Canada’s vacancy rate declined this year. It reached 2.4% in 2018, which is slightly lower than the 3.0% in 2017.
These figures were highlighted in Canada Mortgage and Housing Corporation’s (CMHC) Rental Market Survey released on Wednesday.
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The survey “conducted in October 2018, provides data and analysis for both the primary and purpose-built rental market as well as the secondary rental market”.
The primary rental market, consists of units in privately initiated, purpose-built rental structures of three units or more. The secondary rental market covers condominium apartments offered for rent.
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British Columbia Statistics
British Columbia has seen the largest rent increase in Canada this year.
In total, the overall vacancy rate increased to 1.4% and the average rent in BC is now $1,248 (up by 6.3%).
“Demand for rental housing in BC increased and although new rental supply outpaced demand, vacancy rates remain low,” stated Taylor Pardy, Acting Regional Economist, West.
Here’s a look at the primary rental market (by bedroom type):
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Highlights In Vacancy Rates (Primary Market)
- Nationally, demand for rental housing grew more than supply. For all surveyed centres the number of units occupied increased by 2.6% in October 2018 compared to October 2017, while the survey universe increased by approximately 1.9%.
- The vacancy rate increased slightly in Ontario, British Columbia and Manitoba and decreased in Quebec, Alberta, Saskatchewan and the Atlantic provinces.
- In British Columbia, the vacancy rate remained low despite a slight increase to 1.4%, compared to 1.3% in 2017. Some of the lowest vacancy rates were recorded in Vancouver (1.0%), Abbotsford-Mission (1.0%) and Victoria (1.2%).
- In Ontario, the vacancy rate remained near historical lows at 1.8%, compared to 1.6% in 2017. The lowest vacancy rates can be found in Kingston (0.6%) and Toronto (1.1%).
- Manitoba posted a slight increase in its vacancy rate from 2.7% in 2017 to 2.9% in 2018.
- In Quebec, the rental market has tightened significantly: the vacancy rate went from 3.4% in 2017 to 2.3% in 2018. The lowest rate being in Gatineau (1.2%).
- The vacancy rate declined in Alberta from 7.5% in 2017 to 5.5% in 2018 and in Saskatchewan, more modestly from 9.3% in 2017 to 8.7% in 018.
- In the Atlantic, all provinces saw a decline in vacancy rates: Prince Edward Island from 1.2% in 2017 to 0.3% in 2018, in Nova Scotia from 2.6% in 2017 to 2.0% in 2018 and in New Brunswick 4.1% in 017 to 3.2% in 2018 is due to a steady rise in rental demand. In Newfoundland and Labrador, the vacancy rate decreased from 6.6% in 2017 to 6.0% in 2018.
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