Renters in Canada are facing the toughest market in decades with low vacancies, higher prices and surging demand, according to the Canada Mortgage and Housing Corporation (CMHC). The housing agency released its annual rental market report Thursday, which showed that the national vacancy rate for purpose-built rental apartments declined to 1.9 per cent last year — the lowest level since 2001. Meanwhile, the demand for rentals outstripped supply due to higher net migration, the return of students to on-campus learning and a rise in homeownership costs. CMHC data also showed that the average rent for two-bedroom units that were occupied by a new tenant rose by 18.3 per cent — well above the average rent growth for units without turnover. This made it difficult for Canadians trying to enter the rental market or find new housing to rent, the agency said. https://globalnews.ca/news/9438078/canada-rental-market-cmhc-report/