What CMHC's 2024 Fall Report Means for Canada's Rental Market
Sync or Swim: The Multifamily Growth Show
Release Date: 02/20/2025
Sync or Swim: The Multifamily Growth Show
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The Canada Mortgage and Housing Corporation (CMHC) has recently released its annual rental market report, and today, we sit down with its Deputy Chief Economist, Tania Bourassa-Ochoa to discuss what the report means for the future of housing in Canada. We begin with the work of CMHC and who its target market is before diving into its 2024 rental market report. Then, we unpack the recent rise of housing supply, how Montreal is a step ahead, why the number of multifamily units is beginning to match that of studio apartments, and how rent control measures may influence tenant behaviour and market stability. To end, we explore the consequences of Canada’s ageing population and the growing number of families, what policymakers and housing developers need to be doing more of to meet high demands, key trends to take note of, and the future of Canada’s housing market in 2025 and beyond.
Key Points From This Episode:
- The ins and outs of the Canada Mortgage and Housing Corporation (CMHC).
- More details on CMHC’s annual rental market report.
- Understanding Canada’s recent rise in supply and whether this growth is sustainable.
- How Montreal is leading the way.
- Why the gap between the number of condo starts and purpose-built rentals is closing.
- How rent control influences rent increase at turnover.
- The way current housing trends influence tenant behaviour and market stability.
- Canada’s ageing population and the growing number of families.
- The distribution of the market (from studios to multifamily) and how it’s evolving.
- Why housing policy should address both affordability and supply at the same time.
- Whether policymakers and housing developers are doing enough to meet the demand.
- Key trends and indicators that policymakers and stakeholders should be paying attention to.
- What we can expect from Canada’s housing market in 2025.
Quotes:
“Our goal is really to provide as much information as possible to help all of the stakeholders out there to make important decisions.” — Tania Bourassa-Ochoa [0:02:08]
“The main solution will be really focused around adding more supply, and I would even say to have a steady influx of supply that comes into the market every year. That is going to help to alleviate some of the pressures that we're seeing right now, for sure.” — Tania Bourassa-Ochoa [0:12:15]
“In the end, housing needs to evolve and change over time.” — Tania Bourassa-Ochoa [0:17:35]
“I think policy needs to address both supply but also affordability, especially for those lower-to-medium-income renters.” — Tania Bourassa-Ochoa [0:20:11]
“There's definitely place for more innovation; there's place for more productivity in the construction space, for sure.” — Tania Bourassa-Ochoa [0:23:11]
Links Mentioned in Today’s Episode:
Tania Bourassa-Ochoa on LinkedIn
Canada Mortgage and Housing Corporation (CMHC)
CMHC Fall 2024 Rental Market Report