Maple News reports that the Canada Mortgage and Housing Corporation (CMHC) has released a comprehensive recap of housing market trends from 2023, along with projections for 2024—a critical resource for both Canadian residents and new immigrants navigating one of the country’s most pressing challenges: housing affordability.
The CMHC, a federal body with over 75 years of expertise in housing research and advice, emphasized a core finding in its latest retrospective—that housing costs continued to escalate throughout 2023, posing growing difficulties for many Canadians. The insights are especially relevant for newcomers, who are disproportionately affected by soaring rents and limited rental supply in urban centres.
According to CMHC’s analysis, a major highlight from the past year was an unusually high level of rental market turnover. This refers to the rate at which tenants moved in and out of rental units. The CMHC attributes this volatility to factors including job changes, lifestyle adjustments, and the search for more affordable housing, especially in cities with tighter rent regulations.
Urban centres such as Toronto, Vancouver, Ottawa-Gatineau, and Montreal experienced the highest turnover rates and rental cost increases. These cities, which are subject to rent increase guidelines, saw tenants frequently moving in pursuit of lower rental rates. In contrast, cities like Calgary and Edmonton—where such guidelines are absent—recorded both lower turnover rates and relatively more affordable rent levels.
The retrospective reinforces earlier concerns that Canada’s housing supply is not keeping pace with population growth, particularly in high-demand regions. That supply shortage, combined with stricter mortgage lending rules and inflationary pressures, continues to impact affordability.
Looking ahead to 2024, the CMHC signals an urgent need for collaborative action between federal, provincial, and municipal levels of government to ease pressure on the housing system. Initiatives to boost affordable housing development, streamline construction approvals, and improve housing support for new immigrants are expected to be a focus.
For newcomers and aspiring immigrants, CMHC’s research serves as a crucial guide to understanding the evolving landscape of Canada’s housing market. Whether moving into urban hubs or exploring more affordable regions, staying informed on housing trends has never been more important.
Maple News will continue to monitor and report on housing developments that matter most to immigrant communities and residents across the country.