increased this year, nearing recent highs and continuing a decade-long trend. Existing units entering the rental market were mostly within the City of Vancouver, while new rental condominium apartments were more common in the other parts of the CMA. A sluggish resale market likely drove these existing units into the rental market.

Our market intelligence indicates that the slow condominium apartment presale market will impact rental markets. Developers note that some in-progress condominium projects may be converted into purpose-built rentals to avoid the cost of holding unsold units.

Victoria

Vacancy rate reached its highest level since 1999

The overall vacancy rate in the Victoria census metropolitan area (CMA) rose to 3.3%, the highest level since 1999. We expected a historically high vacancy rate for 2025, but the increase was slightly greater than forecasted.

Victoria faces similar demographic trends to Vancouver with outflows of international migrants and students, but to a lesser degree. A weak labour market for younger people reduced rental demand.

Vacancy rates increased significantly in the downtown core and Saanich, largely due to higher rental supply in these areas. Vacancy rates for new units in the City of Victoria were higher than in areas outside the city. This may be due to lease-up timing and more affordable rental options outside of the city (Table 3.1.7).

Rental supply continued to grow

Purpose-built rental supply in Victoria grew at a slower pace in 2025 compared to 2024. Although rental completions declined year over year, they remained above historical levels. Many new rental units were built in Saanich, Esquimalt and Langford.

Our market intelligence suggests that developers and operators see Victoria’s rental supply as mostly balanced but are cautious about new developments. Langford is seen as highly competitive, with landlords offering incentives that could slow future growth compared to recent expansions.

Rent growth accelerated, worsening affordability

Same-sample rent growth accelerated (Table 1.1.5), driven by higher turnover and larger rent increases on turnover units. Average 2-bedroom rents were highest in Sidney and Langford due to high shares of newer units (Table 1.1.2).

In Sidney, high rents were also due to limited rental supply and strong demand for desirable amenities and lifestyle factors. The area attracts higher-income households, which further supports elevated rents.

Turnover growth outside city centre in areas with greater concentration of new supply

Turnover in Victoria rose to its highest level since 2019, driven by rapid growth of the purpose-built rental stock in the past 2 years. New completions in Saanich helped ease tight market conditions in the area, leading to higher turnover rates (Table 1.1.6).

View an interactive map of this CMA in the Housing Market Information Portal

Download the Excel data table (XLSX) for this market.

Average rent growth persisted beneath the surface of softening markets

The average rent paid by all tenants for 2-bedroom units rose 5.1% over the past year (same-sample). That was slightly lower than the previous year but still shows steady upward pressure on housing costs. About 40% of the increase in average 2-bedroom rents came from tenant turnover, as vacated units were repriced at higher levels (Canada Table 6.1). In Toronto and Vancouver, stricter rent guidelines muted increases for sitting tenants (non-turnover units), making turnover a larger driver of inflation.

• Toronto: 2-bedroom rent growth increased slightly as more tenant turnover allowed units to be repriced to the higher turnover rent. However, rents for smaller studio and 1-bedroom units slowed due to increased new supply from condominium apartment rentals.
• Montréal and Halifax: Rent growth picked up, especially for older, lower-cost units. Higher provincial rent guidelines helped drive this increase. Market intelligence reported landlords seeking the full recommended increase on occupied units in anticipation of smaller allowable guidelines in the future.
• Calgary: Landlords held 2-bedroom rents steady to keep tenants and avoid vacancies.
• Vancouver and Edmonton: Rent growth slowed as landlords faced declining occupancy and used incentives to absorb excess supply.

As turnover rents continue to soften, landlords will have less room to raise rents when a new tenant takes over a unit. This will limit overall rent growth. The gap between turnover and non-turnover rents is expected to shrink, and turnover-driven increases are likely to moderate.

Rising vacancies and slower lease-ups became the new reality

In 2025, vacancy rates for purpose-built rentals rose across all major CMAs, pushing the national rate above its 10-year average. Condominium apartment rental vacancies also increased but stayed well below purpose-built levels, as owners were more flexible on rents to avoid vacancies (Canada Table 4.1).

Vacancies increased the most in areas with new rental completions or near post-secondary institutions, where demand from international students declined. However, trends varied by CMA:

• Toronto and Vancouver: The purpose-built apartment vacancy rate in Toronto hit 3% for the first time since the pandemic, while Vancouver reached 3.7%, the highest level since 1988. A strong increase in rented condominium apartments added competitive pressure to the purpose-built segment. Rental operators identified this as a major obstacle to leasing new projects.
• Calgary and Edmonton: These cities continued to have the highest purpose-built apartment vacancy rate among major markets. However, Calgary’s rate was unchanged from a year ago, despite a large influx of rental supply. This reflected strong demand driven by population growth. Local market intelligence reported that generous incentives during initial lease-up phases helped prevent vacancies from rising.
• Montréal, Ottawa and Halifax: Vacancy rates increased in part due to new supply but stayed within recent historical ranges. Despite weakening demand, increases in purpose-built rental vacancies were limited by less competition from rented condominium apartments.

Renter mobility increased

Rising vacancy and turnover rates, along with new rental supply, showed that tenants were moving more frequently, creating a filtering effect. Rental operators reported that many renters took advantage of the opportunity to move into homes that better matched their preferences. Turnover rates increased in Toronto and Vancouver, which previously had the lowest rates among major CMAs (Canada Table 1.0).

Unlike in 2024, when high-end units drove vacancy rate increases, this year’s rise came from all rent levels. Interestingly, for the first time in a decade, the least expensive units also drove the increase in vacancy rates (Figure 2).

Canada’s largest cities delivered more rental apartment completions

After record gains in 2024, the rental stock still expanded in 2025. Construction remained strong for several years, supported in part by CMHC products and programs. This kept rental completions well above historical trends, particularly in Calgary, Edmonton and Montréal. Toronto saw little growth this year, but higher rental starts signal more supply in the coming years.

