Multifamily continues to grow in Canada as rental markets remain strong
Investors continue to pour money into multifamily housing in Canada. 73.2% of building permits issued in 2021 are multi-unit building permits. In the first half of 2021, the multifamily market saw $7.1 billion in sales.
The rising cost of homes impacts the composition of homeowners versus renters in Canada. Between 2011 to 2021, the percentage of Canadians who are homeowners dropped from 69% down to 66.5%. In the same time frame, the number of renter households has increased by 21.5%. As of 2021, 33.1% of Canadian households are renters.
Rental markets have remained strong in Canada for many years now, except for a brief period during the pandemic. The number of purpose-built rentals grew by 400,000 units from 2010 to 2020 compared to 14,000 units between 1990 to 2010.