, middle and higher-income Canadians are jumping back into the housing market.
WATCH: Plunge in sales, low inventory, high prices: Economist on the spring housing market. Story continues below.Rental rates across Canada have fallen for three straight months and are down 7.8 per cent, on average, from before the pandemic, rental site“Tenants have been more dramatically impacted by pandemic-related job loss than homeowners, and are not currently looking for apartments or other rental accommodation,” Bullpen Research president Ben Myers said in a statement.
Average asking rents jumped 3.8 per cent in May in Vancouver in May, but on a per square foot basis, condo rents fell 2.4 per cent in May, and are 5.4 per cent lower than a year ago, Rentals.ca said.It’s a different story in the housing market, where real estate agents say they are seeing a sharp pick-up in activity since lockdowns started lifting. Buyers and sellers have become more comfortable with virtual tours and with social distancing measures taken during viewings, they note.
“The story lately has been a lack of overall inventory,” Toronto real estate Doug Vukasovic wrote in a recent report looking at the local housing market.
Renters are the backbone of the economy. If Canada allows mass evictions, the economy will collapse. Canada must do a CERB 2.0 for low income renters this winter or the suffering will be horrific. Canada must face the truth soon. Canada must TaxTheRich.
Its because renters are moving to ownership.