The rental housing shortage in Canada will quadruple to 120,000 units by 2026 without a surge in supply, the Royal Bank of Canada said in a report last week.
To reach what it called an optimal vacancy rate of 3%, Canada would need to add 332,000 rental units over the next three years, which would be a 20% increase over the 70,000 units built last year.
BOC's research analyzed vacancy rate data released in January by the Canada Mortgage and Housing Corporation (CMHC). Canada's vacancy rate dropped to 1.9% in 2022, its lowest point in 21 years, from 3.1% in 2021.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
