Renters in Canada are facing the toughest market in decades as surging demand and high prices meet some of the lowest national vacancy rates in decades, according to the Canada Mortgage and Housing Corporation (CMHC).
The national average vacancy rate for purpose-built rental apartments declined to 1.9 percent last year—the lowest level since 2001, the housing agency said in its latest rental market report, released Jan. 26.
Across the country, in the purpose-built rental market, the average two-bedroom rent was up 5.6 percent, to $1,258, while the vacancy rate slipped down from 3.1 percent in 2021 to 1.9 percent.
The report found the demand for purpose-built rental apartments increased in 2022, while the vacancy rate decreased. Demand outpaced supply in 2022, dropping the open vacancies lower than they were in 2021….