lrv.rent

2025

RentalMarketTrendReport

AretrospectiveoverviewofCanadaIsrentalmarketin2024andkeyfactorsshaping2025.

Monthofpublication:February2025.

22025:RentalMarketTrendReport

Tableofcontents

03122433425663

CanadaOntarioQuebecAlbertaBritishLandlords-Predictions

OverviewColumbiaRenters

Divided

Opinions

血

Canada

Overview1

1OverviewisbasedondatacurrentlycollectedonVancouver,Toronto,Montreal,CalgaryandEdmonton.

42025:RentalMarketTrendReport

RentalpricesdropYoYacrossCanada

1

Key

Highlights

1.RentalpricesdropYoYacrossCanada

2.EdmontonstoodoutastheonlymajorcitywithaYoYincreaseinrentalpricesforallunittypes.

3.FurnishedrentalsexperiencedasignificantlylargerYoYpricedrop.

2

Top5MostExpensiveCitiesinCanada2

1.WestVancouver:$2,751

2.NorthVancouver:$2,675

3.Vancouver:$2,571

4.Burnaby:$2,431

5.Richmond:$2,401

3

Top5CheapestCitiesinCanada2

1.Edmonton:$1,316

2.St.Catharine's:$1,602

3.London:$1,628

4.Abbotsford:$1,630

5.NiagaraFalls:$1,634

2Rankingisbasedonaveragemonthlyrentpriceforunfurnishedone-bedroomunits.

52025:RentalMarketTrendReport

BreakingdownCanada'srentalpricedecline:

Keyfactorsatplay

Thissectionexploresthekeyfactorsdrivingthedeclinein

rentprices,includingtheslowdowninimmigration

andinterprovincialmigration,risingemigration,anda

growingnumberofpermanentresidentsleavingthecountry.

LivStrategiesInc.2025

6CanadaOverview

Immigration:

Shapingthedeclineinrentprices

Althoughimmigrationreachedarecordhighin2024,year-over-yeargrowthslowednoticeably,increasingbyjust+2%comparedtothe+5%jumpin2023.3ThisshiftreflectstheGovernmentofCanada'srevisedImmigrationLevelsPlan4,signalingamoremeasuredapproachmovinginto2025.

3Source:StatisticsCanada.

4Source:Canada.ca

Chart

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

CanadaImmigration[Q1-Q3]

7CanadaOverview

Chart

In-MigrantsComparison:2023vs2024(%Change)

Interprovincial

Migration:Showingagradualslowdown

In2024,interprovincialmigrationsloweddown,with

year-over-yearmovementdroppingby-8%comparedto

2023.Manitoba(+14%),Quebec(+2%),andSaskatchewan(+0.2%)weretheonlyprovincestoexperienceanincreaseinin-migrants.5

5Source:StatisticsCanada.

Table17-10-0020-01Estimatesofthecomponentsofinterprovincialmigration,quarterly

8CanadaOverview

Albertaremainsthetopchoicefor

Canadiansrelocating

AlthoughAlberta’sin-migrantlevelsin2024(77,761)fell

shortofits2023total(92,607)6,itstillrecordedthehighestnumberofin-migrantsamongallprovinces.

Albertawasalsotheonlyprovincetoachievepositivenetinterprovincialmigration7exceeding30,000people.

2023

2024

Chart

e:iniccaClit.

ieI-7M-1ir-s0--u-itcomponents

boftheofinterprovincialmigration,quarterlyNetInterprovincialMigration[2023vs2024]

9CanadaOverview

Emigration:

Highestlevel

recordedsince2017

In2024,Canadasaw81,601peopleleavethecountry,thehighestnumberofemigrantsrecordedsince2017,when83,210departed.8

Infact,everyprovinceexperiencedayear-over-yearincreaseinemigrants,withthetotalrisingby+3%comparedto2023.9

Chart

8ThedatasetincludesdatauptoQ32024.Therefore,allannualcalculationsarebasedsolelyonQ1toQ3data.

