Rental emptiness charges final yr hit lowest since 2002 after third yr of decline

OTTAWA — Canada Mortgage and Housing Corp. says rental condo emptiness charges final yr hit their lowest degree since 2002 after a 3rd consecutive yr of declines.

The federal housing company says the nationwide emptiness price for goal constructed flats was at 2.2 per cent, down from 2.four per cent in 2018 for all bed room sorts. The emptiness price in rental leases was at one per cent, down from 1.four per cent.

Vancouver’s devoted rental emptiness price was 1.1 per cent, Toronto and Montreal have been at 1.5 per cent, and Halifax was one per cent, whereas emptiness charges for condos have been zero.three per cent in Vancouver and zero.eight per cent in Toronto.

Prairie cities noticed a lot increased vacancies for devoted leases, together with Regina at 7.eight per cent, Calgary at three.9 per cent, and Winnipeg at three.1 per cent.

Nationally, common rents elevated by three.9 per cent for a two-bedroom rental condo as availability tightened, the quickest tempo of same-sample lease development since 2001.

Vancouver had the best lease for a two-bedroom condo at $1,748 after a four.9 per cent common enhance, whereas for Toronto it was $1,562 after a 6.1 per cent climb. Rents have been a lot increased in rental leases, averaging $2,476 for a two-bedroom in Toronto, and $2,045 in Vancouver.

This report by The Canadian Press was first revealed Jan. 15, 2020.