A recent report issued by the Canada Mortgage and Housing Corporation stated that the average rent across Canada has increased, while there has been a significant decline in the number of vacant housing units and homes.

Vacant rents, according to the report, reached low rates of 1.5% during 2023, and these vacancy rates are considered the lowest level recorded since 1988.

The report also stated that although Canada has witnessed an increase in the supply of rental housing units nationwide, this was not sufficient to keep up with the rising demand.

The report also stated that although Canada has witnessed an increase in the supply of rental housing units nationwide, this was not sufficient to keep up with the rising demand.

The report also mentioned that the rising mortgage rates increase the difficulty of homeownership for many, which leads to a greater demand for rentals.