Rental vacancies increase but still tight in many areas

Rental vacancies increase but still tight in many areas

Rental vacancies increase but still tight in many areas Apart from foreign ownership data the other story from the latest CMHC Rental Market Survey is a slight uptick in vacancies in the rental market. In the 35 largest metropolitan areas the vacancy rate was 2.8 per cent; up from 2.7 per cent a year earlier. The data shows that there was an increase in inventory of 2.7 per cent but that has been swallowed up by rising net migration and a high level of students. The availability of property varies widely with Saint John and Moncton having a vacancy rate of around 9 per cent while Calgary has a 1.4 per cent rate and Vancouver just 1 per cent. The survey also covers condominium apartments offered for rent in 11 large urban centres, including Vancouver, Toronto and Montréal and reveals that rental condo vacancy rates ranged from a high of 3.4 per cent in Montréal, to a low of 0.7 per cent in Vancouver.