Proposed changes to the Rental Construction Financing Initiative may see developers reduce the number of units in a building or cancel projects altogether
One of few silver linings for cities during the COVID-19 pandemic was an easing rental market in Canada’s largest, most expensive municipalities. From 2019 to 2020, rental
rose in most major metropolitan areas, and more than doubled in the chronically tight Greater Toronto and Vancouver areas.The NP Comment newsletter from columnist Colby Cosh and NP Comment editors tackles the important topics with boldness, verve and wit. Get NP Platformed delivered to your inbox weekdays by 4 p.m. ET.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Reversing this trend would require a lot more housing construction. While some people are skeptical that “supply-side” housing policies work, thedon’t lie: rents have moved inversely to vacancy rates in major Canadian metropolitan areas over the past three decades. And the pandemic gave us a crash course in what a rental market with some slack looks like.
. Another under-looked factor was access to low-interest loans from the federal government. In 2017, it introduced the Rental Construction Financing Initiative , which offers low-interest loans to rental developers during the riskiest phases of development.Article content
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