🍁 Canada's rental vacancy rate hit a near historic low of 1.5% by Oct 2023, marking the second lowest point in 38 years, only surpassed by 2001.
Annual rent inflation is at 8%, while rent growth for turnover units (new tenants) reached annual 24%! 😱
Highlights:
1. Latest vacancy rates: Toronto (1.5%), Montreal (1.5%), Vancouver (0.9%) & Calgary (1.4%), Edmonton (2.4%) and Ottawa-Gatineau (2.1%).
2. Population growth of 2M over the last 2 years has had a noticeable impact on vacancy rates.
3. Vancouver vacancy rate has been among the lowest in Canada for the last 50 years.
4. Toronto saw vacancy rates dip below 1% between 1997-2001 mainly because of a deceleration in rental housing construction in the years leading up to 2000 and also decreased youth unemployment rates which lead to an increase in young individuals seeking housing.
Data taken from:
Stat Canada
CMHC report
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