East Coast Statistics
New Brunswick: AVR: 1.5%; 2BR: $1,170
Prince Edward Island: AVR: 1.1%; 2BR: $1,130
Nova Scotia: AVR: 1.1%; 2BR: $1,523
Newfoundland and Labrador: AVR: 1.5%; 2BR: $1,092
10TOP PRIMARY MARKETS by # of suites 8 – theANNUAL 1. MONTREAL 632,708 6. OTTAWA 72,591 2. TORONTO 325,494 7. WINNIPEG 69,460 3. VANCOUVER 121,692 8. HALIFAX 55,519 4. QUEBEC CITY 106,735 9. CALGARY 51,295 5. EDMONTON 81,705 10. LONDON 47,023 AVR = Average Vacancy Rate at October 2023 2BR = Average Rent of 2 Bedroom Suite at October 2023 AVR: 1.3% 2BR: $1,042 AVR: 2.4% 2BR: $1,276 AVR: 2.1% 2BR: $1,455 AVR: 1.7% 2BR: $1,697 AVR: 2.0% 2BR: $1,368 AVR: 1.2% 2BR: $1,867
Number of Private Apartment Units
Apartment Vacancy Rates
Apartment Estimate of Percentage Change of
*In State of the Industry, the rent and vacancy figures stated reflect apartments within the Primary Rental Market.
theANNUAL – 9
Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 138,496 139,492 142,085 145,070 1 Bedroom 728,466 736,218 751,430 767,600 2 Bedroom 1,044,403 1,073,064 1,103,851 1,114,914 3 Bedroom + 184,792 187,345 193,232 199,550 Total 2,096,157 2,136,119 2,190,598 2,227,134
Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 4.6% 5.3% 2.6% 2.0% 1 Bedroom 3.5% 3.8% 2.0% 1.6% 2 Bedroom 2.8% 2.6% 1.8% 1.5% 3 Bedroom + 2.6% 2.0% 1.6% 1.2% Total 3.2% 3.1% 1.9% 1.5% Private Apartment Average Rents Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor $865 $887 $949 $1,019 1 Bedroom $1,046 $1,071 $1,147 $1,247 2 Bedroom $1,125 $1,167 $1,258 $1,359 3 Bedroom + $1,206 $1,262 $1,351 $1,443 Total $1,087 $1,124 $1,206 $1,307
Rent Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 4.5% 3.0% 5.7% 7.5% 1 Bedroom 3.9% 2.9% 5.3% 8.1% 2 Bedroom 3.5% 3.0% 5.6% 8.0% 3 Bedroom + 3.9% 3.5% 5.2% 6.5% Total 3.7% 3.0% 5.4% 7.9%
Rate 0 3 6 9 12 15 13.6% 12.5% 2023 2022
Private
Private
Average
TURNOVER
Eastern Canada
*The vacancy and rent figures are as of October 2023
theANNUAL – 11
State of the Industry
St. John’s, NL
Charlottetown
RENTAL HOUSEHOLDS 6,281
12 – theANNUAL 0 5 10 15 20 25 0 2 4 6 8 10 12
TOTAL PRIMARY
TOTAL PRIMARY
Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 22.5% 10.2% 14.2% 9.2% 2023 2022 2023 2022 Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.9% 1.5% ** 1.4% 1.1% 0.0% Average Rents $952 $1,077 $727 $919 $1,198 $1,092 *% Chg Avg Rent 3.6% 6.5% 4.7% 2.5% 7.4% **
RENTAL HOUSEHOLDS 4,355
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.8% 0.5% 0.0% 1.0% 0.4% 0.0% Average Rents $1,028 $1,099 $664 $910 $1,166 $1,253 *% Chg Avg Rent 0.0% ** 0.0% 0.0% ** 0.0%
6th 5th
TOTAL PRIMARY RENTAL HOUSEHOLDS
55,519
1st
TOTAL PRIMARY RENTAL HOUSEHOLDS
15,129
2nd
theANNUAL – 13 0 2 4 6 8 10 12 0 5 10 15 20
St. John’s
St. John’s
Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 11.1% 19.6% 10.5% 13.3% 2023 2022 2023 2022 Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.0% 1.0% 1.3% 1.3% 0.9% 0.5% Average Rents $1,350 $1,532 $1,112 $1,323 $1,628 $1,984 *% Chg Avg Rent 8.9% 11.9% 11.8% 12.8% 11.0% 9.7% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.7% 1.2% ** 2.0% 0.8% ** Average Rents $1,057 $1,177 $835 $998 $1,232 $1,297 *% Chg Avg Rent 6.4% 7.0% 8.9% 9.0% 7.3% 6.4%
Halifax
Moncton
*
Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.
