CMHC 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
That was well below the 3.1 vacancy rate in 2021, when the country started to reopen after the end of pandemic border restrictions and government shutdowns. It marks thesince 2001 when the vacancy rate was 1.7 per cent, according to Canada Mortgage and Housing Corp’s annual rental report released on Thursday.
The country’s largest rental markets were under particular stress, with Toronto’s apartment vacancy rate dropping to 1.7 per cent last year from 4.4 per cent in 2021; Montreal falling to 2.3 per cent from 3.7 per cent and Vancouver declining to 0.9 per cent from 1.2 per cent. In some areas, bidding wars have erupted for rentals, intensifying the competition and pushing up lease rates across the country. The national average monthly rental price for a two-bedroom rose 5.6 per cent to $1,258 last year. Gatineau and Halifax saw rents climb by more than 9 per cent year over year.
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