Rental vacancy rate unchanged this spring
The average vacancy rate for primary purpose-built apartments in Canada’s 35 major centers was 2.7 per cent in April 20142, unchanged from April 2013.
The stability of the national vacancy rate is attributable to supply and demand factors. Demand for rental housing continues to be supported by population gains from net migration. Analysis conducted by CMHC shows that recent immigrants tend to rent a dwelling upon first arrival in the country. In 2013, net migration increased by 3.4 per cent to 274,501 people. Stable employment levels for young workers aged 20 to 24 also supported rental market demand. Data from statistics Canada reveals that households headed by individuals in this age group have the greatest tendency to rent. From March 2013 to March 2014, employment in the 20 to 24 age group increased slightly by one per cent, after recovering from the losses during the last recession.
Source: Canada Mortgage and Housing Corporation (CMHC),Rental Market Report – Canada Highlights – Date Released – Spring 2014. This information is reproduced and distributed on an “as is” basis with the permission of CMHC.