Highest Rental Rates in Canada

(December 18, 2011 )

According to a national survey by Canada Mortgage and Housing Corporation (CMHC), Metro Vancouver and British Columbia led the national average monthly rents in October.  At the same time, Tenants Resource and Advisory Centre states the city's vacancy rate is also falling.   So even though there is less supply in the market, our rental rates continue to climb.

The report states, "Apartment vacancy rates were lower across all bedroom types, with larger apartment units reporting higher vacancy rates than smaller units."  The results show a very strong demand for rental housing, "mostly due to migration to the region, a strong employment market, and the affordability [of rentals] versus ownership."  Vacancy rates for condos have sharply declined, giving even more confidence to investors to buy up smaller units and renting them out.