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Is Now a Good Time to Rent vs. Buy in Canada?

After years of brutal rent hikes that left many Canadians feeling priced out of their own cities, something has quietly shifted: rents are finally falling. But does that mean you should lock in a lease and wait out the housing market — or is this actually the window you've been waiting for to buy? The answer, as always, depends on your city, your finances, and your plans. Here's a clear-eyed breakdown of where things stand in 2026. What's Happening With Rents Right Now The Canadian rental market has undergone a dramatic reversal. After vacancy rates hit record lows in 2023 and rents surged by as much as 8% nationally in a single year, the tide has turned. According to the Canada Mortgage and Housing Corporation (CMHC), the national vacancy rate for purpose-built rental apartments rose to 3.1% in October 2025 — up from 2.2% in 2024 and a record low of just 1.5% in 2023. That 3.1% figure now sits above the 10-year historical average , marking a meaningful shift in the bal...
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Canada Ends Work Permit Applications for Visitors

 

Effective August 28, 2024, visitors to Canada can no longer apply for work permits from within the country. This abrupt policy change by Immigration, Refugees and Citizenship Canada (IRCC) aims to manage the number of temporary residents and maintain the integrity of the immigration system.

The policy, initially set to expire on February 28, 2025, was terminated ahead of schedule due to concerns about abuse and the need to streamline the immigration process. Visitors who had previously been able to apply for work permits without leaving Canada must now explore alternative routes to work legally in the country.

This change underscores the government’s commitment to tightening immigration rules and addressing issues related to temporary foreign workers.


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