HOUSING FOR LOW-INCOME HOUSEHOLDS New data underscores continued need for affordable housing
As springtime in Canada approaches, all signs indicate the rental market is bouncing back thanks to improvements in economic conditions, increased migration, and the easing of strict pandemic containment measures. But what’s welcome news for apartment owners is worrisome for lower-income renters.
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ccording to CMHC’s 2022 Rental Market Report, released in February, affordable housing supply continues to fall short of demand in most Canadian cities. The majority of markets surveyed in 2021 cited a relative lack of affordable units 10 | Canadian Apartment | Part of the REMI Network |
for households in the lowest income quintiles, while some reported significant declines. “Our data indicates that rent growth has exceeded wage growth in most centres between October 2020 and October 2021,” said Gustavo Durango, Senior Economist at
CMHC. “In real terms, the decline in wages over the course of the year exceeded the decline in rents, which further deteriorated affordability conditions.” While the national vacancy rate for purposebuilt rental apartments hovered at 3.1 per
