Canadian rent growth just hit its weakest pace since 2020
Canadian purpose-built rent growth has slowed to its weakest pace since Yardi tracking began in 2020.
Yardi's Fall 2026 Canadian National Multifamily Report, reported Oct 30 via Connect CRE, puts national rent growth at 1.7% year over year, with average rent at $1,790 a month and vacancy steady at 4.7%.
The split inside the portfolio matters more than the average. New tenant rents fell 0.2%, a third straight quarterly decline, and Toronto new lease rents fell 2.1%. Renewal rents rose 2.1%, slowing for 10 straight quarters.
Regionally, Halifax rent growth was 5.0% with 2.7% vacancy and Winnipeg was 4.1% with 2.6% vacancy. Calgary rents fell for a sixth straight quarter.
For multifamily investors, the underwriting change is specific. Use the new lease figure for turnover units and the renewal figure for retained tenants, and use the market figure, not the national one.
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