The many challenges currently facing consumers, including the increased cost of living, has benefited the residential property investor and the various industries that support the overall residential rental market ecosystem. Rentals continue to grow, and tenants are committed to paying their rent. The latest Residential Vacancy Survey reveals that vacancies remain low across the country. At the end of 2023, the national vacancy rate was 6.69%, a further decline from the third quarter at 6.76%. The national average vacancy rate for 2023 was 6.73%, an impressive 11.69% down from 2022. To learn more about provincial vacancy rates and current vacancies by rental value band, download the Vacancy Survey Report.