The latest edition of the Yardi Canadian National Multifamily Report is here — and it’s painting a different picture than we’ve seen in recent years. Covering market activity from January to March 2025, the Q2 report draws from data across more than 499,000 units in 5,700 buildings nationwide. Below, we’ve rounded up the key takeaways, but there’s plenty more to explore in the full report.
Rent growth eases as the market catches its breath
After years of intense upward pressure, rent growth is tapering. National in-place rents rose by just $17 in Q1, bringing the average to $1,582. Annual growth slowed to 5.3%, and lease-over-lease increases fell to 4.0% — a sharp decline from late 2024.
Vacancy, meanwhile, climbed to 4.0%, marking the highest national rate since 2021. Bachelor units topped the chart at 5.8%, as more renters in urban centres opt to share larger spaces. Vacancy was highest in Calgary, Edmonton and Waterloo Region (Kitchener, Cambridge and Waterloo), reflecting shifting affordability and lifestyle preferences.
Economic shifts are reshaping demand
Broader economic trends are beginning to impact rental activity. Canada lost 32,000 jobs in March, pushing unemployment to 6.7%. Slowing immigration is also playing a role — population growth fell to 1.8% in 2024, down from 3.1% the year before.
Despite the headwinds, some good news is emerging inflation has cooled, and new housing supply is making progress. Apartment completions jumped 32.4% in 2024, with Alberta leading the charge at a 108.5% increase year-over-year.
Regional hot spots are shifting
The Prairie provinces continue to outperform, but cracks are starting to show. Calgary’s new lease rent growth dipped into negative territory in Q1 at -0.1%, a major reversal from last year’s double-digit increases. Rapid supply growth and easing in-migration are contributing to the cooldown.
Other cities, including Saskatoon (7.0%) and Edmonton (7.5%), maintained strong year-over-year in-place rent growth, buoyed by relative affordability and economic diversification.
Stable turnover, changing renter behaviour
Despite rising vacancies, renters are staying put. The national annual turnover rate remained steady at 23.4%, suggesting affordability concerns are keeping many households in place longer. For property managers, this stability offers a valuable window to enhance unit quality and refine marketing strategies.
Yardi digital prospecting data shows fewer leads per 100 units compared to last year, but conversion rates are holding steady at 7.7% — meaning that while fewer people are searching, serious renters are still out there.
The path forward: adapt and optimize
Canada’s rental landscape is no longer accelerating — it’s recalibrating. Property managers and investors who stay informed and agile will be best positioned to thrive as this next chapter unfolds.
Want to go deeper into CMA-level stats, rent trends by bedroom type and digital prospect insights?
Download the full Q2 2025 Canadian National Multifamily Report here
