QUESTION PERIOD — Canada Mortgage and Housing Corporation
Rental Market Report
February 6, 2024
My question is for the Government Representative in the Senate. Senator Gold, on January 31, the Canada Mortgage and Housing Corporation’s Rental Market Report made headlines across Canada when it revealed that the average vacancy rate was exceptionally low, at under 1.5%. Several theories have been formulated, but one important aspect has been overlooked. All activities related to private, short-term rentals are excluded from vacancy rate calculations.
However, short-term Airbnb-type rentals are largely concentrated around the rental of houses, apartments and rooms in residential properties.
The Hotel Association of Canada even showed in 2017 that one in three rental units was being rented out as an Airbnb. Is the government planning any measures to get these hundreds and thousands of residential units back on the rental market in Canada?
Thank you for the question. The government is taking unprecedented measures to lower the cost of rent by building more apartments more quickly and ensuring that rents are not too high. The measures taken by the government this fall should help unlock nearly 600,000 new rental housing units, including tens of thousands of affordable housing units across the country, but the government is also cracking down on short-term rentals in order to quickly free up to 30,000 additional apartments for families. I can assure you that the government will leave no stone unturned to resolve the national housing crisis in Canada.
That’s very interesting. I’m happy to hear that and to have raised this issue. The Minister of Housing and Diversity and Inclusion is proposing a housing catalogue for Canada. Wouldn’t it be a good idea for the catalogue to indicate the projected square footage per occupant?
Thank you for the question. Consultations for the housing design catalogue initiative are under way. I do not have specific answers to give you, but the government will share more information in due course.
