The boom in build-to-rent (BtR) housing starts to record highs, despite the immigration crackdown and accompanying fall in rents on new leases, reflects the significant expansion of government support for the sector. Nonetheless, elevated supply is likely to push up vacancy rates and weigh further on rents, so it will become harder for developers to justify new projects. We therefore expect BtR starts to fall, although the increased role of the CMHC in financing construction means they are unlikely to collapse.
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