As Canada's rental market struggles with supply, here's what's available today

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 99%

Business News News

Business Business Latest News,Business Business Headlines

As average rent prices in Canada hit record highs, experts say it's going to take more than just interest rate hikes to cool the red-hot market, including a crucial boost in supply.

report released by the Canada Mortgage and Housing Corporation

“We need a tremendous amount of new housing, particularly in the provinces of Ontario, British Columbia and increasingly, Quebec,” Iorwerth told CTVNews.ca in a telephone interview last week.Although the report has not outlined how many of these units would be for sale versus to rent, Iorwerth said that rental units “will have to be a part of any solution for [housing] affordability.”

Few rental properties on the market combined with high demand means that landlords can get away with sharply increasing their asking prices after an existing tenant leaves, Iorwerth said. Looking at the “If there were plenty of units available, any rent increase would be significantly less,” he told CTVNews.ca.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Analysis-Stricter merger laws unlikely to cool Canada's surging food pricesBy Divya Rajagopal TORONTO (Reuters) - Canada's plan to bring down food prices by tightening regulation could backfire and fail, raising the cost of ...
Source: SaltWire Network - 🏆 45. / 63 Read more »