OTTAWA—Canada’s general emptiness fee dropped for a second yr in a row, as demand for rental housing grew at a quicker tempo than provide, in response to the Canada Mortgage Housing Corp.
In its annual rental market survey, the housing company says in 2018, the emptiness fee throughout the nation was 2.four per cent, down from three per cent in 2017.
CMHC says demand for rental housing grew at a quicker tempo than provide. It discovered that the variety of occupied items climbed by 2.5 per cent in October 2018, in contrast with a rise of 1.9 per cent in the identical month a yr earlier.
Ontario, B.C. and Manitoba all noticed a rise in its emptiness charges, whereas Quebec, Alberta, Saskatchewan and the Atlantic provinces all noticed declines.
The report, which checked out purpose-built rental items and apartment residences obtainable for lease, discovered the common lease for a two-bedroom residence jumped by 3.5 per cent from October 2017 to October 2018. This enhance was larger than the inflation fee throughout this era.
B.C. noticed the most important climb in lease, with Kelowna recording an 9.four per enhance. Saskatchewan, the province with the best emptiness charges, noticed rents go down barely, by 0.5 per cent in Regina.
In October, Vancouver had the best common month-to-month lease for a two-bedroom residence at $1,649, adopted by Toronto at $1,467 and Calgary at $1,272.
Trois-Rivieres, Que., had the bottom common month-to-month lease in October at $601, adopted by Saguenay, Que., at $608 and Sherbrooke, Que., at $639.