Canada’s multifamily market is in solid shape headed into the second half of 2022, led by strong fundamental drivers, although concerns about the economy abound as growth is set to cool. Amidst the nationwide housing boom and demand for affordable living units, multifamily vacancy rates have slid to near pre-pandemic levels while the rate of growth on new leases accelerated in the second quarter. Demand for multifamily is almost certain to remain robust, but slower economic growth will test how much rent increases remain above-trend.