In cities such as Toronto and Vancouver, the move away from apartment construction and towards condos is already well underway.
In the Greater Toronto Area, monthly rents rose by $63, on average.
Seattle’s rental vacancy rate jumped to 5.4 per cent—five times that of the GTA.
Ontario’s government has doubled-down on rent controls, which mandate how much landlords can charge renters.
Brooklyn is as populous as Toronto but less than a third as large geographically.
Typically, secondary suites can be cheaper to rent than apartments.
In neighbouring Burnaby, it takes only a third the time it does in Vancouver to obtain a permit.
On average, it takes more than 15 months to get a permit to build a new housing unit in Vancouver.
Rent control has been a disaster wherever it’s been tried. But this never stops politicians from suggesting it.