An aerial view of houses in Oshawa, Ont. is shown on Saturday, Nov. 11, 2017. A Royal Bank of Canada report predicts Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in rental stock. THE CANADIAN PRESS/Lars Hagberg

By Sammy Hudes in Toronto

Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report Wednesday.

In order to reach the optimal vacancy rate of three per cent, the report suggested Canada would need to add 332,000 rental units over the next three years, which would mark an annual increase of 20 per cent compared with the 70,000 units built last year.

The research analyzed vacancy rate data released in January by the Canada Mortgage and Housing Corporation (CMHC).

Canada’s vacancy rate fell to 1.9 per cent in 2022, its lowest point in 21 years, from 3.1 per cent in 2021.

Competition for units also drove the highest annual increase in rent growth on record, by 5.6 per cent for a two-bedroom unit.

Canada’s rental housing stock grew by 2.4 per cent in 2022, led by Calgary at 7.4 per cent and Ottawa-Gatineau at 5.5 per cent, while Toronto and Montreal saw the smallest percentage increases at 2.1 per cent and 1.4 per cent, respectively.

“We haven’t seen that many additions to the purpose-built inventory in almost a decade, so you would think that added supply of units would ease some of the competition, but what the CMHC rental market data revealed to us was that it didn’t,” said RBC economist Rachel Battaglia.

Slow growth in Canada’s two most populous cities has been outpaced by rapidly increasing demand, partly fuelled by high immigration levels, she said. Annual federal immigration targets are set to grow eight per cent by 2025, meaning demand is unlikely to let up.

Battaglia also pointed to affordability and behavioural preferences for the influx of rentals sought. She said more Canadians are choosing to live alone, meaning fewer incomes per household.

“You have a lot of people being funnelled into the rental market who maybe would have liked to own something but it’s just not financially in the books for them right now,” said Battaglia.

The report estimated an existing deficit of 25,000 to 30,000 units of rental stock across Canada. In addition to building more supply, it recommended turning condo units into rentals, converting commercial buildings and adding rental suites to existing homes to help ease the pressure.

Without such measures, Battaglia said the market could “become infinitely more competitive.”

“Which is not something that we want to realize given the competition we’re already seeing,” she said.

“You’re already seeing rents increase dramatically.”

This report by The Canadian Press was first published March 22, 2023.

Canada celebrates the win over Finland IIHF World Junior Hockey Championship gold medal game action in Edmonton on Saturday August 20, 2022. THE CANADIAN PRESS/Jason Franson

Calgary – Peter Anholt has been tasked with helping Canada win a third straight world junior hockey championship after two successful seasons leading the country’s under-18 program.

Anholt, who heads the front office of the Western Hockey League’s Lethbridge Hurricanes, is one of three Canadian Hockey League general managers tabbed by Hockey Canada to oversee its men’s under-17, under-18 and under-20 programs in 2023-24.

He takes over the world junior program from Ottawa 67’s GM James Boyd, who helped Canada win two titles over the span of six months.

Canada beat Finland 3-2 in overtime to win the 2022 championship in Edmonton, which was held in August after being postponed from its traditional December/January slot due to the COVID-19 pandemic.

The Canadians repeated with a 3-2 overtime win over Czechia on Jan. 5 in Halifax.

The 2024 world junior championship begins Dec. 26 in Goteborg, Sweden.

Hockey Canada also announced Wednesday that Dave Brown of the Ontario Hockey League’s Erie Otters will guide the men’s under-17s this season, while Cam Russell of the Quebec Major Junior Hockey League’s Halifax Mooseheads will take over Anholt’s former position with the U18 team.

The three will work alongside Hockey Canada’s hockey operations staff as part of the organization’s “Program of Excellence” management group.

Duties include assisting with player and coach selection, and providing input during camps and tournaments.

Brown will lead the U17 team through the 2023 World Under-17 Hockey Challenge. Canada lost 2-1 to the United States in the final of last year’s event in Langley and Delta, B.C.

Russell, meanwhile, will look to help Canada to a second consecutive Hlinka Gretzky Cup title. Canada won its 23rd gold medal at the best-on-best U18 tournament last year in Red Deer, Alta., with Anholt at the helm.

Canada did not participate in the 2021 event due to the pandemic, but won that year’s U18 worlds.

“All three individuals bring a wealth of CHL experience to our program,” Scott Salmond, Hockey Canada senior vice-president of hockey operations, said in a statement. “We look forward to having them work alongside our athletes and staff while leading our men’s national teams next season.”

This report by The Canadian Press was first published March 22, 2023.