Analysis of rental data reveals 87 of 177 rental projects approved through Ottawa’s Apartment Construction Loan Program exceed what a typical renter household can actually afford to pay
The agency’s latest housing market outlook report also says housing starts in Canada are expected to decline this year before recovering in 2025 and 2026
The CMHC said affordability in the home ownership market will also be a concern for the next three years, as declining mortgage rates and the country’s strongest population growth since the 1950s will likely spur a rebound in home sales and prices
The CMHC estimated in September that by 2030 an additional 3.5 million homes would be needed to meet demand, on top of what is already being built, but that assessment is ‘already obsolete,’ the CIBC report says