Canada's rental market in 2024 saw record new construction and higher vacancy rates (2.2%), though still below historical averages.

New tenants faced 23.5% rent increases, while overall two-bedroom rents rose 5.4%. Despite more availability, affordability remained challenging as new construction focused on luxury units.

Calgary led rent increases, while Toronto saw slower growth due to rent control and increased supply
Calgary and Edmonton saw significant construction but longer vacancy periods
Rent affordability remained a challenge, particularly in Ontario where payment delinquencies increased

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Justin Weinberg and Nimesh Patel