Rent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the Canada Mortgage and Housing Corp. (CMHC) said.
In a report released Thursday, the federal housing agency said the average rent for a two-bedroom purpose-built apartment, which it uses as its representative sample, grew 5.6 per cent compared with the previous 12-month period.The report also said last year's surging real estate market saw the lowest vacancy rate for purpose-built rentals in decades leaving those searching for a rental property with even fewer options.
Though declining in recent months, the Canadian Real Estate Association said the national average home price still sat at $626,318 in December, down 12 per cent from the same month last year. 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.
CMHC found the average rent for a two-bedroom purpose-built rental climbed 5.6 per cent to $1,258 and the average two-bedroom rental condo rent jumped nine per cent to $1,930.
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