While the pandemic has caused a drop in the price of renting a condo in major cities, it has also led to a spike in mortgage rates. This change has had a major effect on the single-family rental homes all over Ontario.
This situation has forced bidding wars to exist and experts have suggested this may be part of the foreseeable future.
The issue presented by the shortage of rental houses has become acute in some areas of Ontario. Through immigration, it is quite possible that the problem will only get worse in the coming years. This has been shown through the CMHC data which shows that there aren’t enough rental homes for citizens.
Now, renting a home is just as stressful as buying one.
Rental-based bidding wars has become the result of the pandemic exposing the importance of extra space that houses can offer to both owners and renters.
Now the call to action is directed towards the government. The need for affordable housing and rentals is extreme and as Canada opens its gates for immigration, the pressure for more housing will only get worse.
CREDIT: CBC NEWS