Rents are finally falling across Canada. But will it last?

In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down new data from the CMHC showing rising vacancy rates, record rental supply, and the first meaningful relief for tenants in years. They explore why an influx of new housing and slower population growth are pushing rents down, and what that reveals about how housing markets actually work.

But the conversation goes deeper: from the real impact of immigration on housing demand, to the heated debate over rent control and new policy changes in Manitoba that could reshape the market. Will government intervention protect renters, or make the housing shortage worse? And what happens next as Canada’s population growth slows and hundreds of thousands of new units come online?

00:40–01:38: Introduction: Rent Control in Manitoba and the Risk to New Housing Supply

01:38–02:58: CMHC Report Findings and the Impact of Supply on Decreased Rents

02:58–03:46: The Link Between Immigration Policy and Housing Scarcity

03:46–04:27: Future Rental Market Forecast: Supply-Demand Mismatch

04:27–05:38: Developers' Investment Decisions Based on Future Immigration Targets

05:38–09:24: The Core Debate: Personal Experience, Stability, and Rent Control's Impact on Supply

09:24–10:26: Detailed Breakdown of Manitoba's Bill 13 Rent Control Expansion

10:26–12:36: Controversy Over Above Guideline Increases (AGI) and Renters' Need for Stability

12:36–15:14: Concerns Over Sustainability, Discouraging Investment, and Who Should Cover Landlord Costs

15:14–16:17: Final Thoughts on Bill 13 and Conversation Conclusion

Research/Links:

NDP plan to expand Manitoba rent control protections

https://www.cbc.ca/news/canada/manitoba/manitoba-residential-tenancies-changes-renters-9.7125916

Big rent hikes — a made-in-Manitoba problem

https://www.policyalternatives.ca/news-research/big-rent-hikes-a-made-in-manitoba-problem/

Rent control killing jobs: landlords

https://www.winnipegfreepress.com/breakingnews/2026/04/07/rent-control-killing-jobs-landlords

Bill 13 - THE RESIDENTIAL TENANCIES AMENDMENT ACT

https://web2.gov.mb.ca/bills/43-3/b013e.php

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/