Guelph Has One of the Lowest Rental Vacancy Rates: 1.7%
Canada’s Rental Vacancy Rate Remains Unchanged
According to the spring Rental Market Survey1 released today by Canada Mortgage and Housing Corporation (CMHC), the average vacancy rate for primary purpose-built apartments in Canada’s 35 major centres2 was 2.7 per cent in April 2014, unchanged from April 2013.
“The stability of the national vacancy rate is due to supply and demand factors,” said Bruno Duhamel, Manager of Economic and Housing Analysis. “Demand for rental housing continues to be supported by population gains from net migration and stable employment levels for young workers aged 20 to 24”.
The results of CMHC’s spring survey also revealed that major centres with the lowest vacancy rates in April 2014 were Edmonton and Calgary (1.4 per cent each) and Kelowna (1.5 per cent). The major centres with the highest vacancy rates were Moncton (10.7 per cent), Saint John (10.0 per cent), and Charlottetown (8.7 per cent).
The Canadian average two-bedroom rent in new and existing structures was $930 in April 2014. With respect to the census metropolitan areas, the highest average monthly rents for two-bedroom apartments were in Vancouver ($1,274), Calgary ($1,267), and Toronto ($1,241). The lowest average monthly rents for two-bedroom apartments were in Saguenay ($562), Trois-Rivières ($571) and Sherbrooke ($594).
As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
1 CMHC’s Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December. Note that there are differences between the fall and spring surveys. The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on: a) Smaller geographic zones within centres; b) Secondary rental market (rented condominium apartments, single detached, semi-detached, duplexes or accessory apartments).
2 Major centres are based on Statistics Canada Census Metropolitan Areas (CMAs) with the exception of the Ottawa-Gatineau CMA, which is treated as two centres for Rental Market Survey purposes and Charlottetown, which is a Census Agglomeration (CA).
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