The federal government's decision to extend 30-year mortgages to first-time homebuyers is not expected to significantly alleviate the challenges faced by London renters, who are contending with a low vacancy rate and rising rents. While the changes may help some buyers enter the market, experts believe the impact on rental supply will be minimal. London's turnover rate for rental units has decreased, contributing to higher rents. Although rent increases have slowed, the ongoing shortage of affordable housing continues to pressure prices. More comprehensive solutions are needed for renters.
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