The report also said last year's surging real estate market saw the lowest vacancy rate for purpose-built rentals in decades
TORONTO — Rent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the Canada Mortgage and Housing Corp. said.
The CMHC says the fall reflects a widespread tightening in the rental market as immigration ticked upward following a pandemic slowdown and higher mortgage rates made it harder for renters to purchase properties, which skyrocketed in price at the start of 2022. "This caused affordability challenges for renters, especially those in the lower income ranges, with very few units in the market available in their price range."
In Edmonton, it dropped from 7.3 per cent to 4.3 per cent and in Ottawa, it crept down to 2.1 per cent from 3.4 per cent.The plunging vacancy rates drove up rental prices.
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