CanadaEmigration[Q1-Q3]9Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

Chart

10Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

%ofTotalEmigrantsbyProvince/Territory[2024]

10CanadaOverview

Ontarioaccountsfornearlyhalfof

Canada'semigrants

In2024,Ontarioaccountedfor48%ofCanada’semigrants,followedbyBritishColumbia(18%),Quebec(13%),and

Alberta(13%).

ThismarksthehighestlevelofemigrationfromOntariosince2011.10

1%

NB

0.27%

NL

0.04%

NU

0.05%

YT

13%

AB

3%

MB

0.06%

NT

18%

BC

2%

SK

1%

NS

48%

13%

QC

ON

0.19%

PE

11CanadaOverview

Chart

NetFlowofNon-PermanentResidents[2024vs2023]

Canadasees50%

declineinnetnon-

permanentresidents

In2024,thenetflowofnon-permanentresidents11fellto319,506—a50%declinefromthe2023nettotal

of636,427.

Everyprovinceexperiencedanincreaseintheoutflowofnon-permanentresidents.NewBrunswicksawthelargestyear-over-yearrise(+97%),followedbyNunavut(+78%),Ontario(+67%),Alberta(+66%),andNovaScotia(+61%).12

11NetFlowofNon-PermanentResidents=InflowofNon-PermanentResidents–OutflowofNon-PermanentResidents.

12Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

Ontario

Monthofpublication:February2025.

132025:RentalMarketTrendReport

Ontario

1

2024AverageRentPrice

Ontario'saveragemonthlyrentforanunfurnishedone-bedroomunitis

$1,939,upjust0.99%YoY,asharpdropfrom2023's13.05%increase.

2

DownwardTrendinRentPrices

Withfewernewcomersandmoredepartures,Ontario'srentpricesdropped.

3

Top3MostExpensiveCitiesinON1

4

Top3

inON

CheapestCities1

1.Markham:$2,369

2.Mississauga:$2,279

3.Toronto:$2,235

1.St.Catharine's:$1,602

2.London:$1,628

3.NiagaraFalls:$1,634

1Rankingisbasedonaveragemonthlyrentforunfurnishedone-bedroomunits

14Ontario

OntarioleadsCanadainemigrationas

departureshitrecordhigh

In2023,Ontariosawthehighestemigrationlevelssince

2011.But2024setanewrecord,with39,430peopleleavingtheprovince.2

OntarionowleadsCanadainemigration,makingup48%ofalldepartures.3

Chart

2Q42024datawasunavailable,socalculationswerebasedonQ1toQ3forallyears.

3Source:StatisticsCanada.

Table17-10-0009-01Populationestimates,quarterly

ONEmigration[Q1–Q3]

15Ontario

2024

2023

Chart

Numberofnon-permanentresidentdepartures[2024vs2023]

Ontariosees66%spikeinnon-

permanentresidentdepartures

In2024,thenumberofnon-permanentresidentsleavingOntariosurgedby66.52%comparedto2023.

Ontarioalsorecordedthehighestdeparturevolumeofnon-permanentresidentsinCanada.4

4Source:StatisticsCanada.

Table17-10-0009-01Populationestimates,quarterly

16Ontario

Housingsupplyin

Ontariotakesahitasconstructionslows

In2024,housingstarts,in-progressconstruction,and

completionsalldeclinedyear-over-year—asharpcontrastto2023’sgrowth.

