[homeles_ot-l] Canada's rental market takes sharp plunge into danger zone

[Lynne Browne]

FYI, Lynne Browne
 
Coordinator, Alliance to End Homelessness 
Cell 613-513-6647 
Office 613-241-7913, ext 205
147 Besserer Street, Ottawa ON  K1N 6A7 
lbrowne at ysb.on.ca 
www.endhomelessnessottawa.ca 

on behalf of Michael Shapcott
Sent: Thu 11/12/2008 8:58 AM
Subject: [hhno-on] Canada's rental market takes sharp plunge into danger zone

Canada Mortgage and Housing Corporation has confirmed this morning what Canada's 3.9 million renter households already know: Private rental housing has slipped into a deep crisis. 
 
The national rental vacancy rate has dropped by a staggering 15% over the past year down to a critically low 2.2% - the lowest level in six years. In many parts of the country, rents are rising faster than the rate of inflation. 
 
As the economic tsunami crashes over the country, the federal government needs to follow the lead of a growing number of countries around the world and include affordable housing investments as part of its economic stimulus package.

 

More detailed analysis will follow.

 

-          Michael

 

***

 

Michael Shapcott

Director of Community Engagement

The Wellesley Institute

45 Charles Street East, Toronto, ON, Canada, M4Y 1S2

Telephone - 416-972-1010, x231

Facsimile - 416-921-7228

Mobile - 416-605-8316

www.wellesleyinstitute.com <http://www.wellesleyinstitute.com/>