Canada Mortgage and Housing Corporation says rental vacancy rate in 2022 was lowest since 2001. Find out more
This advertisement has not loaded yet, but your article continues below.Home ownership affordability has really gotten more difficult, and now that’s pushing that pressure to the rental market“Home ownership affordability has really gotten more difficult, and now that’s pushing that pressure to the rental market,” CMHC chief economist Bob Dugan said in an interview.
For the first time, CMHC also broke out the difference in rent increases for units that turned over to new tenants. Those units saw an 18.2 per cent increase in rent, more than six times the increase of 2.8 per cent for units that did not turn over. The discrepancy was even greater in some large markets, such as Toronto, where units that turned over saw 29.1 per cent rent growth on average compared with only 2.3 per cent for existing tenants.
The overall national turnover rate also declined, to 13.6 per cent in 2022 from 15.5 per cent in 2021. Previous data that only looked at average rents failed to capture the extent of the affordability challenges faced not just by new renters — young people and new Canadians, in particular — but also those looking to move for work, Dugan said. In the latter case, the dramatic jump in rent for those changing units amounted to a “barrier to labour mobility,” Dugan said, with potentially greater economic consequences.
Other options, such as rent control, might have some effect in the short term, but Dugan was reluctant to endorse the idea, suggesting it would only address a “symptom” of the real problem.
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