Rent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the CMHC said.
Play Video
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..Along with the increase for two-bedroom purpose-built units, CMHC found the average rent for a two-bedroom rental condo jumped nine per cent to $1,930.Article content
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
There are fewer apartments available to rent in Canada than at any time since 2001CMHC report finds the average annual rental rate increased by 18.2 per cent when the apartment was turned over to a new tenant, compared to an average increase of 2.8 per cent when the tenant remained in the unit
Read more »
Renters in Canada are facing the toughest market since 2001: CMHC report - National | Globalnews.caThe vacancy rate for purpose-built rental apartments declined to 1.9 per cent last year — the lowest level since 2001, according to the Canada Mortgage and Housing Corporation.
Read more »
Rent prices grew at record pace in 2022 as Canada saw lowest vacancy rate in decadesRent 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.
Read more »
Rent prices grew at record pace in 2022 as Canada saw lowest vacancy rate in decadesRent 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. said.
Read more »
Rent prices grew at record pace in 2022 as Canada saw lowest vacancy rate in decadesRent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the CMHC said.
Read more »
Rent prices grew at record pace in 2022 as Canada saw lowest vacancy rate in decadesRent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the CMHC said.
Read more »