Canada's rental housing landscape is shifting now that we're halfway through 2025, as a wave of new units enters the market and demand cools. Record levels of rental housing supply have eased competition for new listings. Newly built secured purpose-built rental housing in Vancouver, Toronto and Calgary are now taking longer to lease. Despite easing advertised rates, rents for occupied units continue to rise. As advertised and occupied rental rates diverge, the rent gap in markets like Toronto has ballooned.