The level of construction also varied region-by-region.
People moving to Canada — and within Canada — have also added pressure to different markets, and as immigration ramps up as a way to fill critical labour shortages, the demand for rentals is expected to continue to grow.
The recent rise in rental construction has been driven, at least in part, by the economic conditions of the last few years.
Some experts worry this era may have already come to a close, amid the high cost of borrowing, labour and construction materials.
That means developers have to deliver rental buildings at a lower cost than condos to make the projects feasible, said Heather Campbell, chief operating officer of Kitchener-based Vive Development.
But the overall level of housing construction in Canada needs to ramp up significantly — and in many parts of the country — in the years ahead.
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