Thebiggestdropwasinhousingstarts,down25%,withapartmentconstructiondecliningby27%.5

4%

Starts

-25%

2%

UnderConstruction

-5%

46%

Completions

-9%

2023

2024

Chart

5Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

ON–HousingProjects(2024vs2023YoYChange)

17Ontario

Chart

ONStatsbyCityand%Change[2024]

Housingstarts

droppedeverywhere

–excepttheseOntariocities6,7

1

+227%

Burlington

2

+101%

London

3

+59%

Markham

4

+27%

Mississauga

5

+18%

Vaughan-

Richmond

Hill

20232024

YoY%Change

6Thisisbasedonhousingstarts

7Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

18Ontario

Amidpopulationdeclines,NiagaraFallsstandsaloneingrowth8

2023

2024

YoY%Change

Chart

8Source:

WorldPopulationReview

ONPopulationbycityand%Change

19Ontario

NiagaraFalls–

anemerginghotspotfoundoutsidethe

GTA

NiagaraFallswastheonlymajorOntariocitywithyear-over-yearpopulationgrowth.9

Infact,therealestatemarketintheNiagararegionis

heatingup10,andrentshavebeentrendingupwardswithaYoYincreaseof5.3%-thehighestintheprovince.11

Chart

NiagaraFalls(1

9Source:

WorldPopulationReview

br.Unfurnished),2024

10Source:

TheNiagaraIndependent:NiagararealestatemarketheatsupsignificantlyinOctobercomparedto2023

11Basedoncomparisonofunfurnishedone-bedroomunits

20Ontario

Toronto'srental

marketissofteningasrentsdecline12

Chart

Toronto(1br.Unfurnished)12ReferstoCityofToronto

21Ontario

OnebedroomTwobedroom

-8.33%-0.7%-12%-1.6%

FurnishedUnfurnished

Chart

RentalType/YoY%Change

Threebedroom

-15.8%-3.6%

Toronto'srentpricesdropasmore

residentsmoveaway

Toronto’srentprices13starteddroppinginJuly2024,justasemigrationfromOntariojumped9%inQ3

comparedtoQ2.14

Year-over-year,rentpricesfellacrossallunittypes,withfurnishedthree-bedroomunitsseeingthe

steepestdeclineat–15.8%.

13ReferstoCityofToronto

14Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

22Ontario

EastYorkand

DowntownfuelingToronto'srental

pricedrop

EastYorkledthewaywiththebiggestYoYrentdropforallfurnishedrentals15,whileDowntownsawthesteepestdeclineforunfurnishedunits.

15Exceptforthree-bedroomunfurnishedunits,whichsawasteeperYoYdeclineinScarboroughat–14.4%.

Furnished

Chart

Unfurnished

RentaltypeYoY%Change

23Ontario

WhererentpricesaredroppinginOntario

Chart

MapofGTAandsurroundingregions

。lrv.rent

Quebec

252025:RentalMarketTrendReport

Quebec

1

2024AverageRentPrice

Theaveragerentforanunfurnishedone-bedroomunitinMontrealhasincreasedby2.57%year-over-year,reaching$1,659.1

2

RentPricesOnTheRise

WithfewerCanadiansleavingQuebecandmorenewcomersarriving,

Montreal'srentpricesarerisingamidlimitedhousingsupply.

3

KeyHighlights

MontrealfollowsEdmontonin

defyingthenationaldownwardtrend,withrentpricesontherise.

1OnlycollectedinformationonMontreal

26Quebec

FewerCanadiansleavingQuebec,lowestlossinadecade

FewerCanadiansareleavingQuebec.

In2024,fewerpeoplelefttheprovincethaninanyyearinthepastdecade,droppingfrom1,531in2021to937.

2Source:StatisticsCanada.

Table17-10-0020-01Estimatesofthecomponentsofinterprovincialmigration,quarterly

Chart

InterprovincialMigration[Q1–Q3]NetTotal

27Quebec

Quebecrecords

secondhighest

immigrationlevelsinoveradecade3

Quebec’simmigrationhitadecadehighin2024(excluding2022),welcoming46,944newcomers.

