Deepening Housing Affordability and Supply Crisis: Insights from CMHC's 2022 Survey

The 2022 Canada Mortgage and Housing Corporation (CMHC) Rental Housing Survey reveals concerning housing affordability and supply issues in Canada. The current market trends show a tightening in many regions due to high demand from immigration and employment, insufficient supply despite construction increase, and rising interest rates reducing homeownership for tenants. Two new indicators in the survey highlight the low percentage of affordable housing for low-income households and the significant difference in rent between long-term occupied and newly vacant units. Particularly in major population centers, low vacancy rate areas, and where rent increase is subject to guidelines, the gaps are substantial. To address these issues, the analysis suggests a need for comprehensive long-term planning, ensuring affordable housing access while promoting private sector investment. Was measured “the average rent for newly rented units, that is, apartments whose occupants arrived in the last 12 months... In particular, Toronto and Vancouver, … the gap is close to $500”. More details: https://www.cmhc-schl.gc.ca/blog/2023/new-indicators-raise-concerns-housing-affordability-supply