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