UnlikeB.C.(-9%)andOntario(-3%),Quebecsawa+6%year-over-yearincreaseinnewcomers.4

Chart

QCImmigration[Q1–Q3]oit:Slilsnii

el-0-1Estimatesofthecomponentsofinternationalmigration,quarterly

i2

28Quebec

Chart

5Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

InflowofNon-permanentresidents[2024vs2023]

Quebecamongthe

onlytwoprovincestoseegrowthinnon-

permanentresidents

QuebecwasoneofonlytwoprovincesinCanadatoseeayear-over-yearincreaseinnon-permanentresidents.

TheNorthwestTerritoriessawan8%rise,whileQuebecfollowedwitha7%increase.5

29Quebec

2023

2024

29%

Completions

Starts

UnderConstruction

-7%

-32%-8%

-34%-26%

Chart

MontrealHousingProjects[2024vs2023YoYChange]

Montreal'shousingsupplycontinuestotighten

Montreal’shousingsupplyremainstight,withasharperyear-over-yeardeclineinnewconstructionandprojectsinprogress.

However,housingcompletionsdidseea+29%increase,largelydrivenbynewlybuiltapartments.6

6Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

30Quebec

Montreal'srental

marketshows

upwardmomentum

Chart

Montreal(1br.Unfurnished)

31Quebec

FurnishedUnfurnished

8.4%0.8%11.4%4.4%

Saint-LaurentleadsMontreal'srisingrentprices

Saint-LaurentstoodoutastheonlyMontreal

neighbourhoodwhererentsincreasedacrossallunittypesyear-over-year,withtwo-bedroomunitsseeingthelargestspike.

0.6%0.9%

OnebedroomTwobedroomThreebedroom

Chart

RentalType/YoY%Change

32Quebec

Whererentontherise

pricesare

Chart

MapofMontreal

血

Alberta

Monthofpublication:February,2025.

342025:RentalMarketTrendReport

Alberta

1

2024AverageRentPrice

Theaveragemonthlyrentforanunfurnishedone-bedroomunitinAlbertahasrisen7.98%YoYto

$1,496.1

2

RentPriceDrivingFactors

Withbothnewimmigrantsand

Canadiansflockingfromother

provinces,Albertaisarentalhotspotdespitenationwiderentalprice

declines.

3

KeyHighlights

Edmonton'srentalmarketdefiestheodds,withpricesclimbingacrossallunittypesyear-over-year.

1AverageisbasedonCalgaryandEdmonton

35Alberta

AlbertaleadsCanadainpopulationgrowthforthesecondyear

Forthesecondyearinarow,AlbertaisCanada’sfastest-

growingprovince.In2023,thepopulationclimbedby4.09%,followedbyanother3.93%increasein2024.

With186,704newresidents,AlbertaoutpacedB.C.(+125,633)andQuebec(+181,343)inattracting

newcomers.2

2Source:StatisticsCanada.

Table17-10-0009-01Populationestimates,quarterly

Chart

2024PopulationGrowth

36Alberta

AlbertabeatsB.C.

andQuebecas

Canada'snew

immigrationhotspot3

In2023,B.C.rankedsecondamongprovincesfor

immigration,attracting15%ofallnewcomers,whileAlbertaandQuebectiedforthirdat12%.

By2024,Albertasurgedahead,welcoming14%ofall

immigrants,overtakingB.C.(13%)andQuebec(12%)asaleadinghotspotfornewcomersinCanada.

3Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

50,376

BC

157,896

ON

46,944

QC

51,321

AB

Chart

2024Immigration:Top4provinces

37Alberta

Chart

Edmonton(1br.Unfurnished)

Edmontondefies

nationalrental

trends:rentsontherisewhileothercitiesseedeclines

WhilemostmajorCanadiancitieshaveseenyear-over-yearrentalpricedeclines,Edmontonstandsoutasarare

exception.

Acrossallunittypes,rentsinEdmontonhaveconsistentlyincreasedYoYthroughout2024.

