OTTAWA — Even though rental housing construction in Canada has picked up significantly, more is needed to fill the demand backlog, according to a new RBC report.
Housing starts are already up 11 per cent from last year, said Battaglia, with anticipated interest rate cuts from the Bank of Canada set to keep that trend on track. She noted a severe imbalance in rental housing supply and demand has caused rent prices to soar, with annual rent growth in 2023 outpacing both inflation and wage growth. The rate of home ownership has fallen since it peaked in 2011 as homes have skyrocketed in value.
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