Rental vacancy rate flat in October

The vacancy rate for rental apartments in Canada’s larger centres saw little improvement in October, rising to 3.4 per cent from 3.3 per cent a year earlier.

“Since last year, the supply of apartment units in the primary rental market increased more than the number of occupied units, causing the vacancy rate to increase slightly,” noted Anthony Passarelli, Senior Market Analyst at CMHC. “That said, regional trends across the country were considerably different, roughly offsetting one another at the national level.”

CMHC says that Saskatoon was the city where vacancies among purpose built rentals were most abundant (10.3 per cent) followed by St-John’s (9.7 per cent), Edmonton (7.1 per cent), Calgary (7 per cent) and Saguenay (7 per cent).

Renters will struggle to find choice of homes in Victoria and Abbotsford-Mission (0.5 per cent), Kelowna (0.6 per cent) and Vancouver (0.7 per cent).

Average monthly rent for a two-bedroom apartment nationally was $995 in October. Rents for two-bedroom condo apartment rents ranged from $1,033 in Quebec City to $2,029 in Toronto.

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