CHMC program largely responsible for developers moving from condo construction to rental projects

Rental prices for Toronto apartments have dropped significantly over much of the last year and renters have the Canada Mortgage and Housing Corporation to thank.

The government agency’s MLI Select program uses a point system to offer insurance incentives based on affordability, energy efficiency and accessibility, for both new construction and existing properties.

“Over 80 per cent of rental supply comes from this program right now,” says Daniel Foch, chief real estate officer at Valery.ca, “I would say this program has been very successful; it’s created a lot of rental supply and it’s already visibly had strong downward pressure on rents and upward pressure on vacancy rates.”

Real estate

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