CMHC multi-unit insured lending, along with the policy actions of all levels of government, helped maintain new rental supply. This support continued despite high construction costs and interest rates, as noted in the 2025 Mid-Year Rental Market Update. These supports stepped in when extra supply was needed. At the same time, we’re seeing take-up normalizing and market conditions becoming more softened.

Lower migration and a weaker labour market slowed rental demand

Population growth, a key driver of housing demand, slowed sharply as immigration policy changes reduced the number of new arrivals. Rental demand also declined as study and work permit holders in the 15 – 34 demographic, the primary drivers of rental household formation, left the country.

This trend was particularly noticeable in British Columbia and Ontario, where the young adult population declined the most. These provinces, which are popular destinations for international students, were hardest hit by fewer admissions (Figure 3).

Slower hiring and rising unemployment, especially among younger workers, limited new household formation. While overall employment appeared stable over the past year, underlying weakness was concentrated in export-focused regions impacted by trade uncertainty. In Ontario’s main manufacturing corridor, purpose-built apartment vacancy rates have generally reached about 4%, well above the national average.

Condominium apartment market weakness spilled over to the rental market

Rental supply grew as more condominium apartment owners rented out units from a record number of newly completed projects (Canada Table 4.2). Recent softness in Toronto and Vancouver’s condominium ownership markets continued to push more units into the rental pool, where demand has remained stronger.

Vancouver recorded its second-highest level of condominium completions on record, while other major markets remained well above their 10-year average

Relief for prospective renters, but affordability still low

There are signs that affordability levels are stabilizing in the most expensive markets. With more vacant units on the market, competition for tenants increased, which tempered rents on new leases. This gave prospective renters some relief and made less expensive units more available.

However, as average rents for all tenants rose and income growth slowed due to weaker labour market conditions, affordability remained low. In Vancouver, Calgary and Toronto, the rent-to-income ratio improved compared to a year ago. In contrast, affordability worsened in markets such as Ottawa, Montréal and Halifax.

As incomes grow and vacancy rates stay elevated, affordability is expected to improve more broadly next year.

Rental arrears declined across markets, providing further evidence of improvement (Canada Table 5.0). Low and stable inflation and income growth helped reduce financial pressures in non-shelter expenses.

Calgary

++ — Change in rent was not statistically different than zero (0).

Vacancy rates steady as new supply was absorbed

Calgary’s rental market remained stable in 2025, despite a significant rise in new completions. The average vacancy rate for purpose-built rentals remained unchanged at 5% in 2025 indicating overall balanced supply and demand.

Zones with larger projects, such as North Hill, Southeast, Northeast, and Fish Creek, had increased vacancies, likely because new developments in these zones took longer to lease.

Smaller buildings with 3 to 24 units also saw more vacancies, while buildings with 25 or more units showed little change. This suggests tenants preferred larger buildings with more amenities (Table 4.2.1).

The highest vacancy rate (6.7%) was in the highest rent quartile (Table 1.4). While this rate was lower than in 2024, it remained elevated for the higher-end market, which often competes with the condominium apartment market. Amenity-rich and competitively priced post-2015 buildings also had higher vacancy rates compared to the older ones. Overall, compared to lower quartiles, vacancy rates in higher-rent units remained elevated, showing that absorption took longer for these units.

While demand conditions remained healthy due to ongoing full-time employment and population growth, slower migration and higher youth unemployment slowed household formation. These opposing factors resulted in overall demand growing, but at a slower pace than in previous years. As a result, Calgary’s rental market remained balanced, with rental demand absorbing much of the new supply.

Rental supply grew at a record pace, focused on higher-rent segments

Calgary’s purpose-built rental supply grew by 11% in 2025, recording the fastest growth in decades. Continuous completions over the past 2 years increased purpose-built rental supply and created more options for renters. The Southwest, Southeast and Northwest zones, which have strong land availability and development capacity, contributed to most of the new supply (Table 1.1.3).

Our local market intelligence suggested that much of the new rental supply was concentrated in higher-end units. This trend could lead to a wider range of rents between market segments. Many of these higher-priced units were introduced at premium levels, making them less accessible to some renter households.

Calgary’s rental stock is expected to grow further in the near term, with many rental projects still under construction. As a result, we expect market conditions to ease, with continued growth of rental stock along with higher vacancy rates and slower rent increases.

Rent growth stabilized as market softened and affordability improved slightly

Average rent growth in Calgary’s purpose-built market remained stable in 2025. Newer buildings pushed average rents upward, but average same-sample rents remained flat (Table 1.1.5). This suggested that landlords of existing buildings kept rents steady to stay competitive with newer developments offering modern amenities.

Rent trends varied by zone. North Hill, Northeast, Chinook and Fish Creek saw minor declines, while other zones saw modest increases driven by newer units with premium prices (Table 1.1.2).

Overall, affordability improved slightly in Calgary, as reflected by a decline in the rent-to-income ratio (Figure 5).

Turnover stable as competitive pressure grew

Turnover rates in Calgary were stable in 2025, with an increase observed only in the Northwest, and Northeast zones (Table 1.1.6). Renters enjoyed greater unit availability as indicated by moderate mobility in these areas.

Competitive pressure across the market kept newer units priced similarly to older ones. As a result, landlords adjusted rents and provided incentives to keep existing tenants.

Condominium apartment rentals faced higher vacancies as purpose-built supply grew

Calgary’s condominium apartment rental market faced increased competition from new purpose-built supply. The average vacancy rate rose to 2.2%, with the largest increases in buildings with 25 – 49 units and 100+ units (Table 4.2.1). The condominium apartment supply grew by 2,647 units, mostly in the West zone (Table 4.3.1). However, the share of units offered for rent declined to 35%, indicating reduced investor participation. Renters who used to prefer newer finishes or specific locations of condominium apartments choosing purpose-built rentals with similar amenities and stable lease terms.

