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Terry Becker Mortgage Consultant

Terry Becker

Mortgage Consultant


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Address:
106-1016 McCallum Road, Victoria, British Columbia, V9B 4C6

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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.

https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres

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