TSX:CAR.UN - Post by User
Post by
Possibleidiot01on Feb 23, 2023 11:15am
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Post# 35300799
BNN today
BNN today RENT SURGE BOOSTS CAPREIT
Earnings season can feel like an endless stream of numbers, but my word, did this one grab me: rents on turnover apartments at CAPREIT, the nation’s largest residential landlord, surged 24 per cent in the fourth quarter. A few factors at play here – keep in mind there’s no rent control when tenants move out and are replaced by new renters – but the main one appears to be the impact of higher interest rates and subsequently tougher stress tests keeping potential buyers out of the market and into rentals, driving results. Sticking with that affordability trend, it’s interesting to see this play out at a time when Canada is trying to figure out its purpose-built rental strategy and simultaneously planning to bring in a record number of immigrants to shore up economic growth, without a clear-cut plan on how to house everyone.