In response, investors adjusted rents and offered incentives to reduce the rent difference between the 2 market segments. As a result, the average rent for a 2-bedroom condominium apartment remained unchanged.

Edmonton

Vacancy rates rose as supply growth outpaced demand

The rental market in the Edmonton CMA softened in 2025, with the vacancy rate for purpose-built rental apartments rising to 3.8%, as expected. The increase was driven by an imbalance between supply and demand: rental completions stayed well above historical averages, while demand growth slowed due to higher youth unemployment and weaker household formation.

In most zones, new supply was absorbed slowly, as reflected by higher vacancy rates. West Jasper Place, Millwoods and Castledown had the largest increases, especially in newer 2-bedroom units. In contrast, Northeast, Fort Saskatchewan and Strathcona County had lower vacancy rates because of steady demand and modest additions to supply (Table 1.1.1). Vacancy rates were higher in newer units, possibly due to their higher average rents (Figure 6).

Our local market intelligence suggested that demand for high-end rentals has declined, even though these units offered modern features. Higher costs for these new units likely discouraged some renters, especially with more affordable options available on the market.

Rental supply growth driven by mid-rise developments

Purpose-built rental apartment supply grew strongly in recent years (Table 1.1.3). Most of the new supply consisted of 1- and 2-bedroom units in mid-rise developments in the Downtown, West Central, West Jasper Place and Southwest zones.

Local policy changes, such as zoning and permit reforms, encouraged multi-residential construction. Steady population growth, which indicated ongoing demand, and lower land costs have prompted developers to maintain rental construction at high levels. As a result, the pace of new supply growth was strong, and resulted in gradual absorption of newer units.

Average rent growth slowed as tenants had more options

The average for same-sample 2-bedroom apartments rose at a slower pace in 2025 (Table 1.1.5). Rent growth was generally subdued across most zones, except for Fort Saskatchewan, where rents rose by 7.4% due to limited new supply.

While rents stayed high and near record levels, competitive pressures and market constraints limited further increases. The expansion of new supply gave renters more choices, easing upward pressure on rents.

Turnover increased as renters sought new choices

After several years of stability, turnover rates in Edmonton increased to 28.8% in 2025. Most of this increase occurred in areas with a significant number of new completions such as Downtown, West Jasper Place, Southwest and East Central zones (Table 1.1.6).

Stable rents and more choices from new supply led to higher turnover. Landlords of newly completed units offered competitive rents or short-term rent discounts to attract tenants. As a result, the gap between rents for turned-over and non-turned-over units narrowed (Canada Table 6.2). Some landlords introduced incentives, such as free parking, but these offers were limited to a few sub-markets.

Rental condominium apartments played a larger role in meeting demand

In 2025, Edmonton’s condominium apartment market expanded its role in helping to meet rental housing demand. Although the overall size of the condominium apartment universe increased only slightly, the share of units offered as long-term rentals rose to 37%. This added approximately 2,015 units to the rental stock (Table 4.3.1). This growth was mainly concentrated in suburban sub-areas, where rental demand remained steady.

Even with more supply, the vacancy rate for rented condominiums remained steady, at 1.7%. This showed continued demand for modern units and desirable suburban and central locations. Vacancies declined in the central zone due to consistent demand in core locations.

Our local market insights indicated that some owners of rented condominium apartments decided to sell their units, prices exceeded their previous peak in 2015.

Regina

Vacancy Rate Stabilized

The vacancy rate for purpose-built rental apartments in the Regina CMA stayed at 2.7 % in 2025. This rate is well below its 10-year average and lower than expected.

The vacancy rate in the most affordable segment remained steady, while units with highest rents saw a decline (Table 1.4). Similarly, the vacancy rate for 3-bedroom and larger units dropped to 1.4 % from 3.9 %, indicating strong demand for family-sized units.

Strong full-time employment and relatively high ;population growth supported rental demand, keeping pace with rental supply growth. This helped maintain the overall vacancy rate, despite higher unemployment among people aged 15 to 24 year group.

Construction grew moderately

The stock of purpose-built rental apartments grew by 2.2%, but slower than 2024’s elevated pace. Large units (3 bedroom+) accounted for more than half of the increase in supply (Table 1.1.3).

Rental supply increased modestly in the Central and South: Lakeview/Albert Park areas — which make up nearly half of Regina’s rental market supply. Only the Northeast zone experienced both declining vacancy rates and rental supply.

Rent growth slowed, but affordability remained strained

Average rent continued to rise in 2025, but at a slower pace than the previous year. Despite this slowdown, rent increases remained above the 10-year average (Table 1.1.5).

Rent growth slowed across all unit types and zones, except in the West zone, despite its higher level of new supply. Larger units saw significant declines in rent growth, as landlords lowered prices to stay competitive (Table 1.1.5). This helped keep vacancy rates low (Table 1.1.1). Affordability remained a concern, as rent growth continued to outpace wage gains.

Turnover rates declined

In the Regina CMA, rents for turnover units were 3.6% higher than those for non-turnover units (Canada Table 6.2). This likely discouraged some renters from moving, which reduced the turnover rates (Table 1.1.6).

Condominium apartments remained tight due to limited availability

The rental condominium apartment vacancy rate stayed steady and lower than that of the purpose-built rental segment (Table 4.1.1). While the condominium universe grew, fewer units were available for rent, keeping conditions tight (Table 4.3.1).

View an interactive map of this CMA in the Housing Market Information Portal

Download the Excel data table (XLSX) for this market.

