Government-sponsored immigration exacerbated a severe housing shortage in Canada in 2022, leading to the lowest apartment vacancy levels in more than 20 years and a record rent surge for purpose-built rentals that was the highest since 1990.
A new report from the Canada Mortgage and Housing Corp.—Canada's federal housing agency—said last year's surging demand for purpose-built rentals produced the lowest vacancy rate since 2001, leaving few options as they searched for a place to live.
Canada's vacancy rate for these rentals dropped to 1.9% last year, down from 3.8% in 2021. The average rent for a two-bedroom purpose-built rental increased by nearly 6% last year.
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