Canadian Apartment Rental Vacancy Rate Down Slightly

Posted by Orb Staff on June 12, 2012 No Comments
Categories : Commercial Mortgage

11754_canada Canadian Apartment Rental Vacancy Rate Down Slightly The average rental apartment vacancy rate in Canada's 35 major metropolitan centers decreased slightly to 2.3% in April from 2.5% a year earlier, according to the spring rental market survey released by Canada Mortgage and Housing Corp. (CMHC).Â

Manitoba had the lowest provincial vacancy rate, at 1.2%, while New Brunswick had the highest provincial vacancy rate, at 6.2%. The Canadian average two-bedroom rent in both new and existing structures was C$887 in April, while the highest average monthly rents for two-bedroom apartments were found in Vancouver (C$1,210), Toronto (C$1,164) and Calgary (C$1,113). The lowest average monthly rents for two-bedroom apartments were in Trois-Rivieres (C$543) and Saguenay (C$553).

‘An overall improving job market over the last year, in conjunction with new migrants coming to Canada's major centres, are factors that are supporting rental demand in Canada,’ says Mathieu Laberge, deputy chief economist at CMHC's Market Analysis Centre. ‘Immigrants, as well as young workers, usually tend to rent first and then move to homeownership.’

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