Saskatoon

Vacancy rose as new supply outpaced demand

The Saskatoon CMA’s rental market eased more than expected. The vacancy rate for purpose-built rentals increased to 3.3%, up from 2% last year. Despite this rise, the vacancy rate remained well below the 10-year average. Vacancy rates increased across most zones and unit types, with the largest increases seen in higher-priced units. Demand for affordable housing remained strong, with the lowest vacancy rates shown in lower-priced segments (Table 1.4).

Lower immigration levels and weak youth employment reduced rental demand growth in Saskatoon. As a result, rental supply outpaced demand, leading to higher vacancy rates.

Construction and vacancy rates increased in key zones

Purpose-built rental supply grew by 4%, faster than last year, with almost half of them being 2-bedroom units. Most of this growth occurred in the South and Southeast zones, which also saw large vacancy rate increases (Table 1.1.3).

Market intelligence showed that landlords, especially those with higher-end rentals, increasingly offered incentives to attract and keep renters.

Rent growth slowed, but affordability remained a challenge

Same-sample rent for 2-bedroom units increased, and the rent growth remained well above the 10-year average (Table 1.1.5). Rent growth slowed across most unit types and zones, with the South, Northeast and North zones seeing the largest declines in growth pace. Even with slower rent growth, affordability pressures remained high, as rents grew faster than wages.

Turnover rates declined as fewer renters moved

Turnover rates in Saskatoon fell significantly in 2025 (Table 1.1.6). Among units within the same structure, those that turned over had an average rent 7% higher than those that didn’t (Canada Table 6.2). This rent difference may have discouraged renters from moving, contributing to the decline in turnover rates.

Rented condominium apartments remained tight as supply growth slowed

The supply of condominium apartments grew, but fewer of these units were offered for rent. This slowed the growth of rental condominium apartment supply (Table 4.3.1) and kept the condominium apartment vacancy rate steady.

View an interactive map of this CMA in the Housing Market Information Portal

Download the Excel data table (XLSX) for this market.

Winnipeg

Vacancy increased as supply growth outpaced weaker demand

Rental market conditions in the Winnipeg CMA softened in 2025, with vacancy rates rising in suburban neighbourhoods (Table 1.1.1). Vacancy rates were higher in St. James and West Kildonan due to significant expansions in their rental stock. Fort Garry added the largest number of purpose-built rental units (Table 1.1.3), but strong absorption prevented a sharp rise in vacancy rates. Vacancy remained tight across all core areas, except in the Centennial area.

Purpose-built rental supply grew by 2.6%, which was less than half of last year’s pace. While supply growth was modest, demand increased even more slowly, leading to higher vacancy rates. Manitoba’s year-to-date population continued to grow, but at its slowest pace in 2 decades. Declines in non-permanent residents, slower international immigration and rising unemployment further reduced the pace of rental demand growth.

Competition limited rent growth

The average rent growth for same-sample 2-bedroom apartments slowed across almost all zones (Table 1.1.5). To attract tenants, landlords of buildings completed in the past 3 years offered rents below the average for buildings built after 2015 (Table 3.1.7).

With rising vacancies, landlords reduced rent increases for units that turned over to new tenants. While rents for turnover units continued to grow, the rate of increase was slower than last year. Rent increases for sitting tenants stayed modest and remained below the provincial guideline of 1.7%.

Because overall rent growth slowed, annual average wage growth outpaced rent increases, easing some pressure on rental affordability.

More vacant options drove turnover

Vacancy increases were sharpest in pre-1960 units, as older properties struggled to compete with newer ones offering updated features and pricing incentives. Vacancy in buildings constructed between 1975 – 2004 remained the tightest, while post-2015 units saw only a small increase in vacancy despite added supply (Table 1.2.1).

More purpose-built rentals added competitive pressure to the condominium apartment market

The growing supply of purpose-built rentals with better amenities and incentives gave tenants more options and created strong competition among rental condominium apartments. Rents for 2-bedroom condominium apartments slowed down significantly compared to last year’s strong gains.

View an interactive map of this CMA in the Housing Market Information Portal

Download the Excel data table (XLSX) for this market.

Greater Toronto Area

Toronto’s rental market continued easing in 2025

Consistent with our forecast, the proportion of vacant purpose-built rental apartments in the Greater Toronto Area (GTA) increased to 3%. This increase was driven by declining international migration, continued competition from condominium apartment rentals and a softening economic backdrop.

Lower international student enrolment weighed on rental demand

Areas of the GTA with post-secondary institutions observed notably higher vacancy rates (Figure 7). For instance, Downsview, home to York University’s Keele campus and 2 colleges, saw its vacancy rate increase from 0.7% in 2023 to 3.1% in 2025. Post-secondary neighbourhoods in Mississauga and Brampton saw their vacancy rates climb above 4%.

In contrast, the vacancy rate in Old Toronto remained stable. International student outflows were offset by greater inflows of renters moving closer to the downtown core. This was driven by return-to-office mandates from many larger employers. Additionally, some households took advantage of concessions and lower market rents to live in the core.

The newest structures maintained a vacancy rate well above the GTA average

Newer buildings continued to compete with rentals in the condominium segment, where elevated completions were recorded in 2024 and 2025. The vacancy rate in new projects built over the past 3 years was nearly 7% (Table 3.1.7). Due to slow lease-up, 75% of structures completed since 2022 offered at least one incentive, with the most common being 1-2 months of free rent.⁸

Unemployment and vacancies have historically risen together, including in 2025

Toronto’s unemployment rate increased in 2025, ranking as the third-highest among major metropolitan areas in October, according to Statistics Canada. The rate was significantly higher for youth aged 15 – 24, a group with the strongest tendency to rent. This likely reduced renter household formation.

The vacancy rate for rental condominium apartments increased but stayed low despite supply growth

At 1%, vacancy for rental condominium apartments remained well below the purpose-built average. A lower tolerance for vacancy risk among condominium investors saw them more willing to negotiate on rents to fill their units quickly.

