Canada’s National Rental Vacancy Rate is Stable with Regional Variations

OTTAWA, June 15, 2015 — According to the spring Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC), the average vacancy rate for primary purpose-built apartments in Canada’s 35 major centres was 2.9 per cent in April 2015, compared to 2.7 per cent in April 2014. This difference is not statistically significant, indicating stability in the overall vacancy rate.

“The stability of the national vacancy rate is due to offsetting regional trends that reflect the negative impact of lower oil prices on rental demand leading to higher vacancy rates in oil-producing provinces, particularly Alberta and Saskatchewan,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

“However, vacancy rates decreased in most of the major centres of Ontario and British Columbia, reflecting stronger economic conditions. In Ontario, improving employment conditions for young adults aged 15 to 24, a key source of rental demand, and a stable supply of rental units placed downward pressure on vacancy rates, while increased immigration to British Columbia, another key source of rental demand, more-than-offset an increase in the province’s rental market supply.”

The census metropolitan areas (CMAs) with the lowest vacancy rates in April 2015 were Guelph (0.6 per cent), Victoria (1.2 per cent) and Vancouver (1.4 per cent). The CMAs with the highest vacancy rates were Moncton (8.8 per cent), Saint John (8.4 per cent), and Gatineau (6.2 per cent).

Average rent for a two-bedroom unit in Canada, including new and existing structures, was $949 in April 2015. Highest average monthly rent for a two-bedroom apartment was recorded in Vancouver ($1,345), followed by Calgary ($1,319) and Toronto ($1,269). Lowest average monthly rent for a two-bedroom apartment was recorded in Trois-Rivières ($571), followed by Saguenay ($583) and Sherbrooke ($607).

CMHC’s Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December. Note that there are differences between the fall and spring surveys.

The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on: a) Smaller geographic zones within centres; b) Secondary rental market (rented condominium apartments, single detached, semi-detached, duplexes or accessory apartments).

Major centres are based on Statistics Canada Census Metropolitan Areas (CMAs) with the exception of the Ottawa-Gatineau CMA, which is treated as two centres for Rental Market Survey purposes and Charlottetown, which is a Census Agglomeration (CA).

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

Information on this release:

Karine LeBlanc
CMHC Media Relations
613-740-5413
kjleblan@cmhc-schl.gc.ca

Follow CMHC on Twitter @CMHC_ca

To access CMHC’s 2014 reports on the rental market select from the links below:

