Vacancies, Rents Edge Up in Canada

by Chris on January 6, 2014

Average vacancy rates across Canada increased slightly over last year, according to the latest Rental Market Survey released by Canada Mortgage and Housing Corporation.

tenant screeningHowever, higher employment numbers for young workers age 15-24 and increased immigration continued to drive demand for rentals, which helped to offset an increase in supply. Demand for rental condominium apartments remained strong as well, according to the Report.

Calgary leads as the city with the lowest vacancy rates, followed by Edmonton, and Toronto. The highest vacancies were found in Saint John, Moncton and Charlottetown.

The report shows the average rent for a two-bedroom apartment increased 2. 5 per cent over last year. Vancouver leads with the highest average monthly rent — $1,281 — for two-bedroom apartments in new and existing structures in Canada’s major centres. Calgary ($1,224) and Toronto ($1,213) were close behind. The lowest average monthly rents for two-bedroom apartments in new and existing structures were in Trois-Rivières at $555, Saguenay, $571, and Sherbrooke at $591.

The CMHC Rental Market Survey also covers condominium apartments offered for rent in 11 large urban centres, including Vancouver, Toronto and Montreal. Rental condominium vacancy rates ranged from a high of 5.9 per cent in Québec City to a low of 0.7 per cent in Saskatoon, holding steady in most centres from October 2012. Average monthly rents for two-bedroom condominium apartments were highest in Toronto ($1,752) and lowest in Québec City ($980).

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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

{ 2 comments… read them below or add one }

Andrew January 7, 2014 at 6:19 am

I suggest your readers take CMHC stats with a grain of salt. CMHC does not and can not record all rents for private rental properties. For instance, I have several condos and a house that I rent in Toronto. CMHC has never once in 20 years asked me what my rents are on those properties. My situation is similar to many thousands of small private landlords. I firmly believe the REAL average rents in Toronto are below CMHC’s claim: I know mine certainly are (which are are inline with other private landlords).

Gary January 7, 2014 at 9:32 am

I agree with Andrew about CMHC stats. I am manager of a couple of small buildings in Vancouver. I am surveyed every year by CMHC. But I find their rates lower than actual. In an average apartment building my experience is that 1 beds go for 1200-1300 and 2 beds for 1500-1600. I think the problem may be when CMHC says “vancouver” they are really basing there stats on the whole metro area which might be all of the Fraser Valley.

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