Rental households have accounted for nearly 50 percent of all household growth in Canada in recent years. The market is expected to demonstrate flat economic growth for the first half of 2024, with increased activity expected for the end of the year.
Rising interest rates have handcuffed growth over the past few months, and are expected to continue to climb in the immediate future. Certain sectors have experienced growth. Office occupancy rates, for example, continue to recover following the COVID-19 pandemic, as more businesses mandate a return to the office. In 2023, weekly occupancy rates ranged from 54 to 69 percent. The average cost of rent increased 12 percent between 2022 and 2023, up to $2,112 per month, while condo and apartment benchmark prices climbed by 1.8 percent. Many additional trends are set to shape Canada’s rental housing market in 2024 and beyond. The nation’s surging population has placed an increased demand on increased housing availability and affordability. On the other hand, rental property owners must streamline processes and optimize efficiency in hopes of offsetting increased operating costs.
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AuthorStuart Hansen is a respected real estate advisor who works with a team of experienced executives with links spanning China and the Asian markets. Archives
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