September 30, 2020, by Sean MacKay
Toronto and Vancouver, Canadaâ€™s most expensive rental markets, have seen the largest declines in monthly rent since the pandemic began impacting the market in March.
In a note published by Capital Economics, firm economist Stephen Brown wrote that lower wage earners have been adversely affected by job losses since the beginning of the pandemic. Because this group is more likely to be renting, the impact has been felt most acutely in the rental apartment market.
Like unemployment, declining immigration is also disproportionately affecting Toronto and Vancouver. The two cities are major immigrant hubs and because newcomers tend to rent their homes when they arrive, the rental markets are feeling the impact more immediately.
What does this mean?
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