The agency's latest housing market outlook, released Thursday, says despite an increase in rental housing coming on the market in 2023, supply is not forecast to keep up with demand, leading to higher rents and lower vacancy rates in the coming years.
The CMHC said affordability in the home ownership market will also be a concern for the next three years, as declining mortgage rates and the country's strongest population growth since the 1950s will likely spur a rebound in home sales and prices. "As mortgage rates and economic uncertainty decrease in the second half of 2024, we expect buyers to start returning to the market."
CMHC also says housing starts in Canada are expected to decline this year before recovering in 2025 and 2026, reflecting the lagged effect of higher interest rates on new construction.
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