Monitor our most recent coronavirus (COVID-19) updates.

Skip to content
site logo Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • FRANÇAIS
  • Hamburger Icon MENU
Hamburger Icon MENU
× FRANÇAIS
  • Home
  • Buying
    • Homebuying Step by Step
      • Decide if Homeownership is Right for You
      • Check if You are Financially Ready to Own a Home
      • Finance Your Home
      • Find the Right Home
      • Make an Offer and Close the Deal
      • Maintain Your Home and Protect Your Investment
    • Condominium Buyer's Guide
      • Chapter 1: Condominium Basics
      • Chapter 2: Condominium Governance
      • Chapter 3: The Pros and Cons of Condominium Ownership
      • Chapter 4: Buying a Condominium
      • Chapter 5: Checklists, Tips and FAQ's
      • Tips for Buying a New Condominium
      • Tips for Buying a Resale Condominium
      • Checklist for Buying a New Condominium
      • Checklist for Buying a Resale Condominium
      • Condominium Purchase and Recurring Costs
      • Physical Evaluation Checklist (For Resale Units)
      • Questions to Ask Advisors and Condominium Experts
      • Frequently Asked Questions
      • Glossary
      • Provincial and Territorial Fact Sheets
        • Alberta Fact Sheet
        • British Columbia Fact Sheet
        • Manitoba Fact Sheet
        • New Brunswick Fact Sheet
        • Newfoundland and Labrador Fact Sheet
        • Northwest Territories Fact Sheet
        • Nova Scotia Fact Sheet
        • Nunavut Fact Sheet
        • Ontario Fact Sheet
        • Prince Edward Island Fact Sheet
        • Quebec Fact Sheet
        • Saskatchewan Fact Sheet
        • Yukon Fact Sheet
    • Financial Information and Calculators
      • Mortgage Fraud
      • Mortgage Planning Tips
      • Plan and Manage Your Mortgage
      • Your Credit Report
      • Government of Canada Programs to Support Homebuyers
      • Your Home Value
    • Seniors Housing
      • Housing options for Seniors
      • Housing and Finance Tips
      • Mortgage Financing Options for People 55+
      • Preventing Fraud and Financial Abuse
    • Newcomers
    • Mortgage Loan Insurance for Consumers
      • COVID-19: Understanding Mortgage Payment Deferral
      • What is CMHC Mortgage Loan Insurance?
      • What are the General Requirements to Qualify for Homeowner Mortgage Loan Insurance?
      • FAQs — Mortgage Loan Insurance
      • CMHC Mortgage Loan Insurance Costs
      • CMHC Green Home
      • CMHC — Home Renovation Financing Options
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help & Resources
      • Priority areas for action
      • Glossary
    • The First-Time Home Buyer Incentive
    • Shared Equity Mortgage Provider Fund
      • Preconstruction Loans
        Stream 1
      • Shared Equity Mortgages (SEM)
        Stream 2
    • Federal/Provincial/Territorial Housing Agreements
    • Federal Community Housing Initiative
    • Federal Lands Initiative
    • National Housing Co-Investment Fund
    • Rental Construction Financing
    • Affordable Housing Innovation Fund
    • Other funding and financing opportunities
    • The Community Housing Transformation Centre
    • Community-Based Tenant Initiative
    • NHS Demonstrations Initiative
    • Solutions Labs
      • Social Innovation Labs Resources
      • Solution Lab Consultant Information
    • Collaborative Housing Research Network
    • NHS Research and Planning Fund
    • CMHC Housing Research Scholarship Program
    • CMHC Housing Research Awards
    • Housing Supply Challenge
      • Round 1: Housing Supply Challenge
    • Rapid Housing Initiative
      • Rapid Housing Initiative Webinar
    • National Housing Conference
    • NHS Housing Needs Data
    • College of Reviewers
  • Renting
    • COVID-19: Eviction Bans and Suspensions to Support Renters
    • COVID-19: CECRA for small businesses
    • I Want to Rent
      • Things to Consider Before Renting
      • Types of Housing for Rent in Canada
      • Finding or Advertising a Rental Property
      • Visiting the Rental Property
      • Lease and Rental Agreements
      • Signing the Lease
      • Credit Checks and Bad Credit
