Rents easing across most major markets but many tenants not feeling relief: CMHC
CBC News · Jul 8, 2025
8 hours ago
Canada Mortgage and Housing Corp. (CMHC) reported that advertised rents in some major Canadian cities are easing due to increased supply and slower immigration, but tenants are not feeling relief as affordability has worsened since 2020. In Q1 2025, average asking rents for two-bedroom apartments decreased in Vancouver (-4.9%), Halifax (-4.2%), Toronto (-3.7%), and Calgary (-3.5%), while increasing in Edmonton (+3.9%), Ottawa (+2.1%), and Montreal (+2.0%). The gap between vacant and occupied unit rents is highest in Toronto (44%). Vacancy rates are expected to rise, especially in Ontario, due to lower international migration targets. A separate report from Rentals.ca and Urbanation showed national asking rents fell 2.7% year-over-year in June, marking the ninth consecutive monthly decrease, though still significantly higher than two or three years ago.