Canada doesn’t have enough homes to own. Renters will pay the price
CMHC, as those boxed out of an unaffordable housing market compete for a limited supply of rental homes.Canada Mortgage and Housing Corp.’s new housing outlook released Thursday warns that rental market conditions in Canada are “expected to further tighten,” raising rents in major markets such as Toronto, Vancouver and Montreal.The existing rental supply is already low, CMHC pointed out in the report, and competition for these units is only getting hotter amid strong immigration levels in Canada.Data from rentals.ca shows that the average rent in Canada was just over $2,000 in March, up 10.8 per cent from the same month last year.
The average monthly rent for a one-bed apartment in Toronto rose 22.2 per cent annually.Bob Dugan, chief economist at the CMHC, told reporters on Thursday that the short supply of rental homes is especially evident when units turn over in markets such as Toronto.Last year, the average rent for a Toronto unit that changed hands soared 29 per cent from the previous tenant’s rates, compared with a typical increase of around two per cent year-over-year for renters who stayed in their units, he said.“That’s because there’s not enough supply.
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United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
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United Kingdom
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Cases: 9 215 683
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Russia
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Cases: 8 494 589
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