      • Rental Payments and Deposits
      • Roommates and Pets
    • I Am Renting
      • Moving Day
      • Landlord/Tenant Responsibilities
      • Inspections
      • Maintenance & repairs
      • Complaints & evictions
      • Rent Increase
      • When you can't pay Rent
      • Renewing or terminating the lease
      • Moving Out
  • Developing and Renovating
    • Funding Opportunities
      • First Nations Development Funding
        • Direct Lending Program for First Nation Communities
        • Funding Opportunities Tool for Indigenous Housing
        • Insured Loans for On-Reserve First Nation Housing
        • On-Reserve Non Profit Housing Program (Section 95)
        • Proposal Development Funding (PDF) for First Nation Communities
      • On-Reserve Renovation Programs
        • Emergency Repair Program (ERP)
        • Home Adaptations for Seniors' Independence (HASI)
        • Residential Rehabilitation Assistance Program (RRAP) – Regular
        • Shelter Enhancement Program (SEP)
      • Seed Funding
      • Preservation Funding for Community Housing
      • COVID-19: Loan Payment Deferrals for Indigenous Clients
    • Testimonials
    • Develop New Affordable Housing
      • Manufactured Housing: Affordable Quality Homes
      • Programs and Information
        • About Affordable Housing in Canada
        • Affordable Housing in Canada's North
        • Affordable Housing Programs Across Canada
        • Reno/Retro 2016: Funding for Existing Social Housing
        • Housing Action Plans: A Guide for Municipalities
        • Development Checklist for Affordable Housing
        • Housing Development Resources
    • Indigenous Housing
      • Housing Internship Initiative for First Nation and Inuit Youth (HIIFNIY)
      • Indigenous Advisory Council
      • Our Work With First Nation Communities
      • Shelters Initiative for Indigenous Women and Children
        • Funding Available for Shelters On-Reserve
        • Shelters in the Territories
      • Keeper of My Home Learning Resource
    • Developing Sustainable Housing
      • Maintenance and Resource Efficiency for Buildings
      • Webcast: Advancing Sustainable and Affordable Housing in Canada
      • Energy and Water Savings Case Studies
    • Accessible and Adaptable Housing
      • Universal Design for New Housing Units
      • Secondary Suites
      • Accessible Housing by Design
      • Aging in Place
        • Aging in Place Success Stories
        • Housing a Senior Population: The Economic and Social Benefits
        • Hiring a Contractor
      • Universal Design and Adaptable Housing Models
    • Provincial/Territorial Agreements
      • Bilateral IAH Agreements and Public Reporting
      • National IAH Funding Table
      • Investment in Affordable Housing (IAH)
    • External Links
  • Managing and Maintaining
    • Managing Affordable Housing
      • Connect with a Housing Solutions Specialist – Multi-Unit
      • Affordable Housing Project Profiles
      • Housing Management Hub
        • Contractors and Suppliers
        • Evictions and Expulsions
        • Capital Replacement Planning
        • Governance for Housing Organizations
        • Steps for Managing Vacancies
          • Repair and clean the unit
          • Identify or Advertise for Applicants
          • Welcome new residents
        • Policy Information
          • Why are policies important
          • Policy Enforcement
          • Policies Your Housing Organization Needs
          • Developing Effective Policies
        • Tendering Contracts
    • Manage First Nation Properties
      • First Nation Housing Policies Development Guide
        • Decide if You Need a Written Policy
        • Research the Housing Policy
        • Write and Review the Housing Policy
        • Develop the Housing Policy Implementation Plan
        • Get Approval for the Housing Policy
        • Implement and Monitor the Housing Policy
        • Revise or Cancel the Policy as Required
      • Tenant Records
      • Building Code Compliance for First Nation Housing
      • Finances
        • Differences Between the On-Reserve Non-Profit Housing Program Pre-1997 and Post-1996
