A new report by KPMG LLP has revealed that real estate contributes billions of dollars to Canada’s economy each year.
The report, a first of its kind prepared for the Rental Housing Council of BC, found the B.C. rental market is placing $12.25bn to the country’s gross domestic product each year.
Rental housing also appeared to exceed the contributions of both the forestry and mining industries.
B.C.’s rental income represents $10.6bn in economic activity and 82,851 full-time jobs. Despite this, the report still called for “continued investment in a sector that is propped up by condos.”
“It’s fairly broadly accepted that in terms of long-term sustainable rental housing, purpose-built is the preferred … option versus condos,” said David Hutniak, chief executive of LandlordBC. “Ironically, if we didn’t have condos we’d be in more dire straits. … [But] it’s not sustainable rental housing as we see it.”
He added that the study will “underpin efforts to rally greater government support for the rental sector”, which will benefit landlords and tenants.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: