Articles from Storeys

The Canada Mortgage and Housing Corporation (CMHC) is drastically shifting its focus from supporting homeownership to driving rental housing development. In its 2024 report, CMHC highlights a significant increase in insurance for multi-unit buildings and a decrease for single-family homes. This pivot aligns with economic, climate, and urban policy objectives but raises concerns about potentially widening wealth gaps and impacting homeownership accessibility in Canada. As CMHC becomes a major player in rental housing, it holds significant influence over the country's housing market direction.

In Canada, rents have decreased for the ninth consecutive month, driven by low immigration and an oversupply of rental properties, particularly in major cities like Vancouver and Toronto. The secondary rental market, including condos and single-family homes, has seen larger declines compared to purpose-built rentals. Despite a slowdown in immigration impacting cities such as Vancouver, Toronto, and Halifax, vacancy rates are expected to increase further according to the Canada Mortgage and Housing Corporation. Alberta and British Columbia experienced the largest regional rent declines, while Saskatchewan saw an increase.