Additionally, still-strained homeownership affordability and heightened economic uncertainty limited the movement of higher-income renters from condominium rentals into homeownership. This was confirmed by fewer existing home sales in 2025, especially at the entry level. Weakness in the for-sale market kept the share of investor-owned condominium apartments at a historic high (Table 4.3.1).

Lower turnover rents increased tenant mobility from record lows

In 2024, rental operators mostly offered incentives instead of lowering rents. By 2025, as competition grew, many began reducing rents. This was reflected in our data, where the average turnover rent — the rent charged on a new lease after a unit turnover — for a 2-bedroom unit declined by 2.5%.⁹

Lower turnover rents incentivized those who signed leases at peak rates a few years ago to explore other options. Increased tenant mobility was evidenced by turnover moving off its record low of 6.4% to 8.5% in 2025. Higher turnover was observed across bedroom types, building ages and sub-regions, pointing to more favourable market conditions for tenants (Tables 1.1.6 and 1.2.3).

Meanwhile, non-turnover, or in-place, 2-bedroom rents were largely stagnant. This reflected operators’ efforts to retain tenants in a softening market.

Rental supply to grow further, especially in the suburbs

After exceptional growth in 2024, the GTA’s purpose-built rental supply expanded minimally in 2025, increasing by just +0.4%. However, above-average growth is expected again, with a record number of rental apartments under construction in Q3 of 2025.

York Region, which has the smallest rental stock and where the vacancy rate had persistently held below 2% until recently, is expected to see the fastest supply growth.

Affordability still a challenge

Rental affordability improved slightly in 2025 as turnover rents fell, non-turnover rents remained mostly flat and incomes rose. However, years of declining affordability had an impact. This meant the average earner in the GTA still needed to spend a significant share of after-tax income — 42% — to rent a vacant 1-bedroom unit (Table 1.1.9). Two-thirds of a minimum wage earner's disposable income was required to rent a vacant studio apartment.¹⁰

View an interactive map of this CMA in the Housing Market Information Portal

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Hamilton

Vacancy rate increased

The vacancy rate in the Hamilton CMA rose to 3.6% in 2025, which was above our forecast and the highest level since the COVID-19 pandemic. The main reasons were the continued outflow of international students and an increase in condominium apartment rental supply.

Weaker student demand was evident in Zones 5 and 6 (West End and Mountain, respectively), where McMaster University and Mohawk College students typically rent. These areas saw higher vacancy rates. In contrast, zones with fewer student renters tended to have a smaller proportion of vacant units.

Purpose-built rental supply expected to grow

Hamilton’s purpose-built rental supply remained mostly unchanged in 2025 (Table 1.1.3). However, a near record-high number of rental units were under construction in Q3 of 2025 (1,337 units), indicating strong future growth.

In 2025, most rental supply growth came from the condominium segment. The number of condominium rental apartments in Hamilton increased (Table 4.3.1). The share of condominium apartments being rented out stayed at a record high due to continued weakness in the for-sale market.

Zone 1 (Downtown) saw a high number of condominium apartment completions, creating strong competition for newer purpose-built rentals in the area. As a result, the vacancy rate in this sub-market was above the CMA average (Table 1.1.1).

Turnover rents stalled

The average rent for 2-bedroom same-sample units increased slightly, mainly due to repricing after tenant turnover (Canada Table 6.1). However, in weaker market conditions, the average turnover rent for 2-bedroom units (the rent charged on a new lease for a vacated unit) showed little change (Canada Table 6.0). Similarly, rents for non-turnover units (units with existing tenants) remained stagnant.

Tenants had more options in 2025

In 2025, more supply became available in the second and third rental quartiles, while the vacancy rate for the fourth quartile remained high (Table 1.4). The availability of units at different price points likely encouraged more tenant movement along the rental continuum. This was reflected in higher turnover across different rental segments (Table 1.1.6).

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Kitchener – Cambridge – Waterloo

The vacancy rate was stable

The vacancy rate in Kitchener – Cambridge – Waterloo stayed the same in 2025, holding at a multi-decade high (Table 1.1.1). However, this overall average masked important shifts between sub-markets.

The federal cap on international study permits continued to ease demand in areas with large student populations. This was clear in Zone 4 (Waterloo), home to the University of Waterloo and Wilfrid Laurier University, where the vacancy rate increased (Table 1.1.1). Zone 3 (Kitchener West), where supply growth was above the CMA average, was the only other sub-region with a higher vacancy rate.

Economic weakness also reduced rental demand across the CMA. Kitchener – Cambridge – Waterloo has one of Ontario’s most tariff-exposed economies, with many workers employed in motor vehicles and parts manufacturing.

Lower vacancy rates for high-end units helped stabilize overall rental market conditions (Table 1.4). This was likely due to landlords offering significant incentives, such as 1 – 2 months of free rent, to lease these units more quickly.

Supply expanded but skewed toward the high-end

Rental apartment supply in Kitchener – Cambridge – Waterloo grew by 2.8% in 2025, with increases seen across the region. However, most new units entering the market were not attainable to lower-income renters (Table 3.1.7). As a result, while renters had more choices, affordability remained a key challenge for this group (Table 3.1.8). This was highlighted by a vacancy rate under 1% for the least expensive units (Table 1.4).

Supply growth did, however, help middle-income renters move up the rental property ladder, freeing up units priced at the mid- and upper-mid range. This was reflected by higher vacancy rates in the second and third rental quartiles and an overall higher turnover rate (Tables 1.4 and 1.1.6).

Turnover rent growth stalled

The average rent for 2-bedroom same-sample units increased, largely due to units being repriced after tenant turnover (Canada Table 6.1). However, with the vacancy rate still high, the average rent for a 2-bedroom turnover unit — the rent charged on a new lease for a vacated unit — was little changed (Canada Table 6.0).

