Rent continues to move up - Housing affordability is a major issue in Canada

Home buyers are either priced out of the market or are waiting for stability in the markets. However, while they wait, they are occupying an existing rental unit. This combined with a growing population and limited housing supply has put significant upward pressure on rent.
In a recent update from CMHC, the shelter-cost-to-income ratio has exceeded levels seen in 1990 which was a period when the 5-year fixed rate was above 10%.