Beyondrisingrentalprices,Edmontonisalsooneof

Canada’sfastest-growingmetropolitanareas,boastinganannualgrowthrateof4.5%,outpacingVancouver(4.2%)andToronto(3.9%).4

4Source:

DailyHive:SomanypeoplearemovingtoEdmontonandabigrecordwashit

38Alberta

Calgary'sfurnishedrentalstakeahit

whileunfurnisheddemandclimbs

LikeEdmonton,Calgaryhasbuckedthenationalrentalpricedownturn,postingayear-over-yearincrease—butonlyforunfurnishedrentals.

Meanwhile,furnishedunitshaveseenaYoYdecline.

Akeyfactoristheinfluxoffamiliesfromotherprovinces,drawntoCalgary’sjobopportunities,lowertaxes,and

affordablehousing,whichhasboosteddemandforunfurnishedrentals.5

5Source:

DailyHive:MovingtoAlbertaisred-hotandCalgaryistheleadingCanadiancity

3%

2%

2%

Onebedroom

Twobedroom

Threebedroom

-3%

-7%

-7%

FurnishedUnfurnished

Chart

AllRentalTypes:CalgaryMonthlyAverageRent[YoYChange]

39Alberta

Chart

OnebedroomUnfurnished:Calgary

Northwestand

NortheastCalgary

seefasterrentgrowththanCityCentre

Calgary’sCityCentreremainsthemostexpensiverentalarea,butthepricegapisnarrowingasNorthwestandNortheastrentsriseforunfurnishedunits.

Forone-bedroomunfurnishedrentals,Northwest(+6.4%)andNortheast(+6.3%)outpacedCityCentre(+2.3%)in

YoYgrowth.

YoY%change

2023

2024

40Alberta

Edmontonseesa

constructionboomwith40%increasein

housingstarts

40%21%

WhilemajorcitieslikeVancouver,Toronto,andMontrealsawadeclineinhousingstarts,Edmontonsurgedahead

EdmontonCalgary

Toronto

Montreal

Cityof

Vancouver

witha40%YoYincrease.

-39%

-34%

-15%

Thecity’shousingsupplyisexpandingfast,offeringadiversemixofsingle-familyhomes,townhouses,andapartments,cateringtogrowingdemand.6

Chart

6Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

HousingStarts[YoYChange]

41Alberta

Chart

HousingCompletions:CalgaryYoYChange

Calgary'sskylinegrows–apartmentcompletionssoar134%inoneyear

AsEdmontonrampsupnewhousingstarts,Calgaryisseeingaconstructionboomofitsown,withhousingcompletionssoaring69%YoY.

Apartmentssawthebiggestincrease,withcompletionssoaring134%YoY,addingsignificantsupplytoCalgary’sgrowinghousingmarket.7

7Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

。lrv.rent

British

Columbia

Monthofpublication:February,2025.

432025:RentalMarketTrendReport

British

Columbia

1

2024AverageRentPrice

Theaveragemonthlyrentforanunfurnishedone-bedroomunitinB.C.is$2,273,up0.79%YoY,a

steepslowdownfrom2023's13.12%increase.

2

DecliningRentPrices

Rentpricesfellasnewhousing

supplygrewfasterthanthe

population.Dueinparttofewer

peoplemovinginandmoremovingoutofB.C.

3

Top3MostExpensiveCitiesinMetro

Vancouver1

1.WestVancouver:$2,751

2.NorthVancouver:$2,675

3.Vancouver:$2,571

4

Top3CheapestCitiesinMetroVancouver1

1.Surrey:$1,995

2.Langley:$1,996

3.Coquitlam:$2,181

1Rankingisbasedonaveragemonthlyrentpriceforunfurnishedone-bedroomunits

44BritishColumbia

B.C.emigrationhitsrecordhighsince2017

In2024,B.C.recordeditshighestemigrationlevelinsevenyears,with14,836peopleleavingthe

province—comparedto16,869in2017.2

B.C.rankssecondonlytoOntarioforthehighestnumberofemigrantsinCanada.3

Chart

2ThedatasetincludesdatauptoQ32024.Therefore,allannualcalculationsarebasedsolelyonQ1toQ3data.

3Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

BCEmigration[Q1-Q3]

45BritishColumbia

B.C.isnolongerthesecondmost

sought-afterprovinceforimmigrants

In2023,15%ofCanada’simmigrantssettledinB.C.,makingitthesecondmostpopularprovinceafterOntario.

However,in2024,thatsharefellto13%,withAlbertatakingsecondplace.4

2024

2023

Chart

%ofTotalImmigrants[2024vs2023]4Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

46BritishColumbia

LowerMainlandseeshousingcompletionssurgedespitedropinnewstarts5

AlthoughhousingprojectsstartedsawaYoYdropof-14%,housingprojectscompletedintheLowerMainlandsawasignificantjump.During2023,theYoYincreaseinhousingcompletionswasonly+2%,butduring2024,housing

completionsjumpedtoa+21%YoYincrease.

Thedrivingfactorforsurgeinhousingcompletionsisthecompletionofapartments(+34%YoY).

24%

Starts

-14%

22%3%

UnderConstruction

2%21%

Completions

2023

2024

Chart

5Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

BC-HousingProjects[2024vs2023YoYChange]

47BritishColumbia

735

436

Abbotsford

-41%

4,223

4,437

Burnaby

5%

20,797

25,614

CityofVancouver

23%

1,965

2,242

Coquitlam

14%

254

416

Langley

64%

374

1,258

NewWestminster

236%

462

778

NorthVancouver

68%

1,361

1,551

Richmond

14%

3,771

4,539

Surrey

20%

268

95

WestVancouver

-65%

57

247

WhiteRock

333%

Chart

LowerMainland–CompletionsByCity+YoY%Change

LowerMainland'stop

citiesfornewhousing

supply6,7

Basedon

%Growth

BasedonVoIume

1

+333%

WhiteRock

25,614

Vancouver

2

+236%

NewWestminster

4,539

Surrey

3

+68%

NorthVancouver

4,437

Burnaby

4

+64%

Langley

2,242

Coquitlam

20232024

YoY%Change

6Thisisbasedonhousingcompletions

7Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

48BritishColumbia

Housingstartsfell

overall–excepttheseLowerMainland

cities8,9

1

+1,985%

North

Vancouver

2

+203%

Coquitlam

3

+69%

West

Vancouver

4

+27%

WhiteRock

2023

2024

YoY%Change

8Thisisbasedonhousingstarts

9Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

888

893

Abbotsford

1%

5,204

2,502

Burnaby

-52%

33,244

28,112

CityofVancouver

-15%

1,619

4,909

Coquitlam

203%

803

390

Langley

-51%

600

578

NewWestminster

-4%

39

813

NorthVancouver

1985%

2,310

1,432

Richmond

-38%

7,479

5,118

Surrey

-32%

188

318

WestVancouver

69%

161

204

WhiteRock

27%

Chart

LowerMainland–CompletionsByCity+YoY%Change

49BritishColumbia

203%14%

27%333%

1985%68%

Coquitlam

WhiteRock

NorthVancouver

Chart

LowerMainlandFastest-DevelopingCities[YoYChange]

HousingHotspots:

LowerMainland'sfastest-developingcities

NorthVancouverwasthefastest-developingcityinthe

LowerMainlandin2024,witha1,985%surgeinhousingstartsanda68%increaseinhousingcompletions.10,11

AsurgeinapartmentsisexpectedtobeakeypartofNorthVancouver'sexpandinghousingsupply.

Starts

Completions

10Source:

CMHCStartsandCompletionsSurveyandMarketAbsorptionSurveyMethodology

11Percentagewascalculatedbasedonyear-over-yearcomparison(2024vs2023)

50BritishColumbia

Richmondrecordsthehighest

populationdeclineinMetro

Vancouver12

Chart

12Source:

WorldPopulationReview

MapofMetroVancouver

51BritishColumbia

Richmond's

populationdeclinesparksdropinrentprices

InJanuary2024,Richmond’srentpricesforanunfurnishedone-bedroomunitpeakedat$2,466/month.ByDecember,theyhitayear-lowof$2,267/month.

