CMHC publishes new research and analysis on Canada's rental markets Français
The high cost of home ownership in some Canadian cities has made renting the only viable option for many. Recent years have seen low vacancy rates and tenants facing sharp rent increases when they move to different rental units. This shows a substantial and sustained increase in supply over the long term is needed to stabilize the rental market and improve affordability. Private sector investment in rental construction is critical as governments cannot address this supply shortage on their own.
However, private-sector involvement in Canada's rental market has caused many to express concerns of private landlords charging higher rents or taking advantage of tenants. This research aims to clarify the important balance between effective tenant protections and private-sector investment in rental supply.
A comprehensive analysis of this research is available in the latest article by CMHC's Deputy Chief Economist, Aled ab Iorwerth, entitled Accelerating Rental Supply: Encouraging Development while Safeguarding Tenants.
CMHC Housing Observer.
Quote:
"To increase supply and restore affordability in the rental market, private investment is critical," said CMHC Deputy Chief Economist, Aled ab Iorwerth. "Although there are legitimate concerns about inappropriate practices by some landlords, they are better addressed by strengthening tenant protections rather than discouraging private investment in rental housing. Our analysis shows cities and countries with plentiful rental supply incentivize landlords to compete to attract and better serve tenants."
Research Findings:
CMHC examined international evidence on the impacts of rent control and found while it can stabilize rents for current tenants, it can also have undesirable trade-offs. In some jurisdictions rent control has led to lower rental supply and tenant mobility, along with accelerated rent growth for new and vacant units.
CMHC research studied the role of Real Estate Investment Trusts (REITs) in the rental markets of Montreal, Toronto, and Vancouver. Rental market share for REITs is estimated to be 6% - 12% in these cities and their properties tend to be in more expensive areas than average neighbourhoods. Rents charged in REIT properties compared to similar non-REIT properties in the same neighbourhoods; shows owner type has no significant impact on rent price.
Using Canadian Housing Survey (CHS) data for 2021, 2022, and 2023, CMHC estimates that 1% of renters were evicted in the preceding 12 months of each year. This amounts to approximately 49,000 households each year. The CHS data provides a unique and useful starting point and will contribute to growing public dialogue, and further CMHC research on this subject.
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