National Multi-Family Vacancy Reaches New Five-Year High

National Multi-Family Vacancy Reaches New Five-Year High
News| October 30, 2025| Monte Stewart
Canada + Apartment Buildings

Canada’s multi-family real estate vacancy hit a five-year high for the second-straight quarter, says a new Yardi report.

Vacancy rose 110 basis points year-over-year to 4.3% in the third quarter, and was up 20 bps from the half-decade high of 4.1% posted in the second quarter.

Montreal saw the biggest vacancy increase the third quarter as the rate climbed 1% year-over-year to 5.6%. The increase came after the market’s purpose-built rental-housing inventory rose 3.3%. Calgary maintained the highest vacancy rate (5.8%) but its vacancies dropped 90 bps quarter-over-quarter. Winnipeg (2.4%) and Halifax (2.8%) had the lowest vacancy rates.

The market continues to decelerate amid weakening demand and slowing new-lease rent growth following several years above-trend increases, according to Yardi.

But the analytics company’s findings indicate that the market is healthy as the Canadian economy struggles under weight of rising U.S. tariffs and weakening employment.

“In the midst of an uncertain economic climate, Canada’s multi-family market is maintaining moderate rent growth and strong demand in most markets,” said Yardi.

The report says that former market leaders such as Calgary saw lease-over-lease rents fall 3%, and average bachelor-unit vacancy reached 6.7%, the highest among all unit types. Toronto’s bachelor-suite vacancy rate (8.9%) was well above the national average.

Meanwhile, the average national in-place rent rent increased $14 to $1,734 as the annual growth rate dropped 90 basis points year-over-year to 3.9%

Halifax, due to its growing technology market, saw the biggest year-over-year in-place rent increase (5.9%), a $29 rise to $1,634.

Edmonton (4.9%), Saskatoon (4.7%) and Montreal (4.6%) also post strong rent gains. Calgary (1.1%), Ontario’s Kitchener-Cambridge-Waterloo region (3.1%) and Toronto experienced the lowest increases.

Halifax also posted the largest new-lease rent increase (4.9%), while Ottawa-Gatineau and London, Ont., tied for second (4.3%) and Montreal (2.9%) ranked third. Calgary, with its 3% decline, Hamilton (0.3%), Kitchener-Cambridge-Waterloo (0.8%), Toronto (1.2%) and Vancouver (1.4%) were the worst-performing markets when it came to new-lease rent growth.

Other News

Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants

New York & Tri-State + Apartment Buildings

BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...

Learn more

80-Unit Seniors Housing Development Opens in Suburban Chicago

Chicago & Midwest

Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened.  Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...

Learn more

312-Unit Multifamily in Indiana Changes Hands

Chicago & Midwest + Apartment Buildings

Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up