OTTAWA, ON, Feb. 27, 2024 /CNW/ - The Canada Mortgage and Housing Corporation (CMHC) 2024 Rental Market Report (RMR) outlined how Canada is facing the lowest national vacancy rate since the 1980s at 1.5% and a sharp increase in rents of 8%, well above the historical average of 2.8%.
There were also signals in new data on turnover units, which CMHC has collected since 2021, that renters in Canada are facing increased social immobility due to fast rising rents. A unit is counted as a turnover if it was occupied by a new tenant who moved in during the previous 12 months.
In the article, COVID has made housing unaffordability "contagious", CMHC's Senior Vice President of Housing Economics and Insights, Mathieu Laberge, further analyzes these data trends, how Canadian rental markets have changed since the COVID-19 pandemic, and looks to where they may go in the future.
Read the full article on the CMHC website: COVID has made housing unaffordability "contagious".
Mathieu Laberge is available for telephone or video conference interviews and in-person interviews within the Downtown Toronto area.
For information on this release:
Follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
CMHC Media Relations, [email protected]
Share this article