Marcus & Millichap

Canadian 2017 Apartment Spotlight

March 2017

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Toronto and Vancouver Vacancy Airtight, Energy-Dependant Markets Face Headwinds

Positive demand drivers sustained an 18th consecutive year of tight sub-4 percent vacancy in Canadian apartments, elevating rents nationwide. Annual job gains accelerated in 2016, led by finance and real estate sector growth. Additionally, crossborder immigration buoyed the country’s rising population, expanding the need for rentals. Yet shifting demand in volatile oil markets fell short of new supply, pushing vacancy higher both locally and nationally.

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