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Introduction:
Explore the essence of Canadian housing dynamics as encapsulated in CMHC’s Rental Market Report for the year 2024. This report, built on a foundation of CMHC’s Rental Market Survey and Condominium Apartment Survey data, highlights key insights from across the country's major cities.
National Overview:
The rental scene in Canada is characterized by an ever-tightening market, with a notable supply-demand imbalance persisting for another year. In 2023, unprecedented lows were reached in vacancy rates at 1.5 and rent growth rates 8.0, leading to intensified competition amongst renters across the major cities.
City-Specific Insights:
Toronto, Montreal, Calgary, and Edmonton witness a dramatic drop in rental unit vacancies, with Vancouver and Ottawa mntning relative stability.
Accelerating rent growth is witnessed across major markets, particularly striking in Calgary and Edmonton where it has reached its peak rate.
Affordability Concerns:
Rental growth outpaces wage growth, contributing to declining affordability. Lower-income renters face increasingly scarce options for affordable units, exacerbating the affordability crisis.
Overview by Author:
CMHC's dedicated team meticulously analyzed data from over 250 Canadian municipalities to compile this report.
Data Tables and Sources:
Access the detled data tables that support the findings of our annual Rental Market Survey. These comprehensive reports are avlable on CMHC’s official website, offering in-depth analysis into supply-demand dynamics.
Annual Rental Report:
For a deeper look at Canada's rental market trs, visit our Annual Rental Market Report page. This resource combines insights from CMHC’s Rental Market Survey and Condominium Apartment Survey to provide an annual snapshot of the nation's rental landscape.
Affordability Analysis:
Our analysis focuses on identifying affordability patterns alongside economic and demographic factors influencing these conditions. It also highlights trs in primary and secondary rental markets, as well as new versus existing structures.
Stay Informed:
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Explore CMHC's Knowledge Hub:
Discover past editions of the Rental Market Report and browse a comprehensive collection of resources related to housing markets data and research.
Contact Detls:
Connect with us through various channels including eml, phone, or physical locations listed in our Contact Us page for more information.
Visit Our Partners Page:
Learn about collaborations that contribute to CMHC's mission of promoting housing stability across Canada.
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Canada Mortgage and Housing Corporation CMHC 2024
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Canadian Rental Market Report 2024 Overview Supply Demand Imbalance in Rentals Accelerating Rent Growth Analysis Declining Affordability Crisis Discussion City Specific Rental Trends Highlighted Comprehensive Rental Data Tables Access