Time to invest in multifamily dwellings.
Tuesday Sep 13th, 2022
Demand for apartments remains strong. Even with housing prices beginning to fall, homeownership is still out of reach for a growing share of Canadians. The average price is still 50 per cent higher than July 2019, when affordability was already a challenge. Now, not only are prices out of reach for many, mortgage payments are also less obtainable, causing potential homeowners to remain in the rental market. With consumers tightening their budgets and slowing down spending due to rising costs, it has resulted in strong multifamily performance. The national vacancy rate in Canada is expected to end the year at 2.7 per cent, and rent growth at 5.9 per cent. These sound underlying fundamentals support a strong investment outlook.