Haider-Moranis Bulletin: Households with affordability challenges have lengthened rental tenures, resulting in very low rental vacancy rates and rapidly rising rents
One in three Canadian households lives in a rental unit. In populous municipalities, the fraction increases to one in two.
The rental situation was not much different in Toronto. However, in Montreal, Canada’s largest residential rental market, vacancy rates in October 2018 declined by 33 per cent accompanied by a four per cent increase in average rents . However, purpose-built rentals offer tenure security that is missing in rented condominiums where a landlord can, at their discretion, withdraw the unit from the rental market.
The Canadian Federation of Apartment Associations, an industry group representing the private residential landlords who own or manage approximately one million rental units, have put these concerns on the agenda for their next annual meeting to be held in May in Toronto. There is some good news on the rental front. The past few years have seen the beginnings of a resurgence in rental housing construction. Starts have accelerated to the extent that in 2018 rental starts almost equaled those for condominiums or other owner-occupied housing.
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