![](data:image/png;base64,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108 Emerging Trends in Real Estate
®
2023
the mortgage stress test—that support rent increases. Rental
demand has recovered from 2020 lows, and vacancy rates
have tightened.
But challenges facing the sector mean that it can still be hard
to make the numbers work. Rising construction costs and other
financial issues we discussed earlier are causing some devel-
opers to think carefully about pursuing purpose-built rental
projects.
Overall, we can expect higher rents to drive down affordability.
Affordability challenges will continue to affect a growing number
of communities across Canada—not just the most expensive
cities like Toronto and Vancouver—as rents in some cases reach
or surge past pre-pandemic levels. Demand will be especially
strong given trends in the ownership market, where rising inter-
est rates are making it increasingly difficult for people to buy a
home and make the transition from renting.
While CMHC and other government programs are critical to
building affordable housing, concerns remain about the amount
of funding available and whether these initiatives truly target the
right groups in the most effective ways. One solution that some-
times comes up is the possibility of converting excess office
space and retail properties to affordable housing. Effective
government support will be critical to making the numbers
work in these cases.
Condominiums
While the real estate slowdown is creating challenges, condo-
miniums have been a growing area of the Canadian housing
market. Almost 143,000 condo units were under construction
across Canada in the second quarter of 2022, according to
CMHC, up from about 140,000 units last year (see exhibit 4-15).
But, as with other areas of the housing market, higher interest
rates, rising construction costs, and labor shortages are creat-
ing challenges for condo builders. A number of projects could
be postponed or even canceled and, in some cases, builders
have been holding back on pre-sales activity to better man-
age cost increases. In the Greater Toronto Area, Urbanation
estimates that developers could delay or cancel anticipated
launches of up to 10,000 condo units over the course of 2022.
Such slowdowns in supply are among the reasons why afford-
ability pressures are unlikely to improve significantly even with
sales declines in the housing market.
Looking beyond the current challenges, underlying trends—
such as immigration, seniors downsizing, densification,
transit-oriented development, a desire to live in mixed-use
communities, and relative affordability compared with detached
homes—remain positive for this asset class. This means that a
rebound in the market is a question of timing and degree.
Exhibit 4-15 Housing Starts by City
2010 2015 2021 1Q 2022 2Q 2022
Home-
owner Rental Condo
Home-
owner Rental Condo
Home-
owner Rental Condo
Home-
owner Rental Condo
Home-
owner Rental Condo
Vancouver 4,395 952 10,542 4,240 4,152 19,767 3,353 10,138 31,551 3,455 10,134 30,167 3,826 11,155 29,478
Toronto 11,094 2,599 32,830 14,913 5,023 44,862 11,822 11,471 62,870 11,735 11,393 64,528 12,238 12,270 66,640
Montreal 3,428 1,807 8,941 1,530 7,4 4 6 10,797 2,516 26,025 11,726 2,435 26,588 11,427 2,610 27,9 00 12,579
Ottawa 2,754 364 2,055 2,611 819 1,496 5,700 2,820 5,058 5,210 2,891 5,326 5,555 2,711 5,505
Halifax 802 935 244 480 2,335 544 867 5,700 2 758 5,887 2 811 6,710 1
Winnipeg 855 834 445 1,16 3 1,940 1,503 1,824 4,227 978 1,727 4,617 957 1,899 4,260 839
Edmonton 4,369 417 3,786 5,121 3,392 6,399 4,987 5,285 1,249 4,884 5,556 1,137
5,662 5,834 1,659
Calgary 3,004 382 3,813 3,312 2,346 8,115 4,966 4,375 5,097 5,202 4,832 4,699 5,760 6,074 4,657
Quebec City 632 1,286 1,102 432 2,808 745 740 8,112 364 822 8,286 263 988 9,438 275
Saskatoon 1,027 221 555 853 553 1,550 695 1,269 376 643 1,227 460 742 1,128 594
Canada 43,486 14,245 69,802 45,996 38,833 103,661 55,434 100,171 140,347 54,194 103,583 138,883 58,501 111,575 142,859
Source: CMHC Starts and Completions Survey, accessed July 25, 2022.
Note: Dwelling types include single-family, semidetached, rowhouse, and apartment.