The rental housing shortage in Canada will quadruple to 120,000 units by 2026 without a surge in supply, the Royal Bank of Canada said in a report last week.
To reach what it called an optimal vacancy rate of 3%, Canada would need to add 332,000 rental units over the next three years, which would be a 20% increase over the 70,000 units built last year.
BOC's research analyzed vacancy rate data released in January by the Canada Mortgage and Housing Corporation (CMHC). Canada's vacancy rate dropped to 1.9% in 2022, its lowest point in 21 years, from 3.1% in 2021.
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