Highlights from the latest CMHC Rental Market Report
Canada’s rental market has surged in recent years, and the latest Rental Market Report from the Canadian Mortgage and Housing Corporation (CMHC) is further evidence of this. From Toronto to Vancouver, cities across the country are experiencing an outpour of rental demand and decreasing vacancy rates.
Here’s a closer look at what’s happening in rental markets in some of Canada’s largest cities:
Toronto
- Primary rental apartment vacancy rate fell to an impressive 1.7% in 2022, a decrease from 4.4% the previous year. Economic stability and immigration have contributed to a rise in rental demand.
Montreal
- Strong demand in the rental market pushed the vacancy rate down from 3.7% to 2.3%, and rent increases have been significant for those who moved.
Vancouver
- The vacancy rate decreased from 1.2% to 0.9% as a result of higher homeownership costs and migration to the region.
Calgary
- With the economy growing beyond pre-pandemic levels, the rental market tightened to conditions not seen since Alberta’s last economic boom, The overall vacancy rate dropped to 2.7%, the lowest since 2014.
Edmonton
- A strong economic rebound and record migration flows have contributed to rental demand outpacing new rental supply. The vacancy rate dropped from 7.3% to 4.3%.
Ottawa
- Strong demographic and economic conditions have supported rental demand and the vacancy rate dropped from 3.4% to 2.1%.
Victoria
- Record high supply growth and rising demand have accelerated rent increases in the rental market, with the vacancy rate slightly increasing to 1.5%.
Hamilton
- The vacancy rate for purpose-built rental apartments was at its lowest since 2022, at 1.9%, due to more student renters, higher full-time employment and fewer renters transitioning into homeownership.
Halifax
- The vacancy rate remained at a record low of 1% with the number of rental apartment units increasing by 1,348.
So… what does this mean for investors?
With the rental market at an all time high, investing in rental properties has become an increasingly attractive option. The current demand for rentals is at a premium, making this the perfect time to consider this asset type.
A combination of factors, including a growing population, a shift towards urban living, and a decrease in homeownership have set up purpose-built rentals as a strong and stable investment with promising returns as demand continues to rise.
At Cacoeli, we are committed to identify and taking advantage of market conditions to ensure that our investors receive healthy and strong returns. With extensive experience spanning two decades, our team is equipped to identify the right properties and manage them effectively to ensure maximum returns for our investors.
Cacoeli can help you navigate the market. With our proven track record of success, you can trust our team to manage your investment effectively and help you achieve your financial goals.
Don’t miss out on this opportunity to invest in a strong and stable asset type alongside our team!
For the full CMHC Rental Report, visit:
https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres