From 2013 to 2023, household expenditure on housing rentals in Canada has exhibited a consistent upward trend. As of 2023, the value stood at 86.75 billion Canadian dollars. Notably, the year-on-year variation for 2022 was 7.79%, followed by a 7.19% increase in 2023. The Compound Annual Growth Rate (CAGR) for the past five years leading up to 2023 was 6.1%, reflecting a robust growth trajectory.
Forecasted data from 2024 to 2028 indicates a continuation of this growth trend, with the expenditure expected to reach 115.41 billion Canadian dollars by 2028. The forecasted CAGR over the next five years is 4.52%, with an overall growth rate of 24.71%.
Future trends to watch for include:
- Potential impact of economic factors such as inflation and interest rates on rental prices.
- Demographic changes, particularly urbanization and immigration, which may influence rental demand.
- Government policies and regulations affecting the housing market, including potential interventions to control rent inflation.