        • Understanding Operating Agreement Terms
      • Maintenance Solutions
        • How to Maintain a Heat Recovery Ventilator
        • Maintenance Planning Guide for First Nation Communities
        • Mould in Housing
          • Information for Occupants
          • Information for Housing Managers
          • Information for Builders and Renovators
          • Flood Cleanup and Mould Prevention
          • Mould Cleanup at a Glance: Infographic
          • Mould in Housing at Glance
      • Role of a First Nation Housing Manager
    • Maintenance Funding and Information
      • Governance and Finance Information Series
      • Loans Administration and Direct Lending
      • Off-Reserve Aboriginal Social Housing
      • Renovation Programs for On-Reserve Housing
      • Tendering Contracts Information Series
    • Co-operative Housing Guide
  • Data and Research
    • CMHC Reports Calendar
    • Publications and Reports
    • Housing Market Information Portal
    • Data Tables
      • Household Characteristics
      • Housing Market Data
      • Housing Market Indicators
      • Mortgage and Debt Data
      • Rental Market Data
    • Housing in Canada Online (HiCO)
    • Core Housing Need
    • Mortgage Deferral Series
    • Survey Notices
    • CMHC Library
    • Consumer Surveys
      • 2019 Mortgage Consumer Survey Results
      • 2018 Mortgage Consumer Survey Results
        • Homebuyers insights
        • Renewers insights
        • Refinancers insights
        • Financial Literacy
        • Affordability
        • Home financing choices
        • MCS blog
    • Survey Methods
    • CMHC Licence Agreement for the Use of Data
  • Finance and Investing
    • Insured Mortgage Purchase Program (IMPP)
    • COVID-19: CECRA for small businesses
    • Mortgage Loan Insurance
      • Mortgage Loan Insurance Homeownership Programs
        • CMHC Mortgage Loan Insurance Costs
      • Rental Housing Solutions
      • Contact Mortgage Loan Insurance
      • Homebuying Calculators
        • Mortgage Calculator
        • Affordability Calculator
        • Debt Service Calculator
      • The Resource
        • I Can’t Pay my Mortgage, What are my Options?
        • Home Buying Step by Step
      • Default, Claims and Properties for Sale
      • Mortgage Fraud
      • Underwriting Centre
      • Consumer Survey Results
      • NHA Approved Lenders
      • Calculating GDS / TDS
      • emili
        • emiliTRACKER
      • Client e-Update
      • Multi-Unit e-Update
      • Regional CMHC Industry Sessions
    • Canada Mortgage Bonds
    • NHA Mortgage Backed Securities
    • Canadian Registered Covered Bonds
      • How to Become a Registered Issuer
    • Blockchain in the housing industry
  • CMHC E-Newsletters
    • Affordable Housing E-newsletter
    • Housing Research E-newsletter
    • Indigenous and Northern Housing E-newsletter
    • Client e-Update
    • Multi-Unit e-Update
  • CMHC Library
  • Careers
  • About CMHC
    • CMHC’s Story
    • Management and Governance
      • Board of Directors and Committees
      • Our Management Committee
      • Pension Governance
        • Pension Overview
        • Key Roles and Responsibilities
        • Annual Reports
    • Corporate Reporting
      • Program Evaluation
      • CMHC Annual Report
      • Joint Auditors Special Examination Report to CMHC Board 2018
      • Quarterly Financial Reports
      • Transparency
        • Access to Information and Privacy Protection
        • Briefing Materials
        • Procurement
          • CETA
          • Disclosure of contracts over $10,000
        • Travel, hospitality and conference expenditures
          • Annual travel, hospitality and conference expenditures
      • CMHC’s Insured Mortgage Deferral
      • Summary of the Corporate Plan
    • Contact Us
      • CMHC Departments
        • Connect with a Housing Solutions Specialist – Multi-Unit
        • Contact Mortgage Loan Insurance
      • Holiday Service Hours
    • Speakers Bureau
    • Careers
    • Partnerships
  • Housing Observer
  • Media Newsroom
    • Coronavirus (COVID-19) Update
    • Media Relations
 
