OTTAWA, Ontario, November 26, 2001 — The average rental vacancy rate in Canada's metropolitan centres fell from 1.6 per cent in October 2000 to 1.1 per cent in October this year, according to the Rental Market Survey released by Canada Mortgage and Housing Corporation (CMHC) today. This is the lowest rate since the survey first included structures of three units and over in 1987.
"Steady job creation in the past few years, high international immigration and growth in the young adult population caused vacancy rates to go down in many centres," said Philippe Le Goff, a Senior Economist at CMHC's Market Analysis Centre.
Seventeen of Canada's 26 major centres have lower vacancy rates than a year ago. The lowest rates were in Victoria (0.5 %), Montreal (0.6 %), Hull (0.6 %), and Ottawa (0.8 %).
Higher in-migration pushed vacancy rates lower in five of 10 centres in Ontario. Greater rental supply and strong movement towards home ownership caused vacancy rates to rise in Toronto, Ottawa, Kitchener and Windsor. Thunder Bay has the highest vacancy rate among Canada's metropolitan areas at 5.8 per cent, followed by Sudbury at 5.7 per cent.
Five of Quebec's six metropolitan areas had lower vacancy rates, with the greatest relative decline occurring in Sherbrooke (4.7 to 2.3 %). The Chicoutimi-Jonquière vacancy rate remained 4.4 per cent.
In the west, Victoria's vacancy rate went from 1.8 to 0.5 per cent in the past 12 months. Rates also fell in Winnipeg, Edmonton, Calgary, and Vancouver but rose in Regina and Saskatoon. In Atlantic Canada, vacancy rates declined in Halifax, and St. John's. The vacancy rate in Saint John rose to 5.6 per cent from 3.4 per cent, the largest increase of all Canadian metropolitan areas.
CMHC's annual rent survey shows the highest average monthly rents for two-bedroom apartments were still in Toronto ($1,027), Vancouver ($919), and Ottawa ($914). The lowest average rents were in Trois-Rivières ($419) and Sherbrooke ($446).
In metropolitan areas, rent increases ranged between 0.2 and 8.7 per cent. The greatest increase occurred in Edmonton. Calgary posted the second-largest increase at 5.8 per cent. Rents in Hull, Saint John, Toronto, St. Catharines, Ottawa, London and St. John's rose more than four per cent.
CMHC's Rental Market Survey is conducted yearly in October, to provide vacancy rate and rent information on privately initiated structures of three or more units.
For further information contact:
Philippe Le Goff
CMHC
(613) 748-2933
plegoff@cmhc-schl.gc.ca
For local rental market information, please contact your local CMHC branch.
Vacancy Rates in Apartment Structures
of Three Units and Over
Privately Initiated, in Metropolitan Areas
| October 1997 |
October 1998 |
October 1999 |
October 2000 |
October 2001 |
|
| Atlantic Region | |||||
| St.John's | 16.6 | 15.4 | 9.2 | 3.8 | 2.5 |
| Halifax | 7.7 | 5.5 | 3.6 | 3.6 | 2.8 |
| Saint John | 8.2 | 7.3 | 5.2 | 3.4 | 5.6 |
| Quebec Region | |||||
| Chicoutimi | 4.1 | 4.8 | 4.9 | 4.4 | 4.4 |
| Hull | 9.4 | 6.7 | 4.4 | 1.4 | 0.6 |
| Montréal | 5.9 | 4.7 | 3.0 | 1.5 | 0.6 |
| Québec | 6.6 | 5.2 | 3.3 | 1.6 | 0.8 |
| Sherbrooke | 7.5 | 7.3 | 7.6 | 4.7 | 2.3 |
| Trois-Rivières | 8.6 | 8.5 | 7.9 | 6.8 | 4.7 |
| Ontario Region | |||||
| Hamilton | 3.1 | 3.2 | 1.9 | 1.7 | 1.3 |
| Kitchener | 1.9 | 1.5 | 1.0 | 0.7 | 0.9 |
| London | 5.1 | 4.5 | 3.5 | 2.2 | 1.6 |
| Oshawa | 2.4 | 2.0 | 1.7 | 1.7 | 1.3 |
| Ottawa | 4.2 | 2.1 | 0.7 | 0.2 | 0.8 |
| St.Catharines | 5.4 | 4.6 | 3.2 | 2.6 | 1.9 |
| Sudbury | 7.2 | 9.4 | 11.1 | 7.7 | 5.7 |
| Thunder Bay | 7.7 | 9.3 | 7.5 | 5.8 | 5.8 |
| Toronto | 0.8 | 0.8 | 0.9 | 0.6 | 0.9 |
| Windsor | 4.5 | 4.3 | 2.7 | 1.9 | 2.9 |
| Prairie Region | |||||
| Calgary | 0.5 | 0.6 | 2.8 | 1.3 | 1.2 |
| Edmonton | 4.6 | 1.9 | 2.2 | 1.4 | 0.9 |
| Regina | 1.5 | 1.7 | 1.4 | 1.4 | 2.1 |
| Saskatoon | 0.9 | 0.8 | 0.9 | 1.7 | 2.9 |
| Winnipeg | 5.9 | 4.0 | 3.0 | 2.0 | 1.4 |
| British Columbia Region | |||||
| Vancouver | 1.7 | 2.7 | 2.7 | 1.4 | 1.0 |
| Victoria | 3.5 | 3.8 | 3.6 | 1.8 | 0.5 |
| Total (1) | 4.1 | 3.4 | 2.6 | 1.6 | 1.1 |
|
Weighted Average Rent by Metropolitan Area Privately Initiated Three Apartment Units and Over |
||||
| One-Bedroom | Two-Bedroom | |||
| Oct. 2000 | Oct. 2001 | Oct. 2000 | Oct. 2001 | |
| Atlantic Region | $ | $ | $ | $ |
| St.John's | 477 | 489 | 552 | 575 |
| Halifax | 539 | 554 | 648 | 673 |
| Saint John | 402 | 406 | 460 | 483 |
| Québec Region | ||||
| Chicoutimi | 363 | 364 | 438 | 439 |
| Hull | 457 | 485 | 544 | 573 |
| Montréal | 458 | 480 | 509 | 530 |
| Québec | 459 | 473 | 518 | 538 |
| Sherbrooke | 362 | 366 | 437 | 446 |
| Trois-Rivières | 349 | 358 | 413 | 419 |
| Ontario Region | ||||
| Hamilton | 582 | 608 | 719 | 740 |
| Kitchener | 598 | 615 | 697 | 722 |
| London | 530 | 547 | 657 | 683 |
| Oshawa | 684 | 692 | 778 | 799 |
| Ottawa | 723 | 762 | 877 | 914 |
| St.Catharines | 545 | 569 | 653 | 680 |
| Sudbury | 502 | 500 | 619 | 620 |
| Thunder Bay | 527 | 529 | 654 | 657 |
| Toronto | 830 | 866 | 979 | 1,027 |
| Windsor | 599 | 618 | 736 | 738 |
| Prairie Region | ||||
| Calgary | 611 | 649 | 740 | 783 |
| Edmonton | 489 | 537 | 601 | 654 |
| Regina | 461 | 476 | 549 | 568 |
| Saskatoon | 442 | 460 | 541 | 558 |
| Winnipeg | 473 | 476 | 588 | 605 |
| British Columbia Region | ||||
| Vancouver | 695 | 726 | 890 | 919 |
| Victoria | 579 | 592 | 731 | 751 |