Canadian rental market cooling
This is a Canada news story, published by torontosun, that relates primarily to Rishi Sondhi news.
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Rental pricestorontosun
•Business
Business & Economics
’TURNING POINT’: Rent prices should see relief this year, but markets still tight
84% Informative
Experts say rental market across Canada seems poised for a cool-down in 2025 as more supply opens up and some look to buy their first home.
Average asking rents fell 3.2 per cent nationally to $ 2,109 in December year -over-year, marking a 17-month low.
Experts point to a number of factors at play, including economic and labour challenges.
TD economist Rishi Sondhi predicts purpose-built rent growth will ease to a range of 3 to 4% this year .
CMHC said total number of housing starts in 2024 rose 2 per cent compared with 2023 .
The country’s six largest census metropolitan areas saw a combined drop of 3 per cent in 2024 .
“We’re going to see long-term undersupply of units continue,” Ladas said.
The coming period of slower population growth is a “golden opportunity for Canada to catch up”.
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