Real estate rental and leasing and property management industries, 2024
Released: 2026-03-25
Rental, leasing and property management industries
The residential and non-residential real estate lessors and real estate property managers industries generated $150.2 billion in operating revenue in 2024, up 6.1% from 2023. This growth was driven by a third consecutive year of significant population increases. The non-residential industry continued to expand because of strong retail activity and e-commerce, boosting demand for logistic centres.
Operating expenses for the residential and non-residential real estate lessors and real estate property managers industries increased 5.3% to $95.3 billion in 2024. The operating profit margin increased marginally from 36.0% in 2023 to 36.5% in 2024.
Lessors of residential buildings and dwellings
Revenue for lessors of residential buildings and dwellings (except social housing projects) grew by 6.2% from 2023 to reach $63.9 billion in 2024. Expenses rose 5.7% to $40.2 billion, resulting in a profit margin of 37.1%, up slightly from 36.9% in 2023. In 2024, Canada's housing market faced challenges on account of high interest rates, low housing starts and a lack of affordable housing.
Lessors of non-residential buildings
Revenue for lessors of non-residential buildings rose 5.9% to $76.5 billion in 2024. Expenses in this industry increased 4.7% to $47.4 billion, leading to a profit margin of 38.0%, up from 37.3% in 2023.
Trends in 2025
Canadian housing market trends continued to soften in 2025 due to trade tensions, economic uncertainty, slower population growth and increasing unemployment. Nationally, the non-residential vacancy rate remained relatively stable but saw differences across regions and types of office space.
Note to readers
Data for 2023 have been revised.
Data on rents and vacancy rates were taken from Summer Update: 2025 Housing Market Outlook, produced by the Canada Mortgage and Housing Corporation.
These and other data related to business and consumer services can be found at the Business and consumer services and culture statistics portal.
Contact information
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