Rental vacancy rate dips to 2.4% across Canada

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As mortgage rates climb, Canada’s overall vacancy rate dropped for a second year in a row, as demand for rental housing grew at a faster pace than supply, according to the Canada Mortgage Housing Corp.

The cost of renting is also upward bound. A two-bedroom condo in Toronto costs $2,393 a month, for example while the same in Ottawa could be had for an average of $1,014 a month.

The housing agency calculates that 37,000 new purpose-built apartments were added across Canada this year. But demand for apartments increased by 50,000, so there aren’t enough new ones to satisfy everyone who wants one.

Ontario, BC and Manitoba all saw an increase in vacancy rates, while Quebec, Alberta, Saskatchewan and the Atlantic provinces saw declines.

The average rent for a bachelor apartment is now $787 a month. A one-bedroom goes for $946, on average, while a two-bedroom costs $1,025. Apartments with three or more bedrooms — which are hard to find in the first place — cost an average of $1,097 a month.

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BC saw the largest climb in rent, with Kelowna recording an 9.4 per increase. Saskatchewan, the province with the highest vacancy rates, saw rents go down slightly, by 0.5 per cent in Regina. -CINEWS

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  1. These numbers seem to be in line with Liberal Disinformation campaign.
    Yesterday I was looking for room rentals in Brampton.

    People are expected to share bedrooms for $300, $350 and even $450 dollars per month.

    Housing starts are expected to drop over the next 2 years the CMHC also said recently.
    Canada`s housing crisis is only getting worse as the Liberals give free housing to illegal aliens and Khalistani extremists helping them send money home even as there are more terror attacks such as Amritsar on Nov. 19`th.

    Liberals seem to hate taxpayers, according to a Philipino Canadian paper I saw recently: now even insanity is not cause for denying immigration and the social services cost cap has been tripled to over $19,000.

    If one can`t feed or bath one`s self, the liberals want one to come to Canada. Need 24-7 supervision, come on over.

    Anyone who still gets rejected is advised to seek out an immigration consultant for advice on how to cheat the system.

    This is not exaggerated, the entire 2`nd page of the paper was dedicated to the changes recently made to immigration rules. I got the paper at the mall, 50 Kennedy rd. s. Brampton last week.