1.0 Rental Market Indicators
Privately Initiated Apartment Structures of Three Units and Over
Provinces and Major Centres1
Centres Vacancy Rates (%) Availability Rates (%) Average Rent 2 Bedroom ($) (New and existing structures) Percentage Change of Average Rent Two Bedroom(2) From Fixed Sample (Existing structures only)
Apr-14 Apr-15 Apr-14 Apr-15 Apr-14 Apr-15 Apr-13 to Apr-14 Apr-14 to Apr-15
Newfoundland & Labrador 10,000+ 4.3 b 3.5 a 4.8 b 3.8 a 785 a 817 a 2.6 b 3.6 c
St. John's CMA 4.8 b 3.4 b 5.4 b 3.7 b 857 a 893 a 2.5 c 4.3 d
Prince Edward Island 10,000+ 8.5 a 6.5 a 9.3 a 7.3 a 803 a 829 a ++   1.0 a
Charlottetown CA 8.7 a 6.1 a 9.6 a 7.0 a 814 a 845 a ++   1.2 a
Nova Scotia 10,000+ 4.5 a 4.6 a - 5.9 a 6.0 a - 959 a 980 a 1.0 a 1.8 c
Halifax CMA 4.1 a 4.2 a - 5.8 a 5.9 a - 1,010 a 1,035 a 0.9 d 1.8 c
New Brunswick 10,000+ 9.1 a 8.0 a 10.0 a 8.6 a 725 a 746 a ++   ++  
Moncton CMA 10.7 c 8.8 b 11.9 c 9.4 a 768 a 768 a ++   ++  
Saint John CMA 10.0 b 8.4 b - 10.7 c 8.7 b 687 a 717 a ++   ++  
Québec 10,000+ 2.9 a 3.5 b 5.9 a 6.6 a 709 a 714 a 2.2 b 1.9 b
Ottawa – Gatineau CMA (Que. Part) 5.8 b 6.2 b - 7.8 b 7.4 b - 740 a 747 a ++   ++  
Montréal CMA 2.7 a 3.3 b - 5.2 b 5.9 b - 742 a 742 a 2.3 c 2.0 c
Québec CMA 1.8 a 3.2 c 7.5 b 9.1 b 766 a 777 a 1.5 c 1.9 b
Saguenay CMA 4.1 c 4.7 c - 6.2 b 7.8 b - 562 a 583 a 2.2 c ++  
Sherbrooke CMA 4.7 b 4.2 b - 8.3 a 8.8 b - 594 a 607 a 2.5 c 2.2 b
Trois-Rivières CMA 3.4 b 3.4 b - 8.4 b 8.2 b - 571 a 571 a 1.5 c 1.4 d
Ontario 10,000+ 2.8 a 2.5 a 4.9 a 4.3 a 1,072 a 1,099 a 2.7 a 2.1 a
Barrie CMA 2.1 a 1.7 b - 3.5 b 3.8 b - 1,052 a 1,122 a 1.4 a 3.3 d
Brantford CMA 4.4 b 1.8 b 6.6 b 3.5 b 831 a 846 a 2.4 b 2.8 b
Greater Sudbury/Grand Sudbury CMA 5.0 b 4.6 b - 6.6 b 6.5 b - 940 a 986 a ++   4.4 d
Guelph CMA 1.7 b 0.6 a 3.7 b 2.5 a 967 a 994 a 3.4 a 2.9 a
Hamilton CMA 3.9 a 1.8 a 6.2 a 2.9 a 943 a 998 a 2.8 a 3.5 c
Kingston CMA 3.4 b 2.8 b - 5.8 a 5.6 b - 1,057 a 1,066 a 3.1 c 2.0 a
Kitchener-Cambridge-Waterloo CMA 3.6 b 2.9 a 5.7 a 4.8 b 960 a 969 a 2.9 a 1.5 b
London CMA 3.6 a 3.8 a - 7.7 a 6.1 a 921 a 953 a 1.5 a 3.2 c
St. Catharines-Niagara CMA 3.8 b 3.1 b 6.4 a 5.3 a 896 a 913 a 2.2 b 2.3 c
Oshawa CMA 1.6 a 1.7 a - 2.2 a 2.8 a 1,005 a 1,049 a 4.0 d 2.1 c
Ottawa-Gatineau CMA (Ont. Part) 3.2 a 2.8 a 6.6 a 5.4 a 1,136 a 1,159 a 1.3 a 1.7 b
Peterborough CMA 3.7 b 4.0 b - 6.5 b 4.9 a 941 a 963 a 1.7 b 1.6 b
Thunder Bay CMA 2.4 a 4.7 a 4.1 a 6.1 a 862 a 895 a **   4.0 b
Toronto CMA 1.9 a 1.8 a - 3.5 a 3.7 a - 1,241 a 1,269 a 3.2 d 1.8 b
Windsor CMA 5.0 b 4.9 b - 7.1 a 5.7 a 801 a 815 a 2.0 b 2.3 b
Manitoba 10,000+ 2.1 a 2.3 a 3.3 a 3.9 a 940 a 1,002 a 3.2 c 4.4 a
Winnipeg CMA 2.0 a 2.3 a 3.4 a 4.1 a 969 a 1,033 a 3.4 c 4.5 b
Saskatchewan 10,000+(3) 3.3 a 5.6 a 4.6 a 7.2 a 1,036 a 1,075 a 4.3 a 2.8 a
Regina CMA 2.5 a 4.8 a 3.4 a 5.6 a 1,053 a 1,095 a 3.2 b 1.8 b
Saskatoon CMA 3.0 a 4.6 a 5.0 a 6.9 a 1,075 a 1,112 a 4.4 a 3.4 b
Alberta 10,000+(4) 1.8 a 3.4 a 2.6 a 5.0 a 1,190 a 1,249 a 5.5 b 4.8 b
Calgary CMA 1.4 a 3.2 b 2.7 a 5.3 b 1,267 a 1,319 a 5.0 b 5.9 d
Edmonton CMA 1.4 a 2.4 a 2.0 a 3.9 b 1,180 a 1,250 a 6.4 c 4.4 b
British Columbia 10,000+ 2.4 a 1.8 a 3.6 a 2.5 a 1,090 a 1,136 a 1.8 b 3.0 a
Abbotsford-Mission CMA 3.7 a 3.6 a - 4.6 a 4.7 a - 826 a 861 a 0.7 b 1.2 a
Kelowna CMA 1.5 a 1.9 a 3.1 a 2.6 a 964 a 998 a 0.5 a 3.4 b
Vancouver CMA 1.8 a 1.4 a 2.8 a 1.8 a 1,274 a 1,345 a 2.1 c 3.4 c
Victoria CMA 2.7 a 1.2 a 4.6 a 2.6 a 1,084 a 1,105 a 1.0 d 2.1 c
Canada CMAs(1) 2.7 a 2.9 a - 5.0 a 5.2 a - 930 a 949 a 2.6 a 2.3 a
Canada 10,000+ 2.9 a 3.1 a 5.1 a 5.3 a - 904 a 924 a 2.5 a 2.4 a

1 Major centres refer to Census Metropolitan Areas (CMA), except for Charlottetown.
2 The Percentage Change of Average Rent is a measure of the market movement, and is based on those structures that were common to the survey sample for both years.
3 Includes both Alberta and Saskatchewan portions of Lloydminster CA.
4 Does not include Alberta portion of Lloydminster CA. For Lloydminster CA data, refer to Saskatchewan Highlights report.

The following letter codes are used to indicate the reliability of the estimates:
a - Excellent, b- Very good, c - Good, d - Fair (Use with Caution)

** Data suppressed to protect confidentiality or data not statistically reliable.
++ Change in rent is not statistically significant. This means that the change in rent is not statistically different than zero (0).
n/u: No units exist in the universe for this category n/s: No units exist in the sample for this category n/a: Not applicable

↑ indicates the year-over-year change is a statistically significant increase,
↓ indicates the change is a statistically significant decrease, while – indicates that the change is not statistically significant.

Canada

Share...


Print(opens in a new window)