Rental conditions ease in major markets, but affordability challenges remain: CMHC

OTTAWA, ON, June 9, 2026 /CNW/ - Increased rental supply and slower demand growth are easing conditions in Canada's largest rental markets.  However, this shift is being driven largely by an increase in higher-priced rental units, which are taking longer to lease, signaling some easing at the upper end of the market while affordability challenges persist for lower-priced rentals. This is according to a new report Canada Mortgage and Housing Corporation (CMHC) released today, which provides an update on rental market conditions in the Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montréal, and Halifax Census Metropolitan Areas (CMAs).

Tania Bourassa-Ochoa, Deputy Chief Economist, CMHC

Asking rents declined in Toronto, Vancouver, Calgary and Ottawa, while remaining relatively stable in Montréal, Edmonton and Halifax. While renters seeking new leases have gained more choice in some markets, affordability and tenant mobility are not improving equally across all rent levels. Vacancy increases are concentrated in newer, higher-priced units, while lower-rent segments continue to experience persistently low vacancy rates and limited mobility.

Despite slower population growth, rental demand is expected to remain high through continued household formation, particularly among younger adults who are more likely to rent.

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"Recent supply growth is improving choice for renters in some segments of the rental market, particularly among newer, more expensive units," said Tania Bourassa-Ochoa, Deputy Chief Economist, CMHC. "However, persistently tight conditions in lower segments of the market highlight that affordability challenges remain and will take time to address."

Read the full report on the CMHC website.

Watch CMHC's podcast discussing the update.

Related links:

• Spring 2026 Housing Supply Report | CMHC
• 2025 Rental Market Report | CMHC
• Beyond Toronto and Vancouver: Housing affordability challenges in Canada | CMHC
• Building permits are early indicators of housing market sentiment | CMHC
• Supplying smarter: Learning to make housing supply more responsive | CMHC

For 80 years, CMHC has been the foundation of Canada's housing system, promoting stability and sustainability. CMHC's mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.

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SOURCE Canada Mortgage and Housing Corporation (CMHC)

For more information, please contact CMHC Media Relations: [email protected]