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Rents are falling in Calgary, Toronto, Vancouver and Halifax as supply . . . A rapid increase in the supply of rental housing is pushing down advertised rents in some major Canadian cities, according to the Canada Mortgage and Housing Corporation (CMHC) Rents have declined between two to eight per cent in Calgary, Toronto, Vancouver and Halifax from a year ago, the CMHC said in its mid-year rental market report Tuesday
2025 Mid-Year Rental Market Update | CMHC As a result, in Calgary, Toronto, Vancouver and Halifax Census Metropolitan Areas (CMAs), advertised rents 2 in Q1 2025 declined between 2% to 8% compared to the same period a year earlier (see Figure 1 and 2) Edmonton, Ottawa and Montréal, however, continued to see an annual increase in the average advertised rent although at a slower pace
Some rent listings decline, but affordability still worsens Rent listings in a few of Canada’s most expensive cities have begun to decline However, the average renter is still paying more each year and falling further behind on affordability According to the Canada Mortgage and Housing Corporation’s 2025 Mid-Year Rental Market Update, advertised rents for two-bedroom purpose-built apartments declined in Vancouver, Toronto, Calgary and Halifax
Rental prices drop in major Canadian cities yet affordability still . . . Faced with longer vacancy periods in several major cities, landlords of purpose-built rentals are introducing incentives such as free rent and moving allowances, according to a new report by Canada Mortgage and Housing Corporation (CMHC), which also noted falling average asking rents in markets like Vancouver, Halifax, and Toronto In its mid-year rental market update, CMHC reported that
Rental Market Report. - assets. cmhc-schl. gc. ca 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
Rents easing across most major markets but many tenants not feeling . . . Landlords reported that vacant units are taking longer to lease, CMHC said, especially for new purpose-built rental units in Toronto, Vancouver and Calgary, where they face competition from well-supplied secondary rentals such as condominium units and single-family homes