To retain sitting tenants, especially those that signed leases at peak rates in 2021 – 2023, the average same-sample non-turnover rent for 2-bedroom units was also stagnant.

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London

Highest vacancy rate since 2010

At 4%, the vacancy rate for purpose-built rental apartments in the London CMA rose to its highest level in 15 years. The main reasons were a decline in international migration, a softening economy and record-high supply increases. Although we expected market conditions to ease, weaker-than-expected demand pushed the vacancy rate above our forecast.

London’s rental market had been supported by international student demand for much of the last decade. Over the past 2 years, a sharp drop in enrolment led to higher vacancy rates in Zone 4 (Northwest) (Table 1.1.1). This area is home to Western University. The vacancy rate also stayed high in Zone 2 (Northeast), where Fanshawe College is located.

Our market intelligence also linked the rise in the region’s vacancy rate to these demand-side factors:

• Non-permanent residents whose work permits expired and were not renewed.
• Labour market weakness in the tariff-impacted manufacturing and transportation sectors.

Rental completions posted another record high in 2025

London’s purpose-built rental apartment supply grew by 2.1% in 2025. Most unit types and sub-regions saw increases in supply. This growth was driven by strong rental apartment completions, with 2,585 units completed between January and September 2025. This surpassed the record set in 2024.

Turnover rents fell

The average rent for 2-bedroom units in the same sample increased, mainly due to repricing after tenant turnover (Canada Table 6.1). However, in line with a softer market, the average turnover rent for 2-bedroom units decreased slightly in 2025 (Canada Table 6.0). Turnover rent refers to the rent charged on a new lease for a vacated unit.

Tenants were more willing to move

Softer market conditions made it easier for low-to-middle income renters to move. This was reflected by higher vacancy rates in the least expensive rentals (the first and second rent quartiles) (Table 1.4). Turnover also increased in older, less expensive buildings (Table 1.2.3). However, the available supply of lower-priced options remained below the CMA average.

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Ottawa

Vacancy rate rose slightly in 2025

In 2025, the Ottawa-area rental market eased slightly (Table 1.1.1).  The increase in the vacancy rate aligned with our forecast and was partly caused by an increase in new completions, along with a slowdown in demand. Vacancy rates were highest for newer units (Table 1.2.1), reaching 6.7% for units built after 2015 (Figure 8). This was more than twice the average vacancy rate in Ottawa (3%).

Demand for rentals slowed down partly because fewer international migrants, particularly students, came to the area. The number of non-permanent residents fell sharply in Ontario. This was probably also true in Ottawa. Additionally, the higher unemployment rate in the CMA this year may have slowed rental demand.

In some areas, including Sandy Hill/Lowertown, which is a university neighbourhood, had more available units than elsewhere. This trend was also seen in Downtown, Glebe/Old Ottawa South, Alta Vista and Gloucester North / Orleans (Table 1.1.1).

Despite market easing, affordability continued to decline

The growth in rental supply in 2025 mainly came from newly built units, which are typically more expensive. Affordable units with lower rents remain scarce, with very low vacancy rates (Table 1.4).

• High demand for low-rent units: Units in the lowest rent quartile (the first quartile of rents) have low and stable vacancy rates below 1%.
• Rising vacancy for higher-rent units: Vacancy rates are increasing for units in the second, third and fourth rent quartiles.  

The growing gap between rent increases and wage increases is worsening the decline in affordability.  As a result, some tenants have had to stay in their units longer than they would’ve liked. This led to historically low turnover rates, except in some areas (Table 1.1.6).

• Sandy Hill/Lowertown: This university area has been considerably affected by the decline in the number of international students. The decrease in the number of these students has freed up many units, including studio and 1-bedroom apartments.
• Increased supply in other areas: Rental housing supply has increased in areas like Chinatown, Westboro North and Hintonburg. Turnover rates in these areas also increased.

Rent growth slowed 

Unlike the Quebec portion of the CMA (Gatineau), Ottawa saw slower rent growth (Canada, Table 1.0). It reached 3.4%, after an increase of nearly 5% in 2024. This lower growth reflects softer market conditions. It’s also related to the permitted increase of 2.5% for units built before 2019 that haven’t turned over to new tenants.

About two thirds of this rent growth comes from units that turned over to new tenants (Canada, Table 6.1). The remaining third came from occupied units without turnover. This highlights how turnover drives rent growth, especially when housing mobility is low.

Rent increases were much higher for households that moved. For 2-bedroom units that turned over to new tenants, rent growth was over 5 times the average rate. In general, vacant units were 13% more expensive than occupied units. The rent gap was slightly higher for units with 2 or more bedrooms (17%), which are in high demand.

This rent gap has reduced housing mobility, keeping turnover rates historically low. Low mobility has added pressure on the supply of affordable housing, despite the slight easing of the market.

Rental condominium apartment market remained tight

Vacancy rates in Ottawa’s rental condominium apartment market stayed low and stable. These units remain the most expensive type of rental housing, with rents similar to newly built units. For a 2-bedroom condominium apartment, rents were almost 30% higher than those for purpose-built rental units.

Despite their high rents, vacancy rates for rental condominium apartments were lower than in the conventional rental market.  Rental condominium apartments account for nearly 15% of the CMA’s rental universe, offering an additional housing option for Ottawa renters. 

The rental condominium apartment supply grew by 10%, exceeding that of conventional rental units (4.7%). Weakness in the resale market for newly built condominium apartments led many units initially intended for resale to be rented instead. A similar trend was observed in Canada’s other main urban markets.

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St. Catharines – Niagara

Vacancy rate steady in 2025

The average vacancy rate in the St. Catharines – Niagara CMA remained at 3.9%, similar to last year. This rate is at a more-than-decade high and aligns with our forecast. Most sub-regions, except Niagara Falls (Zones 4-5), had stable market conditions (Table 1.1.1).

