Rental mar­ket re­mains tight

The Woolwich Observer - - NEWS -

Canada’s over­all rental va­cancy rate de­clined for the sec­ond year in a row to reach 2.4%, down from 3% in 2017, ac­cord­ing to Canada Mort­gage and Hous­ing Cor­po­ra­tion’s (CMHC) Rental Mar­ket Sur­vey re­leased this week.

This de­cline brings the va­cancy rate for apart­ments in the pri­mary rental mar­ket be­low the av­er­age of the last 10 years (3%).

Na­tion­ally, de­mand for rental hous­ing grew more than sup­ply. The num­ber of units oc­cu­pied in­creased by 2.6%, while the sur­vey uni­verse in­creased by ap­prox­i­mately 1.9%.

In On­tario, the va­cancy rate re­mained near his­tor­i­cal lows at 1.8%, com­pared to 1.6% in 2017.

Na­tion­ally, the av­er­age rent for two-bed­room apart­ments in­creased by 3.5% dur­ing the sur­veyed pe­riod from Oc­to­ber 2017 to Oc­to­ber 2018, which is higher than the in­fla­tion ob­served in Canada dur­ing the same pe­riod.

Large in­creases were ob­served in On­tario, in­clud­ing Peter­bor­ough (+7.6%), Oshawa (+6.1%), Ot­tawa (+5.8%), Bar­rie (+5.2%), Kitch­ener-Cam­bridge-Wa­ter­loo (+5.5%) and Toronto (+5.2%).

For all sur­veyed cen­tres, the av­er­age monthly rent for two-bed­room apart­ments (new and ex­ist­ing build­ings com­bined) was $1,025 in Oc­to­ber 2018.

The high­est av­er­age monthly rents for two-bed­room apart­ments (in CMAs) were recorded in Van­cou­ver ($1,649), Toronto ($1,467) and Cal­gary ($1,272), and the low­est in Trois-Rivières ($601), Sague­nay ($608) and Sher­brooke ($639).

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