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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