The higher vacancy rate in Niagara Falls was due to several factors:

• A decline in work permit holders, as many permits expired and were not renewed. The region relies heavily on temporary foreign workers in agriculture, tourism and hospitality.
• A weaker labour market partly caused by tariff-related impacts, especially in the transportation, warehousing and tourism sectors.
• A 1.8% increase in rental supply (Table 1.1.3).

Conditions in Zone 1 (St. Catharines – Core), remained stable, even with strong rental supply growth (8.4%). This highlights the desirability of the area, following significant investments in downtown revitalization in recent years.

Turnover rents were largely unchanged

The average rent for 2-bedroom same-sample units increased, mainly due to repricing after tenant turnover (Canada Table 6.1). However, with the vacancy rate still high, average turnover rents — rents for new leases on vacated units — remained stable across most unit types (Canada Table 6.0).

Non-turnover rents — rents for tenants staying in their units — increased. Most long-term tenants in St. Catharines – Niagara, including many older renters, chose to stay in their units and accept the rent increase rather than move.

The premium to move — measured by the average difference between 2-bedroom turnover and non-turnover rents — remained largely unchanged from the previous year at 27%. This stability helped keep the turnover rate steady in 2025 (Table 1.1.6).

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Windsor

Vacancy rate stayed high

In 2025, the average vacancy rate for purpose-built rental apartments in the Windsor CMA remained high at 3.7%. This was higher than the Ontario and national averages and roughly aligned with our forecast. Declining international migration and tariff-related challenges kept market conditions soft.

Fewer international students and temporary foreign workers

For the second year in a row, the number of international students renting in the CMA decreased due to the ongoing federal cap. Rental operators also noted that many temporary foreign workers in the region didn’t have their permits renewed. A high concentration of Windsor's labour force is employed in manufacturing, construction, agriculture, and accommodation and food services; sectors that commonly rely on temporary foreign workers.

Tariff headwinds

Economic pressures from tariffs also weakened demand. According to our market intelligence, many laid-off workers moved to provinces like Alberta for better employment opportunities. In October 2025, Windsor’s unemployment rate was 10.1%, the highest among the country's metropolitan areas, according to Statistics Canada.

Supply grew in suburban communities

The region’s rental stock grew by 3.6% in 2025. Suburban Zones 5 and 6 (Amherstburg and North Essex County, respectively) continued to have the strongest rates of supply growth, similar to 2024 (Table 1.1.3). These areas, some of which have amenity-rich beachside communities, may attract downsizing senior households.

Zone 3 (East Outer), which contains the popular Forest Glade neighbourhood, had the largest number of new units. The steady vacancy rate in this suburb shows that newer, more expensive rental supply was quickly absorbed. This likely reflects demand from a subset of renters who were less impacted by recent economic developments.

Turnover rents unchanged

In 2025, the average same-sample rent for 2-bedroom units increased, likely due to repricing after tenant turnover (Canada Table 6.1). However, in the Windsor CMA, soft market conditions kept average turnover rents — the rents charged on new leases for vacated units — mostly unchanged (Canada Table 6.0).

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Gatineau

Rental market easing continued in 2025

In the Quebec portion of the Ottawa – Gatineau census metropolitan area (referred to here as the Gatineau area), the vacancy rate continued to increase in 2025, exceeding our forecast.

The increase was most pronounced in the survey zones of Hull and Gatineau, where many recently completed units were concentrated (Table 1.1.1).

Softening market conditions were due to an increased supply of new rental units combined with demand that didn’t keep up with the increase in supply. In 2025, Gatineau area, like the rest of Quebec, had slower population growth. At the same time, the unemployment rate increased.

New units posted record-high vacancy rates

The increase in the Gatineau area vacancy rate is partly driven by new units, which had a vacancy rate of 10% (Table 3.1.7) — almost 3 times the average rate of 3.8%.

Newly built units increased the supply of rental housing, especially in the most expensive segments. However, a significant number of these units remained vacant. Affordability challenges may have slowed demand.

Rents continued to rise due to newly built units

Despite growth in supply, rents continued to increase in Gatineau. Rent growth for 2-bedroom purpose-built apartments nearly doubled from 2024 to 2025 (Table 1.1.5).  

The Tribunal administratif du logement’s (TAL) rent increase recommendation for 2025 played a role in pushing rents up. The recommended increase, a record-high 5.9%, was likely applied to part of the rental stock. 

Pressure on more affordable housing remained

Vacant units — often newly built — had higher average rents than occupied units, limiting access for many households. Affordable units with lower rents remained scarce. In this context, households tend to stay in their units longer than they might like to. Rising rents, therefore, reduce renter mobility.

We expect to see more significant market softening in the coming months. The large volume of units now under construction will eventually increase supply on the rental market and push the vacancy rate higher.

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Montréal

Rental market continued to ease in Greater Montréal

In 2025, the vacancy rate in Greater Montréal rose for the second year in a row, reaching 2.9% (Table 1.1.1). The increase was most pronounced for newly built units, which had vacancy rates well above the average (Table 3.1.7). In contrast, the most affordable units remained scarce (Table 1.4).

The increase in completions, resulting from record numbers of housing starts in recent years, contributed to rental market easing across the area. In 2025, this trend was particularly evident on the Island of Montréal and the South Shore.

The rental market eased slightly more than we had expected due to strong growth in supply combined with slower demand.

Rental market demand slowed

Demand for rental units slowed in the Montréal metropolitan area, particularly on the Island of Montréal. Popular areas for new residents and students, such as Downtown and Notre-Dame-de-Grâce, saw a significant decrease in demand. The decrease was also evident on the South Shore.

This slowdown is mainly due to the decline in the number of non-permanent residents, including temporary workers and international students. While the total number of students at Quebec universities increased, international student enrolment fell in 2025. In addition, much slower growth in the number of temporary workers and an increase in the unemployment rate led to stagnation in the number of renter households this year.

