CMHC Rental Market Report
WatchfulJune 4, 2026 · CMHC Rental Market Report · Rents · Supply
Vacancy loosens in the biggest markets, stays tight in mid-size cities
CMHC's update shows purpose-built rental vacancy rising in Toronto and Vancouver as new supply completes, while Ottawa, Winnipeg, and London stay below the national average.
Our take: The rent-growth-forever assumption is dead in the big two. New completions compete directly with your renovated units. Mid-size markets with thin construction pipelines are where rent assumptions still have cover.
In your underwriting: In Toronto and Vancouver deals, cap modeled rent growth and lengthen lease-up assumptions. In Ottawa, Winnipeg, and London, current market rents are defensible with comps.