Vacancy tightens as Canada's multifamily market steadies in Q2 2026

Residents are staying longer, with average length of stay now about 38 months nationally

TORONTO, July 21, 2026 /PRNewswire/ -- Yardi® has released the Canadian National Multifamily Report, recapping Q2 2026 and highlighting a market that has stabilized as vacancy declines for the first time in more than two years and rent growth cools to its slowest pace in five years.

The national apartment vacancy rate fell 40 basis points to 4.7% in Q2 2026, breaking a streak of nine straight quarters of increases. Even with the decline, vacancy remains 60 basis points above the 4.1% rate a year earlier, reflecting the wave of new purpose-built rental supply that continues to come online. Halifax (2.4%) and Winnipeg (2.8%) posted the lowest vacancy rates, while Calgary (6.8%) and Edmonton (5.8%) were the highest despite both easing from the prior quarter.

Rent trends reflected the same easing momentum. Average national in-place rent rose just $6 to $1,774 in Q2 2026, the smallest quarterly gain since 2021, as annual in-place growth slowed to 2.2%. That growth is coming almost entirely from renewals, and residents are staying put, with average length of stay now about 38 months nationally. Much of the pressure traces back to supply: the wave of purpose-built rentals that came online in 2025 still has not kept pace with demand, though the pipeline now appears set to slow.

"After two years of rising vacancy, the market is finally tightening even as new purpose-built supply keeps coming online," said Peter Altobelli, president of Yardi Canada Ltd. "Vacancy fell to 4.7% in Q2 because demand absorbed new deliveries, and the pipeline is now set to slow. In this recalibrating market, operators who use data, technology and AI to time lease-ups, manage retention, and underwrite new supply against real demand will define the future of the Canadian apartment rental market."

The Canadian National Multifamily Report is based on data from 6,100 properties representing more than 533,000 private rental units across Canada, offering insights into rents, vacancy, supply trends, turnover and resident retention. To download the full report, visit yardi.com/cndmultifamilyreport.

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