The rental market stabilized in 2026 after years of intense competition.
National vacancy rose to 3.1%, immigration fell 18% yearly, and landlords increasingly offered incentives.
Even under moderated immigration targets, falling construction activity could set up renewed rental tightening by 2028–2030.
2026 feels balanced for renters, but construction slowdown means tighter supply later.
With multi-year timelines, subdued building risks a renewed supply shortfall within the next two to three years.