Furnishedrentalsalsoexperiencednotableyear-over-yeardeclines:one-bedroom(-2%),two-bedroom(-3%),and

three-bedroom(-9%).

Chart

Richmond(1br.unfurnished)

52BritishColumbia

Vancouver'srentalmarketfeelsthe

pressureofpricedeclines

Chart

CityofVancouver(1br.unfurnished)

53BritishColumbia

Onebedroom

-5.8%-2.9%

Twobedroom

-13.8%-6.9%

FurnishedUnfurnished

Threebedroom

-18.4%-14.4%

Vancouver'srent

pricesdeclineamidfallingimmigration13

Vancouver6beganexperiencingdownwardpressureonrentpricesinJune2024,coincidingwitha-5%dropinimmigrantsarrivinginB.C.duringQ2comparedtoQ1.14

Year-over-year,rentpricesfellacrossallunittypes,withfurnishedthree-bedroomunitsseeingthesteepest

declineat-18.4%.

Chart

13ReferstoCityofVancouver

RentaltypeYoY%Change14Source:StatisticsCanada.

Table17-10-0040-01Estimatesofthecomponentsofinternationalmigration,quarterly

54BritishColumbia

WestEndand

Downtownlead

Vancouver'srentalpricedecline

WestEndandDowntownweretheonlyVancouverneighbourhoodstoseeayear-over-yearrentdropacrossallunittypes.

WestEndrecordedthebiggestdeclinefortwo-

bedroomunits,whileDowntownsawthesharpestdropforthree-bedroomunits.

WestEndDowntown

Chart

RentaltypeYoY%Change

55BritishColumbia

WhererentpricesaredroppinginVancouver

Chart

MapofCityofVancouver

血

Landlords&Renters:

DividedOpinions

Amongaquicklychangingrentallandscape,wesurveyedover

350+rentersandlandlordstogettheiropinions.

572025:RentalMarketTrendReport

DividedOpinions

1

Twothirdsoflandlordsreportnotmakinga

profit

Despitemanyrentersbelievingthatlandlordsaremakingsubstantial

profits,mostlandlordsreportlittletonoprofit,withonlyasmallfractionseeingsignificantfinancialgains.

2

Marketconditionscreateadisconnect

Whilelandlordsseeslowerdemand,risingcostsandanadequaterentalsupply,rentersreportintense

competitionanddifficultysecuringhousing.

3

Governmentpolicies

createapointoftension

Renterscallforstricterrentcapsto

preventrisingcosts,whilelandlordsarguetheyneedmoreflexibilityto

adjusttomarketconditionsandrisingexpenses.

58DividedOpinions

Rentalmarketdivide:Highpropertyexpensescausingarift

Nearlyhalfoflandlords(45%)saytheirrentalincomedoesn’tcoverpropertyexpenses,while43%ofrentersarguethatcurrentrentpricesaretoohigh.

Landlord

Howdoyoufeelaboutthecurrentrentpricesyou'recharging?

Renter

Howdoyoufeelabouttheamountyourlandlordchargesforrent?

They'relowerthanI'dprefer,notcoveringallexpenses.

7%

45%

It'slowerthanexpected.

It’sfairandinlinewithmarketrates.

23%

27%

They'refairbutnothighlyprofitable.

They'readequatetocovermycosts.

18%

27%

It’sslightlyaboveaveragebutreasonable.

They'reprofitable.

10%

43%

It'stoohighandnotreflectiveofthemarket.

59DividedOpinions

Two-thirdsoflandlordsarenotmakingaprofit

Although57%ofrentersbelievelandlordsaremakingasignificantprofit,therealityisdifferent,33%oflandlordsreporttakingalossontheirrentals