Abstract
[Para. 1 of Introduction] The Canadian Rental Housing Index outlines that in 2018, Ontario’s rental market is as unhealthy as it has ever been (Canadian Rental Housing Index, n.d.). This is due to the fact that the supply of rental housing has not kept up with the growing demand for this tenure type. From 2011-2016, the average rate of renter formation1 was approximately 34,000 renter households per year (Urbanation, 2019). During this same period approximately 5,000 purpose-built rental units were completed CMHC, 2018). This misalignment between the supply and demand of rental housing has resulted in extremely low vacancy rates. In 2017, the vacancy rate in Ontario hit 1.6%, the lowest it has been since 2000 (CMHC, 2017). It is important to recognize that the roots of this problem in Ontario reach back further than the last ten years, but the problems have become increasingly acute during this time frame.
Highlights
The Canadian Rental Housing Index outlines that in 2018, Ontario’s rental market is as unhealthy as it has ever been (Canadian Rental Housing Index, n.d.)
Rental housing became an attractive investment for developers, between 1956 and 1960, when 195,706 private sector rental starts were generated throughout Canada, averaging 46,384 starts a year (Selby, 1985)
Understanding rental housing to be critical to the provision of adequate housing for Canadians who can’t afford or choose not to enter into the home ownership market, it has been shown that the Canadian federal and Ontario provincial governments have by-and-large failed to stimulate the private sector to provide this non-ownership tenure type in sufficient quantities as evidenced by the current rental housing crisis that Ontario is in today, with an unhealthy vacancy rate of 1.8% in 2018, and rents increasing well beyond inflation, by 4.9% from 2017 (CMHC, 2018)
Summary
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