AGENT LICENSE ID
145506
BROKERAGE LICENSE ID
BC-X030065 AB- 2117462727

Mardi Hassell
Licensed Mortgage Professional
Office:
Phone:
Email:
Address:
PO Box 2651, RPO Banks Centre, Kelowna, British Columbia, V1X 6A7
CMHC Fall 2024 Rental Market Report
1/8/2025
Highlights
- Rental market conditions across Canada's large urban centres remained tight despite lessening market pressures in some centres due to record level growth in supply outpacing strong demand.
- The average vacancy rate for purpose-built rental apartments1 rose to 2.2% in 2024 from 1.5% in 2023, remaining below the 10-year historical average of 2.7%.
- Average rent growth slowed, with rents for 2-bedroom units rising by 5.4%2, down from the record 8.0% in 2023.
- Rents increased by 23.5% when units turned over, which is close to 2023 rates. Rent hikes on turnover units accounted for more than 40% of the overall rent increase.
- Despite the slowdown in rent growth, renter affordability remained strained. The increase in rental stock was driven by newly completed, higher-priced units, which were unaffordable for many renters and primarily served higher-income households.