Declining Vacancy Rates in Ontario Highlight Need for More Rental Supply

(Toronto, November 28, 2017)  Jim Murphy, president of the Federation of Rental-Housing Providers of Ontario (FRPO), is available for comment on the latest Canada Mortgage and Housing Corporation’s (CMHC) rental market report. The report, released today, found that Ontario’s vacancy rate is the lowest it’s been since 2000, dropping from 2.1 to 1.6 per cent, with the City of Toronto at just 1 per cent, down from 1.3 per cent.

The findings are unsurprising to FRPO, which commissioned an Urbanation report in September that warned rental housing supply in Ontario will continue to diminish unless at least 6,250 additional new rental units are built each year for the next decade. Following the report’s release, FRPO launched its ‘Rent ON’ advocacy campaign calling for the creation of more rental housing choices for Ontarians in the face of a growing population, rising housing costs and low vacancy rates. FRPO believes in all levels of government playing their part in creating an environment that will allow new supply in order to address the problem.

Jim has provided insightful commentary on rental housing for media outlets including: BNN, Globe and Mail, and the Toronto Star.

For further information or to arrange an interview, please contact Sandy Blackwood, Counsel Public Affairs at (647) 927-7346 x 240 or sblackwood@counselpa.com