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Market Report

Toronto Multifamily Market Report

1Q 2024

Surging Population and Limited
Supply Support Record Rent Growth

Toronto is growing at a blistering pace. In 2023, the metro’s population surged by over 3.0 per cent and began 2024 with a 4.1 per cent year-over-year gain as of January. This can mainly be attributed to Canada’s historic immigration targets, which has caused a surge in both temporary and permanent residents. As of June 2023, annual net international migration to Ontario rose by a record 53 per cent, with a large share of these newcomers residing in Toronto given the metro’s global reputation and its highly regarded universities. These new immigrants typically rent, and they include international students, who increasingly turn to purpose-built rentals due to the lack of on-campus housing options. Despite a record level of completions entering the market last year, Toronto’s multifamily vacancy rate fell 20 basis points and returned to the 2019 level of 1.4 per cent, helping annual rent growth reach new highs of 10 per cent.
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