Immigration caps are contributing to lower asking rents in Canada, CMHC says
Immigration caps are contributing to lower asking rents in Canada, CMHC says
Limits on foreign students and new permanent residents influencing rental demand in some major cities, report finds
The article has a loooooong list of rent decreases in major metros across the country. Generally, we're seeing decreases that seem to erase the increase from the same period in 2024.
Over the past year, the average asking monthly rent fell between 2 per cent and 8 per cent in condos and rental-only apartments – also known as purpose-built rentals – said the report released Tuesday by Canada Mortgage and Housing Corp (CMHC).
The drop was due to a surge in new condos and apartment buildings hitting the market along with limits on temporary foreign residents such as students and new permanent residents.
...
“It is quite evident on the demand side that there have been signs of weakening,” said Tania Bourassa-Ochoa, CMHC’s deputy chief economist, adding that there were stronger rental declines in regions with slower population growth.
Oh look CHM pushing racism.
Immigration is a policy. Noting the effect of the policy is not racist.
The feds/provinces failed to factor population changes into policy, meaning we don't have enough housing, medical professionals, teachers, classrooms, etc.
The ideal scenario is that we build enough houses (possibly using the immigration system to invite more construction workers to become citizens of our country), train enough healthcare professionals (possibly by inviting existing professionals in, or training during foreign students who stay), and ensure workers that we invite into the country receive the same benefits Canadians do.
Liberals stopped building houses, as they had for decades. That is what happened. Billy fell off his by cycle. Sarah bought an ice cream cone. Planes flew overhead, and Liberals stopped building residential units.
Conservatives also built no housing, do they didn't "stop"- just kept serving the rich.
Immigration increases economic activity far beyond its costs.
So racists have to lie about its economic effect, because using racism is very exposing.