Flat Rents and Record Vacancies In Multifamily

Rent growth has flatlined: National rent growth is only 3.2% year-over-year (in-place rents) and new lease rents are up just 0.7%, with cities like Calgary and Toronto seeing negative growth on new leases.

Vacancies at 5-year highs: National vacancy hit 4.5%, with Calgary at 6.1% and turnover exceeding 40% in some Western markets, giving renters unprecedented leverage.

Operating costs squeezing margins: Average expenses are $8,000 per unit annually (highest in Ontario at $8,822), making it harder for landlords to maintain profitability as rent growth stalls.