The caps imposed by Canada on foreign students and new residents have led to a decrease in demand for rental housing and a dip in average asking rents across many of Canada’s largest cities, a new report from the country’s housing agency suggests.
The changes in immigration coupled with an increase in new housing supply resulted in a 2 percent to 8 percent dip in the average asking rents for condominiums and purpose-built rentals in Vancouver, Calgary, Toronto, and Halifax over the last year, Canada Mortgage and Housing Corp. (CMHC) said in its mid-year rental market update this week.
