Rents retreat while costs climb in Canada’s once red hot apartment market

Supply is building.  

Drawing on Common Sense Economics and Canada Mortgage and Housing Corporation data, Yardi says housing completions rose 22.3 percent in the 12 months ending November 2025 to 171,000 units. 

 British Columbia saw deliveries jump 43.0 percent to 38,596 units, Quebec 31.1 percent to 42,546, Alberta 6.5 percent to 21,933 and Ontario 4.1 percent to 48,816.  

Toronto delivered 26,798 apartments in the 12 months ending February 2026, down 5.4 percent year over year, while Vancouver delivered 24,686 apartments, up 25 percent.  

Montreal added 20,039 units, down 0.2 percent, and Calgary 11,886, down 11.5 percent.