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

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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.

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