Edmonton and Calgary aren't the only places facing an intense rental squeeze

Smaller places are facing an intense rental squeeze, a "perfect storm" of factors to blame

A "perfect storm" of factors is to blame for the intense rental squeeze that Canada is currently facing. The number of available rental units is decreasing at high rates, while an increasing number of people are looking to rent. This is resulting in skyrocketing rents and making it increasingly difficult for people to find affordable housing.

Tough competition in rental market

The high cost of buying a home is one of the main factors driving up rental demand. Also, the increasing number of people choosing to rent rather than buy is also contributing to the problem. There are a number of factors driving this trend, including rising interest rates, a lack of affordable housing options, and a growing number of people delaying homeownership.

Growing population

Meanwhile, housing supply is not keeping pace with demand, as Canada's population increases. This is due in part to a lack of new construction, as well as the conversion of rental units for other purposes. For example, many rental units especially in Toronto, are being converted to condos, which are in high demand.

Foreign buyers squeezing the market

The problem is compounded by foreign buyers who are increasingly investing in Canadian real estate. This is driving up prices and making it more difficult for Canadians to afford homes. The government has taken some steps to address this issue, primarily raising the down payment required for foreign buyers and banning them from purchasing certain types of properties.

Renters bearing the brunt

The rental squeeze is putting a financial strain on many Canadians, and those with low incomes are being hit the hardest. The average rent in Canada is now over $2,000 per month, and in some cities, it is even higher. This is making it difficult for renters to make ends meet. The government has also taken steps to ameliorate the issue by providing rent subsidies and increasing the supply of affordable housing.

What can be done?

There are a number of things that can be done to address the rental squeeze. One is to increase the supply of rental housing. This can be done by building new rental units and converting existing units back to rentals. Another is to provide incentives for landlords to rent out their properties at affordable rates. Finally, the government can provide financial assistance to renters who are struggling to make ends meet.