Save Icon

SAVE TO MY FOLDER

Canada’s National Vacancy Rate Declines for Third Year

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

Canada’s National Vacancy Rate Declines for Third Year

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window
  • Home Breadcrumb Chevron
  • Media Newsroom

Canada’s National Vacancy Rate Declines for Third Year

Ottawa, January 15, 2020

Save page to My Folder Share this page

The national vacancy rate for rental apartment units declined in 2019 for a third consecutive year to 2.2%, its lowest level for all-bedroom types since 2002, according to Canada Mortgage and Housing Corporation’s (CMHC) Rental Market Survey (RMS) released today.

“The national vacancy rate for purpose-built rental apartments declined for a third consecutive year in 2019, as strong rental demand continued to outpace growth in supply,” said Bob Dugan, CMHC's chief economist. “Low vacancy rates in major centres underscore the need for increased rental supply to ensure access to affordable housing.”

Transcript

FRAME 1

Visual: The entire screen is covered by a blue transparent background through which a moving aerial shot of a building can be seen on the right. A white box containing the blue words “2019 CMHC Rental Market Survey” appears on top of the background in the upper left corner.

Visual: The camera cuts to Bob Dugan speaking. He is shown wearing a suit and tie. He is sitting in a lime-green chair against a white backdrop. The words “Bob Dugan, Chief Economist – CMHC” appear in a white box in the lower right corner.

Each fall, CMHC carries out a Rental Market Survey that collects information on important rental market variables.

Let’s take a look at what happened in five of Canada’s major cities in 2019.

Vancouver

FRAME 4

Visual: The entire screen is covered by a blue transparent background through which a moving aerial shot of the city of Vancouver is shown. On top of the background, the word “Vancouver” in white capital letters appears in the middle.

The word “Vancouver” disappears and is replaced, on the right, by a round logo containing some of the city’s main landmarks with the word “Vancouver” underneath and, on the left, by the words “Vacancy rate 1.1%” The percentage “1.1%” is written in bold.

FRAME 5

The words “Vacancy rate 1.1%” disappear and are replaced by “Average rent $1,469 up by 4.7%.” The amount and the percentage are written in bold.

Despite record construction of new units in Vancouver, strong rental demand kept vacancy rates low, remaining virtually unchanged at 1.1%.

The average apartment rent increased 4.7% to $1,469 in the last year. This is the fifth consecutive year average rents have increased by more than the provincially allowable increase.

Calgary

FRAME 6

The entire screen is covered by a green transparent background through which a moving shot of the city of Calgary taken from the ground is shown. On top of the background, the word “Calgary” in white capital letters appears in the middle.

The word “Calgary” disappears and is replaced, on the left, by a round logo containing some of the city’s main landmarks with the word “Calgary” underneath and, on the right, by the words “Vacancy rate 3.9%” The percentage “3.9%” is written in bold.

FRAME 7

The words “Vacancy rate 3.9%” disappear and are replaced by “Average rent $1,181 up by 1.7%.” The amount and the percentage are written in bold.

At. 3.9%, vacancy rates were also stable in Calgary despite a 75% increase of newly completed rental units in 2019.

The average rent Calgarians pay was up 1.7%, reaching $1,181.

Toronto

FRAME 8

Visual: The entire screen is covered by a blue transparent background through which a moving aerial shot of the city of Toronto is shown. On top of the background, the word “Toronto” in white capital letters appears in the middle.

The word “Toronto” disappears and is replaced, on the right, by a round logo containing some of the city’s main landmarks with the word “Toronto” underneath and, on the left, by the words “Vacancy rate 1.5%.” The percentage “1.5%” is written in bold.

FRAME 9

The words “Vacancy rate 1.5%” disappear and are replaced by “Average rent $1,452 up by 6.8%.” The amount and the percentage are written in bold.

Demand for rental is still outweighing the available supply in Toronto.

That’s why Toronto’s vacancy rate edged up slightly in the last year, reaching 1.5%.

Average rents grew 6.8% to hit $1,452.

Montréal

FRAME 10

The entire screen is covered by a green transparent background through which a moving aerial shot of the city of Montréal is shown. On top of the background, the word “Montréal” in white capital letters appears in the middle.

The word “Montréal” disappears and is replaced, on the left, by a round logo containing some of the city’s main landmarks with the word “Montréal” underneath and, on the right, by the words “Vacancy rate 1.5%” The percentage “1.5% ” is written in bold.

FRAME 11

The words “Vacancy rate 1.5%” disappear and are replaced by “Average rent $841 up by 3.6%.” The amount and the percentage are written in bold.

The vacancy rate in Montréal reached a 15-year low. It decreased to 1.5% in the last year.

Montréal tenants pay $841 on average for their rental unit, up 3.6% from 2018.

Halifax

FRAME 12

Visual: The entire screen is covered by a blue transparent background through which a moving shot of the city of Halifax taken from the water is shown. The word “Halifax” in white capital letters appears in the middle.

The word “Halifax” disappears and is replaced, on the right, by a round logo containing some of the city’s main landmarks with the word “Halifax” underneath and, on the left, by the words “Vacancy rate 1.0%.” The percentage “1.0%” is written in bold.

FRAME 13

The words “Vacancy rate 1.0%” disappear and are replaced by “Average rent $1,113 up by 3.8%.” The amount and the percentage are written in bold.

The vacancy rate in Halifax continued to trend lower in 2019, down 1.6% to 1.0%.

