Rent growth slows while vacancies rise across major metros
TORONTO, ON, April 15, 2025 – Yardi® Canada has released its latest multifamily report for Q2 2025, analyzing rental market activity during Q1 2025. Drawing on anonymized data from over 499,000 units across 5,700 properties, the report highlights a continued slowdown in rent growth alongside a national vacancy rate now at 4.0% — the highest since 2020.
Despite steady rental demand in many markets, rising supply, economic uncertainty and newly imposed U.S. tariffs are shifting the landscape. Bachelor units posted the highest vacancy rates nationwide, while Calgary now leads all Census Metropolitan Areas (CMAs) with a 7.4% vacancy rate.
Key findings from the Q2 2025 report:
- Vacancy continues to rise: The national vacancy rate climbed 40 basis points from the previous quarter to 4.0%.
- Rent growth slows: In-place rents rose just $17 nationally in Q1 2025, while lease-over-lease growth fell to 4.0%.
- Turnover holds steady: The national turnover rate increased slightly to 23.4%, remaining historically low.
- Supply strengthens: Apartment deliveries rose 32.4% year-over-year in 2024, with Alberta seeing a 108.5% increase in completions.
“While Canada’s rental market remains fundamentally sound, we’re entering a new phase marked by slower rent growth and shifting demand,” said Peter Altobelli, vice president and general manager of Yardi Canada. “Market dynamics are evolving in real time, and it’s more important than ever for industry leaders to monitor emerging trends and plan accordingly.”
To view the full report and explore regional insights, visit: https://www.yardi.com/cndmultifamilyreport
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.