HOME RATES ABOUT SERVICES VIDEO BLOG CONTACT ME TEAM
Heather McMullin Mortgage Broker

Heather McMullin

Mortgage Broker


Phone:
Address:
141 Torbay Road, St. John's, Newfoundland and Labrador

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

CMHC Rental Market Report

2/14/2023

Growth in demand outpaced strong growth in supply, pushing the vacancy rate for purpose-built rental apartments down from 3.1% to 1.9%. This was the vacancy rate’s lowest level since 2001. Rent growth, for its part, reached a new high.

Rental demand surged across the country. This was a reflection of higher net migration and the return of students to on-campus learning. Another factor was higher mortgage rates, which drove up already-elevated costs of homeownership.

Despite higher overall supply, the share of rental units that are affordable for the lowest-income renters is, in most markets, in the low single digits or too low to report. This is especially true in Ontario and British Columbia (B.C.).

New data: Average rent growth for 2-bedroom units that turned over to a new tenant was well above average rent growth for units without turnover (18.2% vs. 2.8%). This increased affordability challenges.

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/rental-market-report/rental-market-report-2022-en.pdf?rev=2a0ed640-6c4c-435d-b13a-0faca94c0667

MY LENDERS

Scotia Bank TD Bank First National EQ Bank MCAP Merix
Home Trust CMLS Manulife RFA B2B Bank Community Trust
Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
Sequence Capital Wealth One Fisgard Capital Bloom Financial NationalBank