Completions drove supply increases

Rental supply rose significantly in 2025, mainly due to the completion of new projects. This was due to the rebound in housing starts seen in recent years and is expected to continue in the near future.

There’s more competition on the market to attract fewer tenants than there were before. Local market data shows that some landlords were offering incentives, such as rent-free months, to attract tenants. The increase in supply contributed to the easing of the rental market in the area.

Average rents rose despite market easing

Even though rental market conditions in Montréal softened, rent growth accelerated in 2025, reaching 7.2% (Table 1.1.5). This happened amid lower tenant turnover, which is typically linked to significant rent increases (Table 1.1.6).

As a result, rent growth acceleration in Montréal was mainly driven by units with renewed leases (Canada, Table 6.1). The Tribunal administratif du logement’s (TAL) recommended a record-high annual rent increase of 5.9%, which was applied to these leases. According to market intelligence, many property owners with below-market rents followed the TAL’s recommendation.

In 2025, rent increases for units that turned over to new tenants were slightly lower than in 2024 (Figure 9). To avoid competition, owners didn’t want to raise their rents too close to the levels of newly built units.

For new units, which were more available, market data showed that increases were limited. In addition, rental incentives increased due to the slowdown in demand.

Housing remains unaffordable in the Montréal CMA

In 2025, the gap between rent increases and wage growth increased, worsening affordability issues in Greater Montréal. Rent growth (7.2%) outpaced income increases, making it increasingly difficult for households — especially the most disadvantaged — to access housing.

Affordable units, with rents below the median, are becoming scarcer than higher-priced units in the top quartiles. As a result, fewer tenants are moving, making it harder for low-income households to access housing.

The rental condominium apartment market eased

The rental condominium market also saw faster rent growth. However, even with a more moderate supply increase compared to the conventional rental market, the vacancy rate rose significantly. This was especially the case for units in large buildings and on the Island of Montréal.

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Québec

Rental market conditions softened in 2025

In 2025, the vacancy rate increased significantly in the Québec CMA, exceeding our forecast. This increase marks a slight easing of the market after a long period of historically low vacancy rates. Vacancy rates increased in several areas of the CMA, including Basse-Ville, Les Rivières and the South Shore.

This trend was partly due to the addition of newly built units to the market, which often have the highest rents. These units had higher than average vacancy rates at nearly 6% (Table 3.1.7), compared to 1% for units with rents below the median. However, the supply of the most affordable units increased less significantly and remains limited.

Overall, supply stayed high in the area this year and is expected to remain high in the near future, despite a slight slowdown in growth compared to previous years. This slowdown was most noticeable on the South Shore, even with the easing of the real estate development moratorium this year.

Slower demand also contributed to market easing

The rental market in Québec eased in 2025 partly due to weaker demand. The number of non-permanent residents — who are typically active in the rental market — decreased this year, especially among international students.

This slowdown in population growth led to higher vacancy rates in several areas of the CMA, even though the CMA had one of the lowest unemployment rates in Canada.

Rent growth reached a record high

Despite rising vacancy rates, rent growth in Québec reached a record 6.4% (Table 1.1.5). For units that turned over to new tenants, the increase was even higher, at 10%. These increases likely limited the number of moves. Only a small proportion of renter households (13%) (Table 1.2.3) moved into a new unit this year, a historic low for the area.

Many landlords offering the least expensive rents applied the record-high increase of 5.9% recommended by the Tribunal administratif du logement (TAL) at lease renewal. Rent growth for renewed leases matched the TAL’s recommended increase.

Rental condominium apartment market remained tight

Despite declining interest rates, almost no rental condominium apartments were built in the Québec CMA this year. The number of units on the rental market remained stable, keeping the vacancy rate below 1% in the area.

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Halifax

Halifax’s rental market softened in 2024 and continued to do so into 2025

Halifax’s purpose-built rental apartment vacancy rate increased slightly in 2025, driven by slower migration and steady growth in housing supply in recent years (Table 1.1.1). The rate was a little higher than anticipated.

The increase in vacancy rates was most noticeable in areas with a higher level of new supply. Purpose-built rental supply continued to grow, driven by record rental completions in recent years (Table 1.1.3).

Migration to the region has slowed due to limits on non-permanent residents, especially international students, and tighter immigration policies. Combined with the increase in new rental apartments, these factors have eased market pressures, driving vacancy rates up.

Rent growth accelerated despite softer market conditions

Despite a softer market, the average same-sample rent for 2-bedroom units grew by 6.7% in 2025 — nearly double the 3.4% growth rate seen last year. Rent increases were primarily driven by landlords maximizing allowable rent caps and the widening gap between rents paid by existing and new tenants.

Turnover units accounted for about one third of average rent growth (Canada table 6.1). On average, rent paid for a 2-bedroom unit was repriced 23% higher when a new tenant took over the lease on a vacated unit (turnover unit), compared to 4% for sitting tenants (non-turnover units).

New rental stock, which is expensive to build, faced high vacancy rates (Table 3.1.7). To attract tenants, some landlords offered incentives. However, the higher cost of recent housing makes it less affordable for many households, especially in a region with lower incomes.

Zones with the greatest increase in rental units (Peninsula South/North) had slower rent growth, while zones with slower supply growth (Mainland South/Dartmouth South) saw sharper rent increases.

Higher turnover rents limited tenant mobility

Tenant turnover declined, indicating reduced mobility (Table 1.1.6). This was largely due to high rent spreads, with 2-bedroom units showing a 29% premium for units that turned over. The significant rent gap between turnover and non-turnover units created a strong financial incentive for tenants to stay in their units, keeping turnover rates low.

Affordable rental units also remain scarce, as new supply did not appear to target this segment.

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