Canada’s explosive population growth from immigration is causing rents to surge in its biggest cities. And there’s another problem: The country isn’t even properly counting the number of people who need homes.
Prime Minister Justin Trudeau’s government plans to welcome 465,000 new permanent residents this year, and increase the annual target to half a million by 2025. But those often-cited numbers understate the pressure on the country’s limited supply of housing —because they don’t include a wave of foreign students, temporary workers and others with non-permanent visas.
“We’re underestimating how many people are here and how many people are requiring real estate,” Tal said in an interview. “If you don’t have official numbers showing the demand accurately, municipalities making allocation for housing based on those are missing the magnitude of the need.” “It’s dire from a consumer point of view,” said Mark Kenney, chief executive officer of Canadian Apartment Properties Real Estate Investment Trust, Canada’s largest publicly traded apartment company.
Housing costs are causing some to uproot from the priciest cities in search of cheaper locations. Toronto gained people from international migration but also saw a net outflow of nearly 100,000 residents to other parts of Canada in the 12 months ended July 1.
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