Youtube – 5 Facts about renting in Canada
It’s no shocker, rental prices in Canada are Insane!
Recent data shows national rental prices increased by 8.6% this year , and many are left wondering if things will get better in the future. Unfortunately, data suggests higher housing costs in the years to come..
Here are 5 Terrifying Facts Renters are Facing
- Canada’s Population is growing by 3.2% each year. This statistic includes Permanent Residents, non-permanent residents, foreign students, temporary workers. Source:Bloomberg
- Housing Starts are at a similar level to where they were in 1972. In 1972, Canada’s population was 24.7 million. On average, we are building 250k – 270k housing units each year. Source: StatsCanada
- For every 5 people coming to Canada we are building 1 unit of housing. This number is based on current population growth of +1,250,000 population / 250,000 housing units. This statistic includes Permanent Residents, non-permanent residents, foreign students, temporary workers (anyone 15yrs and older).
- Rental Prices are affected by population growth. National rental prices increased by 8.6% in 2023 and 12.1% increase in 2022. Source:Rentals.ca
- 41.7% of all units created in BC are Rental Purpose. We are transitioning from an Owner’s economy to a Renter’s economy. Lifelong renters will be benefit from increasing the number of rental units meanwhile first-time home-buyers will find it even harder to get into the real estate market. In the years to come, housing prices will increase due to lack of supply available for purchase. – Source: BCHousing
Bonus Scary Fact – CMHC says Canada needs to create 3.45 million housing units by 2030 to lower housing costs if Canada continues to allow 500,000 new permanent residents in per year. At our current building rate (250k units/yr) it will take 12.7 years to achieve this goal. Source: CMHC