Last Updated On 23 March 2025, 10:27 AM EDT (Toronto Time)

Hold onto your toques, Canada—people are leaving in droves! In 2024, a staggering 81,601 Canadians packed their bags and bid farewell to the Great White North, marking the highest emigration tally since 2017.

Every province reports a year-over-year increase in departures, marking a staggering increase when compared to previous years.

What’s driving this mass exodus, and what does it mean for the rental market in 2025? Let’s unpack the chaos.

Canada’s housing landscape is undergoing a seismic shift, and the newly released 2025 Rental Market Trend Report by liv.rent delves into this nationwide crisis.

From record-breaking emigration numbers to plummeting housing starts and wildly fluctuating rent prices, the report paints a dramatic picture of a country at a crossroads.

Ontario: The Emigration Epicenter

Ontario is at the forefront of Canada’s population loss. In 2024, the province accounted for a whopping 48% of the nation’s emigrants—39,430 souls who turned their backs on the 416 and beyond.

That’s the highest emigration level from Ontario since 2011, shattering previous records and raising eyebrows nationwide.

Non-permanent residents, such as international students and temporary workers, are also fleeing, with a staggering 66.52% surge in departures compared to 2023.

Ontario now holds the dubious honor of recording Canada’s highest volume of non-permanent resident exits.

Why the stampede? Analysts attribute the stampede to a combination of rising living costs, stagnant wages, and a housing market that is severely taxing residents.

“Ontario’s become a pressure cooker,” says housing expert Dr. Emily Carter. “As rents continue to rise and homeownership becomes increasingly unattainable, individuals are seeking alternative opportunities, whether overseas or within their own province.”

British Columbia and Alberta: The West Coast Woes

British Columbia isn’t far behind, clocking in as Canada’s second-biggest emigration hotspot.

In 2024, 14,836 residents waved goodbye to B.C.—the highest exodus in seven years.

That’s a stark contrast to 2017’s 16,869 departures, but still enough to make Vancouverites nervous.

Once a magnet for 15% of Canada’s immigrants in 2023, B.C.’s allure faded in 2024, with its immigrant share dropping to 13%.

Alberta’s stealing the spotlight (more on that later), leaving B.C. grappling with a shrinking population and a rental market teetering on the edge.

Quebec: The Outlier Holding Steady

While the rest of Canada scrambles to stem the tide, Quebec’s playing a different game.

In 2024, fewer people left the province than at any point in the past decade—just 937 departures compared to 1,531 in 2021.

At the same time, Quebec welcomed 46,944 newcomers, a decade-high (excluding 2022), fueled by a +6% year-over-year increase in immigration.

Unlike Ontario (-3%) and B.C. (-9%), Quebec’s bucking the trend with a 7% uptick in non-permanent residents.

Is it the allure of poutine, or something more? Spoiler: Montreal’s tight housing supply might have something to say about it.

The Non-Permanent Resident Rollercoaster: A 50% Plunge

Here’s where things get wild. Canada’s net flow of non-permanent residents—those temporary workers, students, and refugees who’ve long fueled population growth—plummeted by 50% in 2024.

From 636,427 in 2023, the number crashed to 319,506, leaving policymakers and landlords reeling.

Every province felt the sting, with New Brunswick topping the charts at a +97% increase in outflows, followed by Nunavut (+78%), Ontario (+67%), Alberta (+66%), and Nova Scotia (+61%).

This isn’t just a blip—it’s a tectonic shift. The federal government’s revised Immigration Levels Plan for 2025 signals a deliberate slowdown, with year-over-year immigration growth cooling from +5% in 2023 to a mere +2% in 2024.

“Canada’s hitting the brakes,” explains immigration analyst Mark Nguyen. “After years of breakneck population growth, Ottawa’s trying to ease the strain on housing and infrastructure. But the fallout’s already reshaping the rental market.”

Housing Starts Crash: A Supply Crisis Looms

If you thought emigration was the only drama, think again.

Canada’s housing construction sector took a brutal hit in 2024, with housing starts, in-progress projects, and completions all nosediving year-over-year.

Housing starts—the first step in building new homes—plunged by 25%, while apartment construction cratered by 27%.

Compare that to 2023’s growth spurt, and it’s clear the pipeline’s drying up fast.

Ontario and B.C.: Ground Zero for the Slump

Ontario and British Columbia, already battered by emigration, are feeling the pinch hardest.

Toronto’s rental market, once buoyed by a flood of new units, saw rent prices dip in July 2024—just as emigration spiked 9% in Q3.

Vancouver’s no better off, with downward pressure on rents starting in June amid a -5% drop in Q2 immigrants.

“The supply crunch is real,” says liv.rent analyst Sarah Thompson. “Fewer starts mean fewer homes, and that’s a ticking time bomb for renters.”