Average rents increased by 3.8% as demand outpaced new rental apartment supply yet again. Haligonians pay an average of $1,113 on rent.

FRAME 14

cmhc.ca/RMR

Visual: The camera cuts back to Bob Dugan.

The screen then fades to white with the words “cmhc.ca/RMR” written in blue in the middle of the screen. The blue text is then replaced by the Canada Wordmark on the left and the bilingual CMHC logo on the right.

So, what do these numbers tell us? Low vacancy rates in major centres underscore the need for increased rental supply to ensure people in Canada have access to affordable housing. Download your city’s 2019 Rental Market Report to learn more!

CMHC conducts the RMS annually in October to gauge how economic, demographic and other factors impact Canada’s rental markets. The survey is based on purpose-built structures with three or more rental units in urban areas with populations of over 10,000.

CMHC also surveys the secondary rental condominium apartment market in September in 17 major centres. Information on the number of condominium apartment units being rented out, the vacancy and rents is collected.

Highlights in vacancy rates for the purpose-built market

  • The national vacancy rate for purpose-built rental apartment units declined for a third year in 2019 to 2.2% down from 2.4% in 2018 for all-bedroom types.
  • Rental demand remains elevated in Vancouver (1.1%) and Toronto (1.5%) with vacancy rates in these markets remaining amongst the lowest in Canada in 2019.
  • The Montréal Census Metropolitan Area (CMA) vacancy rate reached a 15-year low (1.5%), driving the national decline. The vacancy rate also declined in Halifax (1.0%).
  • Vacancy rates in most other CMAs remained stable, including the major prairie markets of Calgary (3.9%), Regina (7.8%), and Winnipeg (3.1%).

Highlights in average rents for the purpose-built market

  • Nationally, tighter rental markets were accompanied by strong rent growth, with average rents increasing by 3.9% for a two-bedroom apartment between October 2018 and October 2019. This is the fastest pace of same-sample rent growth since October 2001.
  • The average rent for a two-bedroom apartment unit increased in Vancouver (4.9%), Montréal (3.4%), Calgary (2.2%) Toronto (6.1%) and Halifax (3.7%). While Vancouver was the only one of these CMAs to register a slowdown in the pace of rent growth in 2019, it remains above the national average.
  • The average two-bedroom apartment rent was highest in Vancouver ($1,748) and Toronto ($1,562). Calgary ($1,305) and Halifax ($1,202) remained above the national average, while Montréal ($855) continued to exemplify the relatively lower rent levels generally seen in the province of Quebec.

Highlights for secondary rental condominium apartment market

  • The average vacancy rate for rental condominium apartments across surveyed centres declined to 1.0% from 1.4%. This decline comes despite strong growth in the supply of rental condominium units since 2018 and is lower than the vacancy rate for purpose-built rentals.
  • Vancouver (0.3%), Calgary (0.9%) and Toronto (0.8%) reported vacancy rates below the national average.
  • Average two-bedroom condominium apartment rent levels were highest in Toronto ($2,476), Vancouver ($2,045) and Hamilton ($1,896).

Rental markets reports and data tables are available for CMAs across Canada on the CMHC website.

As Canada’s housing market experts, CMHC supports decision making on housing affordability and contributes to the stability of housing markets. CMHC provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram.

Information on this release:

Angelina Ritacco
CMHC Media Relations
416-218-3320
aritacco@cmhc-schl.gc.ca

Leonard Catling
CMHC Media Relations
604-787-1787
lcatling@cmhc-schl.gc.ca

Was this page relevant to your needs?

Thank you for your feedback!

Sorry to hear that! Can you tell us about the problem?

For further assistance, pleasecontact us

ThanksYour feedback has been submitted.

Discover related content using the tags below:

  • Data and Research
  • Rental Housing
  • Vacancy Rates
  • Condominium Ownership
Date Published: January 15, 2020
By Topic
  • Coronavirus (COVID-19) Updates
  • National Housing Strategy
  • Buying
  • Rental Housing
  • Developing and Renovating
  • Managing and Maintaining
  • Data and Research
  • Finance and Investing
About Us
  • CMHC's Story
  • Management and Governance
  • Partnerships
  • Corporate Reporting
  • Contact Us
  • Careers
More
  • CMHC e-Newsletters
  • CMHC Library
  • Housing Observer Online
  • Media Newsroom
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency     Canada Mortgage and Housing Corporation (CMHC) ©2021 
Canada
loader icon