Office vacancy rate reached 36.6% in Q1, but demand from prospective tenants is rising. Rent in Canada surged 8.2% over the last year, leading to high household debt. Multifamily permitting volumes are declining due to various challenges. Rental rates are not the main concern; occupancy rates have significantly dropped in cities like NYC and Washington DC. Apartment demand remains strong in Q1, with more supply than demand in high-supplied markets but a narrowing gap. Housing starts stable in 2023, but demand exceeds apartment supply. Rental construction in Canada hit record levels in 2023, with a surge in apartment starts offsetting a decline in single-detached home builds. Amid a surge in immigration, Canada's population growth hits 3.2%, triggering 10% rent inflation. Canadian mortgage delinquencies surge, up 135% in Ontario, indicating households struggling with debt loans.
A surge in new apartment construction drove housing start increases in some major Canadian cities last year, but demand continues to outweigh supply, according to a report released Wednesday by the federal housing agency. https://t.co/S5anmjCxrI
This seems fine >> Canadian Mortgage Delinquencies Surge, Up 135% In Ontario: Equifax Canadian households are struggling to manage their astronomical debt loans. That’s the warning from credit rating agency Equifax Canada, who noted a surge in both mortgage and non-mortgage…
Amid Canada’s Huge Immigration Surge, Population Growth Hits 3.2%, Triggers 10% Rent Inflation, even as Home Prices Drop. The record 1.27 million immigrants that arrived last year have to live somewhere https://t.co/oaPbkNjTZN https://t.co/oLZcrFsu63
Surge in apartment starts offset plunge in single-detached home builds in 2023, CMHC says https://t.co/ZKia93nCxz
Rental construction across Canada hit ‘record levels’ in 2023: CMHC https://t.co/zx9WswbMWY https://t.co/qC5IXxwUyI
Housing starts stable in 2023, but demand still outpaces growing supply of apartments https://t.co/hkF2LNXsF1
Hearing a lot of buzz that apartment demand continues to be robust in Q1 entering the peak leasing season, following a hotter-than-usual Q4 (for leasing, not rents). Still more supply>demand in the high-supplied markets, but the gap isn't as wide as some feared. And no, this…
DOCUMENTS: Canadians tell @PrivyCouncilCa focus groups to cut immigration quotas to address "housing crisis." Numbers last year: 471K immigrants + 982K foreign students + 766K foreign workers. https://t.co/q42YCCjGHx #cdnpoli @MarcMillerVm https://t.co/srVOZHscIg
"Semi-surprising not to see larger drops in Phoenix and Austin -- the two markets arguably experiencing the most intense lease-up digestion challenges right now. The pair rank 2nd and 3rd for permits issued in the last year behind NYC" https://t.co/eWmBy9On0h
"Rental rates are not the real story here. The real story is occupancy rates," says @peebles_don. "Occupancy rates are down significantly. 40% is NYC. 50% in Washington DC. The only bright spots are places like Miami, Dallas, Austin where the markets are stronger." https://t.co/rph1h8KreT
Very high household debt service in Canada. https://t.co/rn7YOotcsf
Nine thoughts on the latest multifamily permitting numbers: 1) Permitting volumes continue to trend down, down, down as developers hit a thick wall of headwinds: pricey debt, falling rents, fairly sticky construction costs, and fewer eager equity/debt partners. 2)… https://t.co/r1L6Jnu0ty
Rent in Canada Surges 8.2% Over the Last Year, Canadians Lean on Debt and Food Banks https://t.co/16wMom2CVU
Rent in Canada Surges 8.2% YoY, Canadians Lean on Debt and Food Banks LINK: https://t.co/16wMom2CVU
Office vacancy hit 36.6% in the first quarter of this year, per preliminary data, but demand from prospective office tenants is also rising. https://t.co/cpzYUcp0f6