CoStar sees Canada multifamily vacancy easing from H2 2027 as absorption tops deliveries
CSGP•Absorption expected to improve in late 2026
Absorption is expected to begin rising in late 2026, driven by pent-up demand and falling rents despite a declining population.
CoStar forecast points to vacancy easing in 2027
CoStar forecast sees Canada’s multifamily vacancy rate starting to decline in 2H 2027 as absorption outpaces moderating new supply.
National vacancy rose to 4.75% from about 2% in 2022 as deliveries averaged 8,000 units per quarter since 2023.
Affordable units remain tight while high-end vacancy rises
Affordable units remain tight, with low-end vacancy at 3%.
High-end vacancy climbed to about 15% from about 7% in 2022 as recent deliveries skewed upscale.
