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% and each of Toronto, Calgary and Edmonton are expected to see double-digit population growth over the same time period.

Rental housing demand drivers are primarily comprised of population growth, immigration, urbanization trends, increasing propensity to rent among certain age groups and overall economic growth. Immigration continues to represent the majority of the country's population growth, representing 73% of the total population growth in Canada between 1991 and 2017 (Source: Statistics Canada). Furthermore, according to CMHC's Rental Market Report - Ontario Highlights 2017, approximately 67% of immigrants opt for rental accommodation upon first arriving in Canada. Given the importance of immigration as a driver of overall population growth and the tendency for immigrants to opt for rental accommodation, it is expected that immigration will be a critical driver of future rental accommodation demand.

Based on data from Statistics Canada, from 1991 to 2017, annual immigration to Canada has been steady and averaged 243,000 people per year. Over the same time period, immigration to the province of Ontario has averaged 117,000 people per year, representing 48% of overall Canadian immigration, demonstrating the draw that the province represents to new immigrants to Canada. Furthermore, between 2011 and 2016, 46% of Ontario immigrants settled in Toronto and Ottawa, two major Canadian markets.

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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