The national vacancy rate for purpose-built rental apartments dropped to 1.9 per cent in 2022 from 3.1 per cent a year earlier, according to the CMHC’s Rental Market Report – the lowest level recorded since 2001.
“Lower vacancy rates and rising rents were a common theme across Canada in 2022,” Dugan said in the report. In Toronto, turnover units saw 29.1 per cent rent growth compared with 2.3 per cent for non-turnover units. This phenomenon created affordability challenges for renters trying to find new housing, the report said.Students returning to campuses after years of pandemic remote learning contributed to the squeeze in several cities, the report noted, as well as more migration that picked up speed as pandemic restrictions eased.
Montreal’s vacancy rate fell to 2.3 per cent from 3.7 per cent, and rent increases were particularly high, while in Vancouver, demand for rental housing increased faster than supply, bringing the vacancy rate to 0.9 per cent from 1.2 per cent in 2021.
LandlordRescue says rents are not going up in 2023 lol
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