10 Stats that show Canadian Rental Demand is out of control
Photo: James Bombales
Rental vacancy rates across Canada plunged this year, as demand for rental units outpaced supply.
According to the Canada Mortgage and Housing Corporation’s (CMHC) 2017 Rental Market Survey, the national vacancy rate for purpose-built rental apartments fell from 3.7 to 3.0 per cent in 2017, the first decline in the last two years.
“Nationally, increased demand for purpose-built rental apartment units outpaced growth in supply,” CMHC senior market analyst Gustavo Durango said in a statement. “Demand can be attributed to historically high levels of positive net international migration, improving employment conditions for younger households and the on-going aging of the population.”