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Canadian Multifamily Market in Slow Transition: Yardi's Quarterly Report
The report provides a detailed overview of the Q2 2024 apartment performance, revealing a slight cooling in the market despite sustained high housing demand relative to supply. Key metrics like rent growth and vacancy rates have moderated from recent peaks but remain strong by historical standards.
Amid this backdrop, Canada's economic growth remains modest, with GDP rising at a 1.7 percent annual rate in the first quarter, according to Statistics Canada. The unemployment rate stands at 6.4 percent as of June, with notable differences among age groups.
Key findings from the report include:
" Canada's apartment market is demonstrating signs of cooling, but remains fundamentally strong," said
Peter Altobelli , vice president and general manager of Yardi Canada Ltd. "While rent growth has begun to decelerate from its peak, it persists at a robust level due to ongoing supply constraints. The disparity between housing demand and available units continues to be a significant factor shaping the rental landscape."
For more detailed insights, download the full report here.
Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com .
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