The CMHC reported that the pace of rent growth has cooled significantly due to the increase in rental stock, but affordability remains a serious challenge for renters, especially new tenants facing high turnover rent hikes.
'Affordability for Canadian renters remains a challenge, particularly for new tenants who faced significant rent hikes as units turned over, limiting mobility for existing tenants and making it harder for prospective tenants to enter the market,' noted CMHC deputy chief economist Tania Bourassa-Ochoa.
The vacancy rate for purpose-built rental apartments rose to 2.2 percent in October, up from a record low of 1.5 percent the previous year, indicating improved but still tight housing conditions.
The average rent for a two-bedroom purpose-built apartment increased by 5.4 percent to $1,447, down from an eight percent hike in 2023, reflecting a slowdown in overall rent growth.
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