Multifamily national report for Canada Q1 2025

Canada’s multifamily market conditions remain tight coming into 2025, but the supply-demand imbalance is moderating and rent growth is decelerating. Meanwhile, the economy faces a mixed outlook fraught with uncertainty. While lower interest rates create optimism for housing market activity and consumer spending, unknowns include the impact of the second Donald Trump administration and the unsettled political situation in Canada. Prime Minister Justin Trudeau’s resignation will trigger a national election, and polling indicates a strong likelihood that the new Canadian leadership will implement different policies that include reducing taxes and spending and shaving immigration quotas.