Multifamily national report for Canada for Q1 2023

With robust growth in renter households, homes increasingly unaffordable and a lack of supply, Canada’s apartment market remains sizzling hot. The average in-place rent increased by $21 in Q1 2023 to an all-time high of $1,411, according to Yardi. Rents are accelerating at above-trend levels for both new leases and renewals, and tenant move-outs are low, as affordable options are limited in many markets. Given Canada’s growth trajectory and the limited amount of new units in the development pipeline, the apartment market is likely to remain tight.