A severe imbalance in rental housing supply and demand has caused rent prices to soar, a new RBC report said, with annual rent growth in 2023 outpacing inflation and wage growth.
Rental housing construction in Canada has picked up significantly and is expected to keep growing this year, according to a new RBC report.
However, the report says more supply is needed to fill the backlog of demand.
RBC economist Rachel Battaglia said rental housing starts reached their highest levels in decades in 2022 and 2023, with more than 80,000 new units started each year.
That number is set to rise even more this year thanks to surging demand, as well as new policy measures helping tip the scale for developers despite their challenges with inflation and labour, Battaglia wrote in a report published Wednesday.
Rapid population growth thanks to immigration and interprovincial migration are pushing demand higher, she said in an interview.
Diese Geschichte stammt aus der July 04, 2024-Ausgabe von Toronto Star.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July 04, 2024-Ausgabe von Toronto Star.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Rookie's dominant starts offer hope
Blue Jays still look like trade deadline sellers, but righty Rodríguez just might be a keeper
England perfect in shootout
Alexander-Arnold nets winner to reach semifinals, redemption for Saka
How did Shanaplan Leafs lose their way?
Potential, sure, but so few results, promises unkept
ULTIMATE GOAL
Why Canada's run to semifinals means so much
Do Canadians want more or less government in their lives?
In a recurring feature, Susan Delacourt, a small-I liberal, and Matt Gurney, a small-c conservative, bring their different perspectives - and shared commitment to civil disagreement to the political debates of the moment.
Rescued cub finds new life
Freya, a six-month-old lion cub rescued from the wildlife trade in Lebanon, poked a curious nose out of her transport crate and sniffed the air. Satisfied, she took her first cautious steps in her new forever home in a sanctuary in South Africa.
Theories about coup abound
A plan to stage a coup against Bolivia's president was not what Gen. Tomás Peña y Lillo was expecting when he entered the military headquarters in La Paz last Wednesday.
'It takes them many days to secure even a respite beď
A year ago, a funding spat left asylum seekers on the streets. So what's changed and what hasn't?
Flight from justice
After the bloody murder came a panicked getaway across Ontario and a pursuit over three European countries, ending in capture. In the second of three parts, the Hamilton Spectator's Nicole O'Reilly retraces the fugitives' steps
Path cleared for possible ceasefire
Militant group in Gaza has dropped key demand to end war, officials say
