Jan 26, 2023

By Bob Komsic

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Canada Mortgage and Housing Corp. says the surging rental market left the country with its lowest vacancy rate since 2001.
The federal housing agency says the vacancy rate for purpose-built rentals was 1.9% last year; down from 3.8% the year before.
This reflects a nation-wide tightening CMHC saw in the market as immigration gradually rose and higher mortgage rates made it harder for renters to purchase properties.
In Toronto the vacancy rate fell from 4.4% to 1.7%.
The demand for apartments sent the average rent to $1,258 a-month; up 5.6% from 2021; and roughly twice the annual average seen for the last 30-years.
Rent for new tenants was up 18.9%, while apartments where there was no change in tenants saw them rise, on average, by 2.9%
”This reflects the fact that, once a tenant vacates a unit, landlords are generally free to increase asking rents to current market levels,” according to CMHC.
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