Fri. Feb 23rd, 2024

Le worst market for renters since the 1980s

Open full screen

There have never been so few housing available in Canada since the 1980s.

The Canadian Press

The housing rental market has never been so unfavorable for Canadian renters since the 1980s, according to a report released by the Canada Mortgage and Housing Corporation (CMHC) on Wednesday.

The vacancy rate in the rental market in Canada hit a new low in 2023 at 1.5%, according to data from the federal agency. The supply of available housing has reached a low since 1998.

Start of widget. Skip widget?End of widget. Return to start of widget?

A decline is also observed for the average vacancy rate of condominiums offered for rental. From 1.6% in 2022, it declines to 0.9% in 2023.

The imbalance leads to a sharp increase in prices displayed across the country . For two-bedroom units, the increase in average prices reached 8% in 2023.

Consult the CMHC report (New window )

LoadingThe CAQ “open” to putting an end to private financing of parties

ELSEWHERE ON INFO: The CAQ “open” to putting an end to private financing of parties

The situation makes it very difficult for tenants to find housing that they can afford to rent, worries Kevin Hughes, deputy chief economist at CMHC.

The vacancy rates and rising rents we are seeing are further evidence that the current supply of rental housing in Canada is grossly insufficient and urgently needs to be increased, he declares in a press release.

Beginning of the widget. Skip widget?End of widget. Return to top of widget?

In its report, CMHC notes that housing construction is not sufficient to offset the increase in demand .

Conditions are also difficult for builders, who must deal with high interest rates, rising material prices and labor shortage.

By admin

Related Post