Multifamily national report for Canada Q3 2025

Canada’s multifamily market metrics continue to be healthy, but rent growth and demand are weakening amid a pullback on immigration and uncertainty about the direction of the economy. After a strong first quarter, GDP contracted slightly early in April. Growth is expected to remain weak in the second half of the year as segments such as manufacturing, transportation equipment and wholesale trade feel the impact of tariffs. Sectors that are holding up include services and tourism, which is growing moderately as Canadians stay home and take fewer trips to the U.S.