CMHC Announces that Rental Affordability in Vancouver is Stable
Today the Canada Mortgage and Housing Corporation announced the findings of their latest Rental Market Report - Major Centres. Although other major cities saw both increases and decreases in rental affordability, Vancouver remained stable. While Montreal is the most affordable rental market, affordability is improving in Toronto, but decreasing in Calgary and also Montreal. Halifax was stable was well.
“Affordability in the rental market is increasing in Toronto this year, as the median income of renter households grows at a faster pace than the median rent for a two-bedroom apartment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “In contrast, the Calgary rental market is becoming less affordable. Although the median income of renter households in Calgary is increasing, job growth and a steady flow of people moving to Calgary are keeping renter demand strong and driving up the median rent even more.”
You can read the press release here. It also includes some very useful links for ordering CMHC reports. You could also view the Statistics and Reports page of my website where I will be uploading these reports as soon as I can.