Purpose-built rental vacancy stays tight in Canada’s largest CMAs

CMHC Rental Market Survey data show vacancy rates in several metros still well below the ~3% band often associated with balanced markets.

By Maya Chen

Published Jun 20, 2025, 10:00 a.m. EDT

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Ownership affordability gets the headlines; renters feel the shortage first. CMHC’s Rental Market Survey continues to show purpose-built apartment vacancy rates in Toronto, Vancouver, and other major census metropolitan areas well below levels that historically moderated rent growth.

New purpose-built supply is rising in some cities, but absorption from population growth and conversion dynamics keep markets tight. Secondary rental (condos offered for rent) behaves differently from purpose-built stock — mixing them without labels confuses policy.

A 1% vacancy rate is not a market — it is a queue.

Citizen impact: Tight vacancy correlates with above-average rent increases in CMHC tables. Tenant protection rules change the distribution of pain; they do not create apartments.

Municipal zoning that allows more multi-unit near jobs and transit is the long fuse; immigration and household formation are the demand side. Both belong in any honest affordability plan.

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