Rentals.ca, StatCan to launch new rental housing market index

In an effort to provide valuable insights into the rental housing market, Statistics Canada and Rentals.ca have joined forces to introduce a groundbreaking Rental Market Industry Index. This collaborative initiative was officially announced by Rentals.ca in a press release on Thursday, highlighting a commitment to fostering transparency and aiding both landlords and tenants in making well-informed decisions.

The Rental Market Industry Index aims to meticulously track trends within the Canadian rental housing industry. By leveraging rental listing data provided by Rentals.ca, Statistics Canada will play a crucial role in the analysis, aggregation, and development of this comprehensive index. The partnership intends to empower policymakers at various levels of government with essential information to address the evolving housing needs of Canadians.

Max Steinman, CEO of Rentals.ca’s parent company Rentsync, expressed enthusiasm about the collaboration, emphasizing the significance of making data accessible to institutions. Steinman stated, “Through this new partnership, we’re able to get data into the hands of institutions,” and highlighted the index's potential to assist “policymakers, developers, and the Canadian public as a whole in making more informed decisions to help tackle the rental housing supply crisis.”

The collaboration between Rentals.ca and Statistics Canada is seen as a crucial step towards addressing the current challenges in the rental housing market. As rental costs in Canada reached record highs, with the latest report indicating an average asking rent of $2,174 in November, the need for comprehensive data and analysis becomes increasingly apparent.

Rentals.ca, in collaboration with research firm Urbanation, regularly publishes a monthly rent report. This report examines the average asking rent prices across Canada and tracks changes over time. Notably, the most recent report indicated a slight dip in asking rents compared to the previous month but remained close to the record high set in October at $2,178.

The data sharing partnership between Rentals.ca and Statistics Canada is expected to be a game-changer, offering valuable insights that extend beyond the rental market's surface. By directly addressing the challenges faced by both landlords and tenants, the Rental Market Industry Index aims to contribute to a more transparent and understandable rental housing market in Canada.

Rentals.ca emphasized that this collaboration is a "significant step towards enhancing transparency and understanding." As the index comes into play, it is anticipated that it will serve as a valuable resource for individuals and institutions seeking to navigate the complexities of the Canadian rental housing landscape.