The average vacancy rate for rental apartments in Canada’s 35 major centres decreased to 2.2% in October 2011 from 2.6% in October 2010, according to Canada Mortgage and Housing Corporation’s fall Rental Market Survey released yesterday.
“Modestly higher levels of employment among persons aged 15 to 24 likely increased household formation among young adults, thereby increasing rental housing demand,” said Mathieu Laberge, deputy chief economist at CMHC’s market analysis centre.
“This, combined with the supply of newly constructed rental apartments moving slightly lower, pushed Canada’s vacancy rate downward. Demand for rental condominium apartments remained strong, with the vacancy rate for such units falling in most of Canada’s largest urban centres, including Toronto, Montreal and Vancouver.”
The Canadian average two-bedroom rent in new and existing structures was $883 in October 2011 compared with $860 in October 2010.
Vancouver recorded the highest average monthly rent for a two-bedroom apartment: $1,237.
Average rents for other Canadians cities are Toronto ($1,149), Ottawa ($1,086), Calgary ($1,084), Victoria ($1,045), Edmonton ($1,034) and Barrie ($1,001).
These were the only major centres with average monthly rents at or above $1,000.
Provincially, the highest average monthly rents were in British Columbia ($1,050). Alberta was second highest ($1,044) and Ontario third ($1,002).
Jennifer Harrison
@JHarrisonBIV