Estimate of
State of the Industry
Saint John, NB
14 – theANNUAL Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.6% 2.3% 4.1% 2.2% 2.3% ** Average Rents $961 $1,036 $756 $912 $1,094 $1,101 *% Chg Avg Rent 7.0% 8.1% 11.5% 8.1% 8.3% ** Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.2% 1.4% ** 1.4% 1.4% 1.0% Average Rents $1,125 $1,237 $905 $1,060 $1,268 $1,498 *% Chg Avg Rent 9.2% 7.0% 13.5% 9.5% 6.4% 5.3%
Fredericton
* Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable. 0 5 10 15 20 0 5 10 15 20 25 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY RENTAL HOUSEHOLDS 9,514 Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 15.3% 20.5% 13.9% 17.7% 3rd 4th 2023 2022 2023 2022
10,298
Central Canada
*The vacancy and rent figures are as of October 2023
theANNUAL – 15
State of the Industry
Quebec City
St. John’s
St. John’s
16 – theANNUAL
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.5% 0.9% 1.6% 1.0% 0.8% 0.8% Average Rents $947 $1,002 $715 $911 $1,040 $1,193 *% Chg Avg Rent 2.8% 4.4% 4.0% 4.3% 4.8% 4.8% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.8% 1.1% ** 1.5% 1.0% 0.1% Average Rents $1,203 $1,198 $918 $1,108 $1,252 $1,205 *% Chg Avg Rent 10.0% 6.4% ** 0.0% 8.9% 4.7% 0 5 10 15 20 0 3 6 9 12 15 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY RENTAL HOUSEHOLDS
Largest Primary Market in Central Canada Largest Primary Market in Central Canada 15.4% 9.5% 14.9% 3rd 8th 13.2% Turnover Rate Turnover Rate 2023 2022 2023 2022
Gatineau
106,735
28,864
632,708
St. John’s
325,494
theANNUAL – 17
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.0% 1.5% 2.1% 1.2% 1.7% 1.3% Average Rents $998 $1,074 $809 $960 $1,096 $1,323 *% Chg Avg Rent 5.1% 7.7% 7.5% 7.9% 7.9% 6.9% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.6% 1.4% 1.7% 1.7% 1.2% 1.3% Average Rents $1,660 $1,826 $1,414 $1,691 $1,961 $2,191 *% Chg Avg Rent 6.2% 9.1% 8.7% 9.1% 8.8% 5.9% 0 2 4 6 8 10 12 0 2 4 6 8 10 TOTAL PRIMARY
Montréal Toronto
RENTAL HOUSEHOLDS
TOTAL PRIMARY
RENTAL HOUSEHOLDS
Largest Primary Market in Central Canada Largest Primary Market in Central Canada 10.3% 9.8% 9.6% 8.3% 1st 2nd Turnover Rate Turnover Rate * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable. 2023 2022 2023 2022
State of the Industry
72,591
18 – theANNUAL
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.1% 2.1% 1.6% 2.1% 2.3% 1.4% Average Rents $1,461 $1,538 $1,173 $1,411 $1,698 $2,119 *% Chg Avg Rent 3.8% 4.3% 3.6% 4.5% 4.0% 4.4% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.7% 1.7% 1.3% 1.6% 1.9% 1.2% Average Rents $1,286 $1,358 $959 $1,186 $1,479 $1,683 *% Chg Avg Rent 6.1% 6.5% ** 6.5% 6.4% 5.7% 0 5 10 15 20 0 5 10 15 20 TOTAL PRIMARY RENTAL HOUSEHOLDS
Ottawa London
TOTAL PRIMARY RENTAL HOUSEHOLDS
Largest Primary Market in Central Canada Largest Primary Market in Central Canada 16.7% 15.1% 16.5% 4th 5th 14.4% Turnover Rate Turnover Rate 2023 2022 2023 2022
47,023
St. John’s St. John’s Hamilton K-C-W
theANNUAL – 19
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.9% 2.1% 1.3% 2.1% 2.2% 1.3% Average Rents $1,326 $1,493 $1,021 $1,367 $1,617 $1,705 *% Chg Avg Rent 5.4% 12.8% 14.2% 12.5% 13.7% 7.7% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.2% 2.1% 2.9% 2.4% 2.0% 1.3% Average Rents $1,398 $1,574 $1,164 $1,346 $1,658 $2,142 *% Chg Avg Rent 7.3% 8.9% 4.0% 9.0% 7.4% 4.2% 0 3 6 9 12 15 0 3 6 9 12 15 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY RENTAL HOUSEHOLDS
Largest Primary Market in Central Canada Largest Primary Market in Central Canada 12.3% 13.9% 11.1% 14.7% 6th 7th Turnover Rate Turnover Rate 2023 2022 2023 2022 *
Change of Average Rent for units reported in 2023. **
data suppressed to protect confidentiality
data not statistically reliable.
