Insights

We’ve been watching Canada’s multifamily market quietly change over the past year. Not collapse. Not boom. Change. And the latest CMHC rental data confirms what has been showing up on the ground: the era of extreme tightness is easing, but affordability pressures haven’t gone anywhere. Nationally, the vacancy rate for purpose-built rentals moved up to 3.1% in 2025, well above last year and above the ten-year average. That’s a meaningful shift after several years of near-zero

December 1, 2025 Every week I review the same core data points, and this week the overall picture showed a market settling into a more stable interest rate environment, even as a few small movements reminded me that financing conditions remain sensitive. Here’s what caught my attention as I walked through the latest numbers. Canada 5-Year Bond at 2.76 Percent The first thing that stood out was the firming of the mid-curve, particularly the 5-year Canada bond, which closed at

Canada's multifamily rental market is experiencing a significant transition as economic pressures and policy changes reshape demand dynamics. While the sector maintains moderate rent growth and solid fundamentals, several quarters of deceleration signal a market adjustment after years of exceptional performance. Economic Headwinds The Canadian economy faces substantial challenges stemming from U.S. tariffs imposed on its largest trading partner. Goods outside the U.S.-Mexico-