In late January, CMHC released the Fall 2024 Rental Market Report, which has data about rental markets in different Canadian cities.
Across Canada, the vacancy rate for purpose-built rentals sits at 2.2 per cent (up from 1.5 per cent in 2023), while the average rent for a two-bedroom apartment increased by 5.4 per cent to $1,447.
We’ve pulled out some of the data from the report for large cities in the provinces with Agency clients.
While the data in this report covers market rentals, it’s important and useful for housing co-ops to stay knowledgeable about their local rental market when determining housing charges.
British Columbia
Vancouver: The vacancy rate increased to 1.6 per cent in 2024, the highest in 10 years not including 2020. The average rent for a two-bedroom apartment rose 5.5 per cent to $2,314.
Victoria: The average two-bedroom rent was $1,993, up 3.6 per cent from 2023, and vacancies increased to 2.6 per cent, which is its highest level since 2013.
Alberta
Edmonton: Rental affordability deteriorated for low-income households, with the average two-bedroom cost climbing seven per cent to $1,536. The overall vacancy rate sits at 3.1 per cent.
Calgary: The vacancy rate rose to 4.6 per cent as new rentals took longer to lease. Rental costs continued to climb sharply, rising 8.9 per cent to an average of $1,882 for two-bedroom apartments.
Ontario
Hamilton: Vacancy rates increased to 2.4 per cent as student demand declined and new units were introduced. Rent climbed 2.3 per cent to an average of $1,632 for a two-bedroom.
Toronto: The vacancy rate rose to 2.3 per cent for purpose-built rentals, driven by competition from increasing numbers of condominiums entering the long-term rental market. In bulk, purpose-built rental supply in the GTA expanded at its quickest pace since 1990. The average rent for a two-bedroom was up 2.7 per cent to a total of $1,963.
Ottawa: Average rent for a two-bedroom rose five per cent to $1,880, with a slight increase in the vacancy rate to 2.6 per cent.