TORONTO — Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report…
In order to reach the optimal vacancy rate of three per cent, the report suggested Canada would need to add 332,000 rental units over the next three years, which would mark an annual increase of 20 per cent compared with the 70,000 units built last year.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Canada’s vacancy rate fell to 1.9 per cent in 2022, its lowest point in 21 years, from 3.1 per cent in 2021. Competition for units also drove the highest annual increase in rent growth on record, by 5.6 per cent for a two-bedroom unit. Canada’s rental housing stock grew by 2.4 per cent in 2022, led by Calgary at 7.4 per cent and Ottawa-Gatineau at 5.5 per cent, while Toronto and Montreal saw the smallest percentage increases at 2.1 per cent and 1.4 per cent, respectively.
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