Canadian economic growth has been consistently strong over the past decade, with Canada leading all G7 nations in total GDP growth from 2007 - 2016 (Source: OECD, February 2018). The country's reputation as a safe, stable, diverse and welcoming place has continued to drive strong immigration and business investment.

Ontario is the growth leader in Canada with average real GDP growth in excess of the rest of the country from 2015 - 2017. Ontario's economic growth has exceeded the Canada average since 2014. The Ontario unemployment rate fell to 6.2% in 2017, its lowest level since 2008 and remains well below the national rate.

The Alberta economy experienced a recession in the face of a decline in the oil and gas industry starting in 2014, as oil prices began to fall. This led to a spike in unemployment, rental vacancies and a decline in average rental rates. Calgary was particularly affected as its primary industry is the oil and gas sector. Edmonton possesses a diversified economy, with a large government base, and has proven to be more resilient. Both cities are poised to experience significant acceleration in growth as the rest of the province rebounds, in the face of recovering oil prices and more robust economic growth.

While the Alberta economy has slowed down significantly since the downturn in the oil and gas industry, its economy recently began to recover in 2017, with positive growth in GDP and improvement in employment. Additionally, amidst the backdrop of rising oil prices, activity in the energy sector has also started to increase. The province has experienced strong employment gains, regaining 41,000 of the 62,000 jobs lost during the recession, with growth in manufacturing, oil production and government services. Improving economic conditions are expected to drive increased rental demand, with CMHC forecasting average rents to rise and vacancies to continue to decline through 2019.

Multi-Residential Rental Market Overview >>

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  Increasing Rental Demand >>
Overall demand for residential rental accommodation has historically been stable and is expected to increase in the future. Strong population growth... More >>

  Favourable Population Growth Outlook >>
According to Statistics Canada, the Canadian population is forecast to increase by 9% from 2016 to 2022, while Ottawa's population is forecast to grow by 7%... More >>

  Demographics and Propensity to Rent >>
Due to the importance of age on housing decisions, demographic shifts can have a profound impact on demand for different types of housing... More >>

  Home Ownership Rates and Declining Affordability >>
Diminishing house affordability across key markets is expected to limit the growth of home buying demand and lead to a greater share of renter households... More >>

  Limited Rental Supply Growth and Declining Vacancy >>
The replacement cost of multi-residential rental buildings is substantially higher than the value for which they can be purchased in the market... More >>

  Strong Average Rental Rate Growth >>
Rental affordability, measured as a percentage of personal income, in each of Toronto, Ottawa, Calgary and Edmonton has broadly remained in line... More >>

  Economic Data and Trends by Region >>
Canadian economic growth has been consistently strong over the past decade, with Canada leading all G7 nations in total GDP growth from 2007 - 2016... More >>

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