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More rental housing development needed despite recent rise

The need for more rental housing continues to grow, even though there has been a recent increase in development, says RBC economist Robert Hogue. He believes that the current pace of construction is not enough to meet the high demand for rental units in major cities across Canada. Hogue points out that the population is growing rapidly, especially in urban areas, putting extra pressure on the rental market.

Hogue's analysis highlights that the number of new rental units built over the past few years has risen, but it still falls short of what is required. He emphasizes that more consistent and widespread efforts are needed to address the ongoing housing crisis. In cities like Toronto and Vancouver, where the cost of homeownership is extremely high, renting remains the only viable option for many people. This situation makes the need for affordable rental housing even more urgent.

The economist also notes that government policies and incentives could play a crucial role in boosting rental housing development. He suggests that by offering tax breaks and other benefits to developers, authorities can encourage the construction of more rental units. Additionally, streamlining the approval process for new projects could help speed up development and increase the supply of rental housing.

In conclusion, while there has been progress in building new rental housing, it is clear that much more needs to be done to meet the growing demand. With the population continuing to rise and more people choosing to rent, it is essential to take further action to ensure that enough affordable rental units are available. By focusing on policies that support and encourage development, Canada can better address its rental housing needs.



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