Canada’s stock of rental housing boomed in 2022, growing at 2.4%—the fastest pace since 2014. That boost has never been needed more. With affordability challenges pushing home ownership rates to a 30-year low and annual federal immigration targets set to grow 8% by 2025, strong demand for rented accommodation is unlikely to ease.
The growth in supply has been uneven across the country. Among Canada’s six largest CMAs, the biggest gains in purpose-built rental stock were in Calgary (+7.4%) and Ottawa-Gatineau (+5.5%). The smallest percentage increases were in Canada’s most populous cities—Toronto (+2.1) and Montreal (+1.4%). The latter urban centres are among the most popular destinations for newcomers, welcoming an estimated 32% and 10% of international immigrants respectively last year. The slow growth in rentals in these cities will be especially problematic as demand for rented accommodation continues to outgrow supply. LINK TO ARTICLE
Canada’s shortage of rental housing could quadruple by 2026
Saturday April 1, 2023