Vacancy holds as Canada’s multifamily market cools in fall 2026

Yardi’s fall 2026 report highlights lower operating expenses and longer tenancies, drawing on an expanding national dataset

TORONTO, ON, Oct. 27, 2026 – Yardi® has released the Canadian National Multifamily Report, recapping Q3 2026 and highlighting stable vacancy, lower operating expenses and longer resident stays. The findings show a rental market holding steady amid slower population growth and economic uncertainty, with operational efficiency and resident service remaining central priorities for multifamily owners and operators.

The national apartment vacancy rate held at 4.7% in Q3 2026, following a 40-basis point drop in Q2 that ended nine straight quarters of increases. The report points to slower population-driven demand alongside fewer tenants moving into homeownership as factors contributing to stable vacancy.

Regional conditions continued to vary. Winnipeg (2.6%) and Halifax (2.7%) posted the lowest vacancy rates among major markets, followed by Vancouver and Ottawa–Gatineau, both at 3.9%. Calgary recorded the highest vacancy rate at 5.9%, although its rate declined by 90 basis points during the quarter. Montreal followed at 5.7%. These differences highlight the importance of understanding local leasing conditions alongside national trends.

Operating expenses fell as apartment owners took steps to improve operational efficiency. Nationally, annual operating expenses averaged $8,244 per unit, down 4.3% from the same quarter a year earlier. Ontario recorded the largest year-over-year decline, with annual expenses falling 6.1% to $9,043 per unit. The measure includes administration, payroll, repairs and maintenance, utilities, taxes, insurance and other operating costs.

Average resident length of stay reached 37 months nationally, up from 36 months a year earlier. Hamilton recorded the largest year-over-year increase, rising to 49 months from 41 months. Toronto had the longest average stay among tracked markets at 50 months. Measured among residents who vacated their units, the figures provide insight into tenancy patterns.

“Steady vacancy and longer tenancies bring renewed attention to how properties are operated and how residents are served,” said Peter Altobelli, president of Yardi Canada Ltd. “Multifamily owners and operators need to understand where conditions are changing and what those changes mean for their teams and communities. Connected data and practical applications of AI can help them identify trends, manage expenses and simplify routine work, giving staff more time to support residents. Our role is to help providers turn that information into informed decisions and stronger day-to-day operations.”

The report draws on Yardi’s expanding dataset of 6,200 properties representing more than 548,000 private rental units across Canada. This edition introduces coverage of New Brunswick, which recorded the lowest provincial vacancy rate at 2.2%. The expanded coverage offers a broader view of regional conditions, complementing the report’s analysis of vacancy, turnover, operating expenses and resident retention.

To download the full report, visit yardi.com/cndmultifamilyreport.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies around the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.