According to the spring Rental Market Survey released this month by the Canada Mortgage and Housing Corporation, the rental vacancy rate in Canada’s 35 major centres was 2.9 per cent this April compared to 2.7 per cent in April of last year.
“The stability of the national vacancy rate is due to offsetting regional trends that reflect the negative impact of lower oil prices on dental demand leading to higher vacancy rates in oil-producing provinces, particularly Alberta and Saskatchewan,” said the Chief Economist at the Canada Mortgage and Housing Corporation’s Market Analysis Centre, Bob Dugan.
He continued, “However, vacancy rates decreased in most of the major centres of Ontario and British Columbia, reflecting stronger economic conditions. In Ontario, improving employment conditions for young adults aged 15 to 24, a key source of rental demand, and a stable supply of rental units placed downward pressure on vacancy rates, while increased immigration to British Columbia, another key source of rental demand, more-than-offset an increase in the province’s rental market supply.”
The average monthly rent for a two-bedroom apartment in Toronto is $1,269, compared to Vancouver with $1,345.