Ontario’s shrinking rental population

As Ontario’s population shrinks, so does its pool of renters.

New data from Statistics Canada estimates Canada’s population dipped by 0.25% – a loss of roughly 103,500 people – in Q1 2026. More than half of that decline came from Ontario, where the population fell 0.34% (-54,890 people).

Recent policy changes targeting temporary residents explain part of the slowdown. But Ontario’s population growth actually peaked in Q2 2024, well before immigration policy tightened.

What followed for the next couple of years was a steady outflow of residents to other regions, particularly Alberta, which stands out as the sole province to buck the trend and see its population grow because of its one simple value proposition: affordability.

With fewer renters to go around, competition is picking up among owners. Many Ontario landlords and property managers are responding by:

• Offering incentives to attract tenants

• Keeping rent increases more moderate

• Enhancing the tenant experience with PropTech

• Expanding into stronger-growth provinces to balance risk

In a smaller market, attracting renters may come down to how creative and competitive you’re willing to be.