Quebec’s Silver Lining: Apartment Completions Soar

Montreal’s a rare bright spot, with housing completions jumping +29% in 2024, driven by a wave of new apartments.

But don’t pop the champagne yet—new construction and in-progress projects still shrank year-over-year, keeping the city’s housing supply tighter than a drum.

“It’s a Band-Aid on a gaping wound,” warns Carter. “Quebec’s holding its own, but it’s not enough to offset the national decline.”

North Vancouver: The Development Darling

Meanwhile, North Vancouver’s stealing the show as B.C.’s fastest-developing city.

Housing starts skyrocketed by an insane 1,985% in 2024, paired with a 68% surge in completions.

Apartments are the name of the game here, promising a flood of new units in 2025.

Could this program be the lifeline Vancouver’s rental market desperately needs?

Rent Prices: A Tale of Two Canadas

Now, let’s talk money. The 2025 Rental Market Trend Report reveals a Canada split in two: cities where rents are soaring, and others where they’re crashing.

Buckle up—this rollercoaster’s about to get bumpy.

Alberta’s the rockstar of Canada’s rental scene, and it’s not slowing down. For the second year running, it’s the nation’s fastest-growing province, with a 3.93% population boom in 2024 adding 186,704 new residents.

Edmonton’s leading the charge, defying national trends with consistent year-over-year rent increases across all unit types.

At $1,316 for an unfurnished one-bedroom, it’s still Canada’s cheapest major city—but don’t get too cozy; those prices are climbing fast.

Calgary’s not far behind, posting gains for unfurnished rentals while furnished units dip.

Why? Families are flocking from pricier provinces like Ontario and B.C., lured by jobs, lower taxes, and housing that doesn’t break the bank.

“Alberta’s the new promised land,” says Nguyen. “But as demand spikes, so do rents.”

The Priciest Players: B.C. and Ontario Dominate

If Alberta’s the up-and-comer, British Columbia and Ontario are the heavy hitters. The top five most expensive cities for rent in Canada all hail from B.C.: West Vancouver ($2,751), North Vancouver ($2,675), Vancouver ($2,571), Burnaby ($2,431), and Richmond ($2,401).

Ontario’s not far behind, with Markham ($2,369), Mississauga ($2,279), and Toronto ($2,235) topping the provincial charts.

But here’s the twist: growth is stalling. Ontario’s unfurnished one-bedroom rents hit $1,939 in 2024, up a measly 0.99% from 2023—a far cry from the 13.05% surge the year before.

Vancouver’s rents are outright falling, with furnished three-bedroom units tanking -18.4% year-over-year.

“Immigration’s slowing, emigration’s rising, and supply’s catching up,” explains Thompson. “The big cities are losing their grip.”

The Bargain Bin: Ontario’s Hidden Gems

On the flip side, Canada’s cheapest cities offer a glimmer of hope. Edmonton ($1,316) takes the crown, followed by Ontario’s St. Catharines ($1,602), London ($1,628), Niagara Falls ($1,634), and B.C.’s Abbotsford ($1,630).

“These are the escape hatches,” says Carter. “Affordable rents and growing communities—people are noticing.”

Interprovincial Migration: Alberta’s Magnetic Pull

Canada’s not just losing people to the world—it’s shuffling them around. Interprovincial migration slowed by -8% in 2024, but Alberta’s still the belle of the ball.

With 77,761 in-migrants, it outshone every province, posting a net gain of over 30,000 people—the only region to hit that mark. Manitoba (+14%), Quebec (+2%), and Saskatchewan (+0.2%) saw modest upticks, but Alberta’s the clear winner.

“Alberta’s got it all—jobs, affordability, and momentum,” says Nguyen. “Ontario and B.C. are bleeding talent, and Alberta’s soaking it up.”

What’s Next for 2025? A Rental Market on the Brink

So, where does this leave Canada’s renters in 2025? The liv.rent report predicts a volatile year ahead.

Emigration’s draining big cities, housing starts are stalling, and immigration’s cooling off.

Alberta’s poised for a rental boom, while Ontario and B.C. face a reckoning. Montreal’s hanging on, but supply woes linger.

This isn’t just data—it’s a wake-up call. Canada’s rental crisis is hitting fever pitch, and 2025 could be the year it all boils over.

Will Alberta’s rise save the day, or will Ontario’s exodus spark a nationwide collapse?

Share this story, join the debate, and brace yourself—Canada’s housing saga is far from over.

Kamal Deep Singh, RCIC

Kamal Deep Singh, RCIC (Regulated Canadian Immigration Consultant) licensed by CICC (formerly known as ICCRC) with member number R708618. He brings extensive knowledge of immigration law and new changes to rapidly evolving IRCC.