Projects & Infrastructure
Rental apartment builds surging across Canada: CMHC
February 17, 2023 By CBC News
It might be hard to believe but last year, more new rental apartments were built in Canada than any year in the previous three decades, data from the Canada Mortgage and Housing Corporation (CMHC) shows.
This new-found supply didn’t come close to keeping up with demand, as cities across the country saw rental prices skyrocket and vacancy rates plunge. The level of construction also varied region-by-region. Some cities like Calgary saw a big boost in new apartments last year, while others like Saskatoon saw a plateau, or in Toronto’s case, even a decline.
But while every market is different, in recent years the high-level trend in Canada has been steady growth in the construction of new rentals. Mike Bucci, vice-president of Bucci Developments, says rentals have made up a growing share of his business in recent years — a trend he expects will continue as home ownership becomes increasingly out of reach for many, as housing preferences shift, and as more people move to Canada.
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