Canada’s rental market is showing signs of cooling as temporary residents depart the country, according to the latest CMHC Mid-Year Rental Market Update. Major cities, including Toronto, Vancouver, and Calgary, reported rent declines between 2% and 8% in Q1 2025 compared to the previous year. This softening coincides with a significant reduction in temporary residents, with 61,111 fewer work and study permit holders from January to April 2025. Housing experts attribute this trend to recent immigration policy changes, including the cap on international student intake, as well as increased rental supply across various markets. Despite these improvements, overall housing affordability remains challenging, with high rent-to-income ratios persisting in most metropolitan areas.
Rental market eases as Canada experiences temporary resident outflow
