Across Canada, the demand for rental housing is intensifying. The unprecedented demand for rentals is a result of several factors, including Canada’s population growth, ongoing inflation, constraints on the existing rental stock and obstacles related to the construction of new apartment buildings.

In the middle of 2023, Canada’s population eclipsed 40 million people. Currently, the World Bank estimates the population to be 41.3 million people — with expectations to reach 44.8 million people by 2040.

The biggest driver of such population growth has been described as “migratory increases” or, more simply, immigration. As a result, the demand for housing — specifically rental housing among new Canadians — has increased and is expected to continue to grow.