Rent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the CMHC said.
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The CMHC says the fall reflects a widespread tightening in the rental market as immigration ticked upward following a pandemic slowdown and higher mortgage rates made it harder for renters to purchase properties, which skyrocketed in price at the start of 2022.Article content “This caused affordability challenges for renters, especially those in the lower income ranges, with very few units in the market available in their price range.”Article content
In Edmonton, it dropped from 7.3 per cent to 4.3 per cent and in Ottawa, it crept down to 2.1 per cent from 3.4 per cent.The plunging vacancy rates drove up rental prices..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.Article content
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