Yes, home prices are getting higher than many can afford which does make renting more attractive.
TORONTO — For the past two decades, developers in Canada’s hottest real estate markets have busily erected shiny new condominium towers while construction of rental buildings has stagnated.
But with the appetite for condos beginning to wane and sky-high home prices leaving home ownership out of reach for many, developers and institutional investors in Toronto and Vancouver are increasingly setting their sights on rental units.
[np_storybar title=”5 reasons why Canada’s housing market won’t crash” link=”http://business.financialpost.com/personal-finance/mortgages-real-estate/plenty-of-plankton-and-four-other-reasons-why-canadas-housing-market-wont-crash”]The head of the country’s largest private mortgage insurer is taking a message to U.S. investors: Red hot housing markets in Toronto and Vancouver aren’t about to plummet — here’s his case.
“It’s a significant shift,” says Shaun Hildebrand, vice-president of condo research firm Urbanation.
The firm says there are eight rental buildings currently under construction and 37 more proposed in the Toronto area, containing a total of more than 11,000 units. That’s a…
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