See how rental prices and vacancy rates compare in major Canadian cities
Article by Monika Warzecha, December 16, 2014
“Cities in British Columbia have the tightest rental markets in the country, according to new statistics from the Canada Mortgage and Housing Corporation (CMHC).
The fall rental market report tracks conditions for the purpose-built rental market, which includes apartment and row structures that have at least three rental units.
The results? Among the 35 large metro areas studied, Vancouver and Kelowna had the lowest rate. In October 2014, the vacancy rate for both cities was just 1 per cent. The other end of the country saw the highest vacancy rates, with Saint John and Moncton home to vacancy rates of 9 and 8.7 per cent, respectively.
The average rental apartment vacancy rate across Canada’s 35 larger centres was 2.8 per cent, a slight increase over 2013′s rate of 2.7 per cent.
“Overall, this increase in supply outpaced the rise in occupied units, slightly pushing up the national vacancy rate,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.
“That said, demand for rental housing was supported by net migration and steady levels of full-time employment in the 15 to 24 age group.””
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