44,765
35,754
Estimate of Percentage
Indicates
or
State of the Industry
St. Catharines
15,328
20 – theANNUAL
Windsor Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.8% 2.8% ** 3.4% 2.4% 1.6% Average Rents $1,199 $1,330 $951 $1,225 $1,388 $1,479 *% Chg Avg Rent 5.9% 8.9% ** 10.3% 8.4% 8.9% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.8% 2.0% 2.4% 1.8% 2.3% 0.8% Average Rents $1,072 $1,128 $856 $1,055 $1,253 $1,341 *% Chg Avg Rent 3.6% 4.9% ** 4.5% 6.5% 5.2% 0 3 6 9 12 15 0 2 4 6 8 10 12
PRIMARY
TOTAL
RENTAL HOUSEHOLDS
TOTAL PRIMARY
Largest Primary Market in Central Canada Largest Primary Market in Central Canada Turnover Rate Turnover Rate 14.9% 12.0% 13.2% 10th 9th 11.6% 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.
RENTAL HOUSEHOLDS 17,507
Western Canada
*The vacancy and rent figures are as of October 2023
theANNUAL – 21
State of the Industry
Winnipeg
Saskatoon
22 – theANNUAL
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.7% 1.8% 2.8% 1.8% 1.7% 1.7% Average Rents $1,184 $1,249 $816 $1,102 $1,427 $1,750 *% Chg Avg Rent 1.7% 4.3% 3.1% 4.3% 4.4% 4.3% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 3.4% 2.0% 2.3% 2.7% 1.5% 1.6% Average Rents $1,151 $1,256 $829 $1,090 $1,360 $1,458 *% Chg Avg Rent 3.6% 8.9% 7.8% 8.8% 9.0% 7.9% 0 5 10 15 20 0 5 10 15 20 25 30 35 40 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY RENTAL HOUSEHOLDS
Largest Primary Market in Western Canada Largest Primary Market in Western Canada 19.2% 33.1% 19.2% 3rd 6th 36.5% Turnover Rate Turnover Rate 2023 2022 2023 2022
69,460
16,958
St. John’s
St. John’s
theANNUAL – 23
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 3.2% 1.4% 3.9% 1.6% 1.1% 0.9% Average Rents $1,092 $1,200 $788 $1,081 $1,301 $1,510 *% Chg Avg Rent 3.6% 7.9% 7.1% 8.3% 7.9% 0.0% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 4.3% 2.4% 3.9% 3.0% 1.9% 1.3% Average Rents $1,194 $1,271 $948 $1,134 $1,398 $1,540 *% Chg Avg Rent 1.5% 6.3% 5.7% 6.0% 6.4% 5.8% 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY RENTAL HOUSEHOLDS
Largest Primary Market in Western Canada Largest Primary Market in Western Canada 34.5% 30.4% 31.9% 28.1% 7th 2nd Turnover Rate Turnover Rate 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.
Edmonton Regina
14,022
81,705
State of the Industry
St. John’s
St. John’s
121,692
24 – theANNUAL
Vancouver Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.7% 1.4% 0.7% 1.5% 1.3% 1.4% Average Rents $1,335 $1,571 $1,204 $1,464 $1,695 $1,749 *% Chg Avg Rent 6.6% 14.6% 14.0% 14.3% 14.3% 11.5% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.9% 0.9% 1.0% 0.8% 1.1% 1.3% Average Rents $1,665 $1,819 $1,486 $1,696 $2,181 $2,547 *% Chg Avg Rent 6.3% 9.7% 8.5% 10.3% 8.6% 5.4% 0 5 10 15 20 25 30 0 2 4 6 8 10 12 TOTAL PRIMARY RENTAL HOUSEHOLDS
TOTAL PRIMARY
Calgary
51,295
RENTAL HOUSEHOLDS
Largest Primary Market in Western Canada Largest Primary Market in Western Canada 27.9% 10.7% 23.6% 4th 1st 8.1% Turnover Rate Turnover Rate 2023 2022 2023 2022
St. John’s Victoria
RENTAL HOUSEHOLDS
31,064
theANNUAL – 25
Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.5% 1.6% ** 1.4% 1.6% 1.1% Average Rents $1,457 $1,560 $1,222 $1,427 $1,839 $2,089 *% Chg Avg Rent 7.7% 7.8% 6.9% 8.5% 7.9% ** Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.2% 1.3% 0.2% 1.0% 1.7% ** Average Rents $1,494 $1,623 $1,140 $1,477 $1,805 $2,113 *% Chg Avg Rent 8.4% 9.9% 9.3% 11.6% 10.8% ** 0 5 10 15 20 0 5 10 15 20 25
PRIMARY
Kelowna
TOTAL
TOTAL PRIMARY
Largest Primary Market in Western Canada Largest Primary Market in Western Canada 15.0% 23.1% 15.7% 19.3% 5th 8th Turnover Rate Turnover Rate 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.
RENTAL HOUSEHOLDS 8,249
