Alberta has the highest average monthly rental rate in the country and the Edmonton and Calgary regions are among the highest in Canada of major centres, according to a survey released Thursday by Canada Mortgage and Housing Corp.
The agency in its Rental Market Survey said provincially the highest average monthly rent for a two-bedroom unit in new and existing structures in April was Alberta’s $1,029 followed by British Columbia ($1,015) and Ontario ($980). Alberta’s average was up slightly from $1,023 a year ago.
The Canadian average two-bedroom rent was $864 in April, compared to $848 in April 2010. The highest average monthly rents in Canada’s major centres were: Vancouver ($1,181); Toronto ($1,124); Ottawa – Gatineau (Ontario Part $1,056); Calgary ($1,040); Edmonton ($1,029); and Victoria ($1,024). These are the only major centres with average rents at or above $1,000 per month.
Calgary’s declined from $1,082 in April 2010.
On a provincial basis, the highest vacancy rate was in Alberta at 4.7 per cent, down from 6.0 per cent a year ago.
Calgary’s vacancy rate in April was 3.4 per cent, down from 5.3 per cent in April 2010.
The average rental apartment vacancy rate in Canada’s 35 major centres decreased slightly to 2.5 per cent in April, from 2.9 per cent in April 2010.
“Immigration continues to be a factor in supporting rental housing demand. Recent immigrants tend to rent first before becoming homeowners,” said Bob Dugan, chief economist with CMHC. “In addition, condominium completions moved lower in the past months, while rental apartment unit completions remained relatively stable. As a result, the overall demand for rental apartment units increased faster than supply for this type of housing. Accordingly, this pushed Canada’s vacancy rate downward.”
The major centres with the lowest vacancy rates were: Winnipeg and Regina (0.7 per cent); Quebec (1.0 per cent); Toronto (1.6 per cent); and Kingston (1.7 per cent). At the provincial level, Manitoba has the lowest vacancy rate at 0.7 per cent. All other provinces were above 2.0 per cent.
The survey reveals that the major centres with the highest vacancy rates were: Windsor (9.4 per cent); Kelowna and Abbotsford (6.6 per cent); and Charlottetown (4.9 per cent). The lowest average monthly rents for two-bedroom apartments in new and existing structures were: Saguenay ($542); Trois-Rivieres ($546); and Sherbrooke ($577). On a provincial basis, the lowest monthly rents were: Quebec ($671); New Brunswick ($672); and Newfoundland and Labrador ($683).
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