RBC economist Rachel Battaglia said rental housing starts reached their highest levels in decades in 2022 and 2023, with more than 80,000 new units started each year.
Housing starts are already up 11 per cent from last year, the report said, with anticipated interest rate cuts from the Bank of Canada set to keep that trend on track. The rental market has been "exceptionally tight," said Battaglia, with the rental vacancy rate falling to an all-time low of 1.5 per cent last year. That's well below the three-per-cent rate that would signal a more balanced rental market, she added."If you boost that supply ... we're hoping to see a little bit of a rebalancing in the rental market there," Battaglia said.
"If we look at vacancy rates in the secondary rental market, those vacancies are even lower than in the primary market, which suggests that Canada's secondary rental market is very limited in its capacity to absorb new rental demand," said Battaglia.
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