The fall reflects a tightening CMHC saw in the rental market as immigration ticked upward and higher mortgage rates made it harder for renters to purchase…
The federal housing agency says the vacancy rate for such properties sat at 1.9 per cent last year, down from 3.8 per cent a year earlier.Sign up to receive the daily top stories from the National Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
The tightening was stark in Vancouver, where the vacancy rate edged down from 1.2 per cent in 2021 to 0.9 per cent last year, and Toronto, which dropped from 4.4 per cent to 1.7 per cent. Montreal’s rental market reached 2.3 per cent from 3.7 per cent a year earlier and Calgary’s moved from 5.1 per cent to 2.7 per cent, the lowest level seen since 2014.
CMHC says such plunging vacancy rates weighed on the average rent for a two-bedroom purpose-built rental, which climbed 5.6 per cent to $1,258, and the average two-bedroom rental condo rent, which jumped nine per cent to $1,930.
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