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.
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