October Shows Flat Rental Vacancy Rate

In the month of October, the vacancy rate for rental apartments in Canada saw only a slight change in the larger centers of the country. The rate increased from its previous 3.3 per cent from 2015 to 3.4 per cent.

The Senior Market Analyst at CMHC, Anthony Passarelli said; “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. That said, regional trends across the country were considerably different, roughly offsetting one another at the national level.”

According to CMHC, Saskatoon was the city which had more abundant vacancies amid purposely built rentals, with a percentage of 10.3, with St-Johns’, Edmonton (7.1 per cent), Calgary (7 per cent) and Saguenay (7 per cent) following behind.

It will be pretty hard for those looking to rent to find a suitable home that will be according to their preference in Victoria and Abbotsford-Mission where the vacancy rate is at 0.5, Vancouver at 0.7 per cent and Kelowna at 0.6 per cent. In October the benchmark price for a monthly rent for an ordinary two-bedroom apartment was $995 throughout the whole of Canada. Through Quebec City To Toronto, the rental payment for a two-bedroom condo apartment ranges from $1,033 to $2,029.