14 Dec 2011

Rental vacancy rate drops to 2.2 percent

Real estate is still a hot commodity in Canada, as the rental vacancy rate diminished throughout the country in October, a new report indicates.

According to the fall Rental Market Survey released by the Canada Mortgage and Housing Corporation, the average rental apartment vacancy rate in Canada dropped to 2.2 percent in October, down from 2.6 percent on a year-over-year basis.

Mathieu Laberge, deputy chief economist at CMHC's Market Analysis Center, said the decline largely resulted from higher levels of employment among young adults, which necessarily increasing rental housing demand.

"Demand for rental condominium apartments remained strong, with the vacancy rate for such units falling in most of Canada’s largest urban centers, including Toronto, Montreal and Vancouver," said Laberge.

As previous polls have indicated, more Canadians are opting for smaller units, particularly those who are nearing or have reached retirement. To accommodate belongings that don't fit in their smaller dwelling place, Torontonians may need to rent out a storage unit.

With demand for apartments and condominiums on the increase, rental rates have risen. CMHC says the average rent for a two-bedroom unit in October was $883, a moderate rise from $860 a year earlier.

Be Sociable, Share!
Comment

Related Articles [3]

How Self-Storage Can Increase Your Home Value

March 4th, 2019
When you’re selling your home, you want to get out every dollar of your home’s value that you can. After all, the price you sell your home for is your return on...

Why Should You Invest in a Self-Storage Unit for Your Business?

August 6th, 2018
Successful businesses require a lot of back-end work in order for them to function as efficiently as possible. Businesses need ample space for proper documentation,...

Why Self Storage Is Booming In Big Cities

March 5th, 2018
Self-storage has always been popular, but lately, it is becoming increasingly more popular in big cities across the country. People are finding self-storage spaces can be...

Leave a Comment






Recent Posts

Blog Categories

Archives

Subscribe to RSS Feeds
Essential SSL