Renters in Canada are facing the toughest market since 2001: CMHC report
Meanwhile, the demand for rentals outstripped supply due to higher net migration, the return of students to on-campus learning and a rise in homeownership costs.
“Higher mortgage rates, which drove up already-elevated costs of homeownership, made it harder and less attractive for renters to transition to homeownership,”CMHC data also showed that the average rent growth for two-bedroom units that turned over to a new tenant was 18.2 per cent — well above the average rent growth for units without turnover. This made it difficult for Canadians trying to enter the rental market or find new housing to rent, the agency said.
“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.”The average rent for a two-bedroom rental condominium apartment saw a significant increase to $1,930 from $1,771, about nine per cent year over year, according to CMHC.Canada is also facing a housing crunch with a shortage of both homes and construction workers to build new units.
found that the annual rate of new home building had slowed by five per cent in December 2022 compared with November.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Possible mail delivery delays in Charlottetown, Summerside Tuesday, Jan. 24, due to winter weather | SaltWireCHARLOTTETOWN, P.E.I. — Canada Post is notifying Charlottetown and Summerside residents that there may be delays in mail delivery Tuesday, Jan. 24. Canada ...
Read more »
Investor activism may surge in Canada as slowdown takes a tollShareholder activism is poised to grow in Canada this year, as investors turn up pressure on management teams for better returns. Read on.
Read more »
Saanich woman to represent Canada at 2023 World Ski ChampionshipsAmelia Wells, 20-years old, will be heading to the World Ski Championships to represent Canada later this week.
Read more »
Vancouver High-Rise Development Fees Are Priciest In CanadaVancouver's sky-high development fees aren't making it easier to address the city's housing shortage. CHBANational | realestate realestatenews housingcrisis
Read more »
Google parent Alphabet shutting down Edmonton location for DeepMind, consolidating across CanadaThe company, which was acquired by Google in 2014, has artificial intelligence research centres in Canada, France and the United States
Read more »
Investor activism may surge in Canada as slowdown takes a tollShareholder activism is poised to grow in Canada this year, as investors turn up pressure on management teams for better returns. Read on.
Read more »