Canada’s vacancy rate falls for third year as tight rental market highlights growing housing crunch

This translation has been automatically generated and has not been verified for accuracy.Canada’s rental vacancy rate declined for the third consecutive year, to 2.3 per cent in 2019, as the number of new tenant households overwhelms new apartments coming to market.

The rental market is even tighter for condos, with the vacancy rate declining to 1 per cent in 2019 from 1.4 per cent the year before, CMHC said.Wednesday’s results highlight the extent to which Canada is struggling to build new rental housing as the country undergoes a record-setting population boom.

In the Toronto area, the apartment vacancy rate increased to 1.5 per cent from 1.1 per cent, while condo vacancies remained below 1 per cent. The average two-bedroom apartment increased 6.5 per cent to $1,562 a month. Given how tight the rental market has become, developers are starting to embrace rental construction again. In 2019, more than 53,000 rental units were completed across the country. That marked the first time since 1992 that rental completions outpaced those of condos.

globebusiness Why don't we keep importing endless people into Canada. Sounds like a great plan eh.... Mortgage lenders, land barons and developers are the only ones making money on this deal.

globebusiness Canada and the EU till 2050 are going to enjoy the pleasures of some aspects of the third world. If you support mass immigration without a serious quality control, bringing an influx of zealots in the mix, get ready.

globebusiness In surprised they vacancy rate is 2%

globebusiness If immigration is not the cause of the increased demand on housing then tell me, WHAT IS IT?

globebusiness I guess we could always increase immigration to fix the problem 🙄

globebusiness Not the time to reduce immigration, I beleive increasing the already galloping immigration should solve the problem. 🤔

globebusiness

globebusiness Geez,i wonder is Trudumbs mass immigration plan has anything to do with it. You figure?

globebusiness So there were 53,000 rental units created in 2019... and over 300,000 people immigrating here. I'm not opposed to immigration, but these numbers clearly aren't sustainable.

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