Each year, the Canada Mortgage and Housing Corporation (CMHC) releases a widely-covered report on the housing outlook in Canada. Their most recent release included a special section entitled, “Special Report: Rental Market 2012.” For Canadians in the rental market and users of RentQuebecApartments.com, this certainly provides a unique look at all the rental properties the nation has to offer. The report looks at a wide variety of urban areas, sometimes even focusing on hyper-local areas within a region. In any event, individuals looking to move or thinking about doing so have some research that might interest them.
The average for the national vacancy rate fell to 2.2 per cent in October 2011 which is only a decrease of 0.4 per cent from the previous year. More youths are finding employment and more immigrants are calling Canadian cities their home. This is caused the demand for rental apartments to skyrocket and supply has remained about the same. According to the CMHC, immigration rates, despite dipping in recent years, have remained at historical highs. The vacancy rates are expected to stabilize at 2.2 per cent in the near future.
Should this worry any prospective renters? Is the market squeezed too tight for any new renters to find their way in? At RentQuebecApartments.com, we have come to the conclusion that tighter market conditions are conducive to better rental units overall. Prices might be lower in a market with more elbow room, but you wouldn’t find the same high-quality units available. This is why we pride ourselves in offering on top-quality apartment rentals in areas that are primed for competition.
Troy Media released a report detailing Toronto’s relative “tightness” in 2012. This is a sort of microcosm of the effects that the nation is experiencing as a whole and it will undoubtedly come to affect users of RentQuebecApartments.com.
The Troy story also noted that, “vacancy rates for purpose-built apartment product fell to 1.4 per cent in the fall, marking the lowest recorded rate since 2001.” Prices for a standard two-bedroom unit in Toronto rose about 2.3 per cent. Ontario’s yearly Rent Increase Guideline was set at 3.1 per cent for 2012, which essentially makes Toronto fall behind the curve.
Toronto has not seen many new purpose-built rental developments and has almost had to rely on condominiums for a large portion of its renting capacity. Indeed, 22 per cent of Toronto’s condo units are available for rent or are already rented out. This has caused condo rentals to have dismal vacancy rates of around 1.1 per cent according to the report by Troy media. In the City Centre, condominium apartments have seen increased rates of rental availability with over 30 per cent being rented or available for rent. Many of these listings can be found on RentQuebecApartments.com.
For the most part, the fears of an impossibly tight rental market in Canada aren’t what they’re made out to be. It is our firm belief at RentQuebecApartments.com that the competitive market will spur a greater availability of high-quality rental units. Our service prides itself on providing the best rental units to the best customers on the web.