Canada's rental market is experiencing a slowdown in rent growth and a significant increase in purpose-built rental supply.
December 17, 2024 at 11:45AM EST Joshua Varghese, corporate advisor and member of Trez Capital's board of governors, discusses allocating funds to property-related stocks. The Canada Mortgage and Housing Corp. says the pace of rent growth cooled significantly this year amid Canada’s largest gain of purpose-built rental supply in more than three decades. The federal housing agency says the vacancy rate for purpose-built rental apartments sat at 2.
2 per cent in October when the CMHC conducted the annual survey, up from the record low of 1.5 per cent last year. The average rent for a two-bedroom purpose-built apartment, which the CMHC uses as its representative sample, grew 5.4 per cent to $1,447, compared with an eight per cent increase in 2023.The figures represent actual amounts tenants pay for their units, meaning average prices often appear lower than those listed in other reports which measure average asking rents set by landlords. Canada’s supply of purpose-built rental apartments grew 4.1 per cent year-over-year, the highest increase in more than 30 years. Meanwhile, the average rent for a two-bedroom rental condo was $2,199, with the vacancy rate for such units remaining unchanged at 0.9 per cent annually.Sammy Hudes, The Canadian Pres
RENT GROWTH VACANCY RATE PURPOSE-BUILT RENTAL CANADA MORTGAGE AND HOUSING CORPORATION HOUSING SUPPLY
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