New stats show rising rent costs and plummeting vacancy rates across Canada
New data from Canada's national housing agency has painted a bleak picture for renters across the country.
The results of the Canada Mortgage and Housing Corporation's latest Rental Market Survey were published today, and though the information isn't exactly surprising, it's still disheartening for those in cities that have already been experiencing troublesome housing markets.
Low vacancy rates in major centres illustrate the need for increased rental supply to ensure people in Canada have access to affordable housing. Find out what else we found in our Rental Market Survey: https://t.co/x5l758Q80C pic.twitter.com/0la8PFIngc— CMHC (@CMHC_ca) January 15, 2020
Vacancy rates fell and the average price of rent rose dramatically in a number of Canadian city centres in 2019, while more and more young people and migrants continue to relocate to cities and seek rental housing.
Overall last year, the rate of available rental units across the country fell to the lowest it's been since 2008 — 2.3 per cent. For purpose-built apartments specifically (not including row housing), this number hit 2.2 per cent, the worst it's been since 2002. The vacancy rate for condo rentals Canada-wide is also at a dramatic low of just 1 per cent.
Me: my budget for rent is $800— Samantha Wyss 👟 (@samantha_wyss) January 13, 2020
Toronto rentals: you’ll pay $1200 for a room in a house you’ll share with 5 other people and you have a curtain instead of a bedroom door :)
Montreal's vacancy rate for rentals fell to a 15-year low of 1.5 per cent, while Halifax's and Victoria's dropped to a shocking 1 per cent — just slightly worse than Vancouver's stable rock bottom 1.1 per cent.
The General Toronto Area (not just the city itself), Vancouver, Halifax, Ottawa, Gatineau, Kingston, Kitchener, Guelph, Lethbridge, Trois-Rivieres, and London are among the Canadian cities that now have concerning vacancy rates below 2 per cent, though some of these numbers — like the GTA's — are actually slightly up from 2018.
Vacancy rate in Metro Vancouver: rose from 1% to 1.1% for purpose-built apartments— Justin McElroy (@j_mcelroy) January 15, 2020
Average rent for two-bedroom units: rose from $1,649 to $1,748 (6% increase)
This despite the number of condominium apartments in long-term rental increasing by 18.9% pic.twitter.com/imqvp3icig
Adding more fuel to the hellfire that is the Canadian rental market, numbers show that monthly rental costs in some cities have risen, on average, nearly 10 per cent from 2018. As many know, the average rent in cities such Toronto have already hit untenable record highs of more than $2,500.
This is in line with the fact that though low vacancy rates generally indicate that a city is doing well and attracting new residents, it also means those residents face way more difficulty when trying to find housing and often have to pay exponentially higher rents to secure a place.
Toronto has become ridiculously expensive. $2600 for an apartment? Bruh how do ppl afford life?— アマル (@theplanetammar) January 14, 2020
Here are the CMHC's most recent stats for some major cities across Canada:
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