The average vacancy rate in the primary purpose-built rental apartment market in Canada's 35 major centres(1) increased slightly to 2.7 per cent in October 2013, from 2.6 per cent in October 2012, according to the fall Rental Market Survey(2)released today by Canada Mortgage and Housing Corporation (CMHC).
"An increase in the supply of purpose-built rental apartments was partially offset by increasing rental housing demand across the country. Demand for rental housing was supported by both higher levels of full-time employment in the 15 to 24 age group, and a rise in net migration. Meanwhile, demand for rental condominium apartments remained strong," said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre.
The results of CMHC's fall survey reveal that, in October 2013, the major centres with the lowest vacancy rates in the primary apartment rental market were in Calgary (1.0 per cent), Edmonton (1.4 per cent) and Toronto (1.6 per cent). The centres with the highest vacancy rates were in Saint John (11.4 per cent), Moncton (9.1 per cent) and Charlottetown (7.9 per cent).
Overall, the average rent for two-bedroom apartments in existing structures across Canada's 35 major centres increased 2.5 per cent between October 2012 and October 2013. The average rent for a two-bedroom apartment in new and existing structures was $920 in October 2013(3). The highest average monthly rents for two-bedroom apartments in new and existing structures in Canada's major centres were in Vancouver ($1,281), Calgary ($1,224) and Toronto ($1,213). The lowest average monthly rents for two-bedroom apartments in new and existing structures were in Trois-Rivières ($555), Saguenay ($571) and Sherbrooke ($591).
CMHC's October 2013 Rental Market Survey also covers condominium apartments offered for rent in 11 large urban centres, including Vancouver, Toronto and Montreal. In this particular segment of the secondary rental market, rental condominium vacancy rates ranged from a high of 5.9 per cent in Québec City to a low of 0.7 per cent in Saskatoon, holding steady in most centres from October 2012. Average monthly rents for two-bedroom condominium apartments were highest in Toronto ($1,752) and lowest in Québec City ($980).