In today’s ultra-hot Canadian real estate market, it’s not easy to be a first-time homebuyer. Despite the coronavirus pandemic that triggered a historic economic downturn, housing prices are climbing in many housing markets across the country. Housing stocks are limited, demand continues to strengthen, and the federal government is beginning to tighten lending standards. While there have been plenty of analyses warning about a bubble on the cusp of popping, others are calling this an affordability crisis.
For many households, especially in places like Toronto and Vancouver, the only option for housing is via the rental market. This might be a reasonable affordable alternative amid spiking home purchase prices. After a decade of rising rents, many tenants have experienced some relief, from lower monthly costs to other incentives. Indeed, there may be no better time to rent than today.