Canada's rental market experienced a dramatic shift in 2025, with vacancy rates rising to 3.1% nationally (the highest in a decade) due to record-high rental construction meeting slower population growth and reduced immigration. This has flipped the market from landlord-favored to renter-favored, with landlords now offering incentives like free months of rent to fill units.
Vacancy hit 3.7% (highest since 1988), with landlords competing for tenants for the first time in a generation and offering significant incentives.
Calgary maintained a balanced 5% vacancy despite adding 11% to its rental stock, thanks to strong interprovincial migration and employment.
Despite rising vacancies, national rents increased ~5%, with landlords raising rates on existing tenants, and affordable units remain scarce.

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Canada's rental market experienced a dramatic shift in 2025, with vacancy rates rising to 3.1% nationally (the highest in a decade) due to record-high rental construction meeting slower population growth and reduced immigration. This has flipped the market from landlord-favored to renter-favored, with landlords now offering incentives like free months of rent to fill units.
<ul>
<li>Vacancy hit 3.7% (highest since 1988), with landlords competing for tenants for the first time in a generation and offering significant incentives.</li>
<li>Calgary maintained a balanced 5% vacancy despite adding 11% to its rental stock, thanks to strong interprovincial migration and employment.</li>
<li>Despite rising vacancies, national rents increased ~5%, with landlords raising rates on existing tenants, and affordable units remain scarce.</li>
</ul>
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The Podcast For Canadian Real Estate Investors.

The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.
Show hosts Daniel Foch and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Podcast For Canadian Real Estate Investors.
The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio. Show hosts Daniel Foch and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Canadian Real Estate Investor

The Podcast For Canadian Real Estate Investors.

The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.

Show hosts Daniel Foche and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Podcast For Canadian Real Estate Investors.
The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.
Show hosts Daniel Foche and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Bull Vs. Bear Case for Canada’s Rental Market 

Canada's housing crisis isn't over,  it just changed shape. Nick and Dan break down two major CMHC reports and find a market that isn't crashing, but isn't moving either. Construction is stalling, developers are pulling back, and the projects that should be getting built in 2026 simply aren't penciling. The result: a supply gap that keeps compounding in the background while everyone debates prices. They cover what the data actually says, why activity collapse is more dangerous than price collapse, and what buyers, sellers, and investors should be doing in a market defined by paralysis, not momentum. Plus, a conversation with CMHC's Mathieu Laberge on what the data really shows and what they're worried about next.

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Canada's housing crisis isn't over,&nbsp; it just changed shape. Nick and Dan break down two major CMHC reports and find a market that isn't crashing, but isn't moving either. Construction is stalling, developers are pulling back, and the projects that should be getting built in 2026 simply aren't penciling. The result: a supply gap that keeps compounding in the background while everyone debates prices. They cover what the data actually says, why activity collapse is more dangerous than price collapse, and what buyers, sellers, and investors should be doing in a market defined by paralysis, not momentum. Plus, a conversation with <a href="https://www.cmhc-schl.gc.ca/professionals/events-and-speakers/speakers-bureau/mathieu-laberge-speaker-profile">CMHC's Mathieu Laberge </a>on what the data really shows and what they're worried about next.
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The Homes We're Not Building Will Haunt Us In The Future

February 2026 home sales were 8.1% below last year — the weakest comparable data since the 2009 financial crisis — despite improving affordability, as tariff fears, job losses, and rising delinquencies keep buyers on the sidelines
Canada lost 83,900 jobs in February and mortgage arrears are climbing, with Toronto and Vancouver facing the highest projected delinquency risk as softer prices, weaker resale liquidity, and a shakier labour market all hit at once
The national average is masking a country moving in opposite directions: Toronto's benchmark price is down 7.9% year over year while Quebec City is up 12.3% and Alberta stays resilient — there is no single Canadian housing market, only a national average pretending to be one

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<ul>
<li>February 2026 home sales were 8.1% below last year &mdash; the weakest comparable data since the 2009 financial crisis &mdash; despite improving affordability, as tariff fears, job losses, and rising delinquencies keep buyers on the sidelines</li>
<li>Canada lost 83,900 jobs in February and mortgage arrears are climbing, with Toronto and Vancouver facing the highest projected delinquency risk as softer prices, weaker resale liquidity, and a shakier labour market all hit at once</li>
<li>The national average is masking a country moving in opposite directions: Toronto's benchmark price is down 7.9% year over year while Quebec City is up 12.3% and Alberta stays resilient &mdash; there is no single Canadian housing market, only a national average pretending to be one</li>
</ul>
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The Math Has Improved But The Sentiment Hasn't 

The federal GST rebate for first-time buyers is now live — and most people are missing the real story. Yes, qualifying buyers can save up to $50,000 federally (and up to $130,000 combined with Ontario's provincial rebate) on eligible new homes. But Ottawa's own numbers imply the average benefit is closer to $22,400 per home. So what's actually going on?

Nick and Dan break down the mechanics of the new rebate, why the government's own fiscal tables reveal this is less about affordability and more about keeping the construction pipeline from stalling, and why this policy is likely deflationary, not inflationary, for new home pricing. They also cover the existing purpose-built rental rebate, the retrofit gap nobody's talking about, and what buyers, investors, and sellers should actually do with this information.

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The federal GST rebate for first-time buyers is now live &mdash; and most people are missing the real story. Yes, qualifying buyers can save up to $50,000 federally (and up to $130,000 combined with Ontario's provincial rebate) on eligible new homes. But Ottawa's own numbers imply the average benefit is closer to $22,400 per home. So what's actually going on?
Nick and Dan break down the mechanics of the new rebate, why the government's own fiscal tables reveal this is less about affordability and more about keeping the construction pipeline from stalling, and why this policy is likely deflationary, not inflationary, for new home pricing. They also cover the existing purpose-built rental rebate, the retrofit gap nobody's talking about, and what buyers, investors, and sellers should actually do with this information.
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The Bull Vs. Bear Case for Canada’s Rental Market

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