Rental vacancy in Kingston 0.6%, lowest in Ontario, says survey

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Kingston rental vacancy rate lowest in Ontario
The vacancy rate in Kingston is lower than Toronto, according to a market rental survey by Canada Mortgage and Housing Corporation – Nov 28, 2018

Finding a place to rent in Kingston remains a challenge, according to the latest housing statistics.

The market rental survey by Canada Mortgage and Housing Corporation reveals Kingston’s vacancy rate is the lowest in Ontario.

The survey compares rates from October 2017 to October 2018.

Kingston’s rental vacancy rate dropped from 0.7% to 0.6% year on year.

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The numbers are based off new and already existing buildings with three units or more.

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Williamsville city Coun. Jim Neill says affordable housing was the No. 1 issue residents were speaking to him about during the fall municipal election.

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Neill is frustrated saying the city has currently approved thousands of units but several developments are held up in tribunal appeals.

It’s not all residents that are filing those appeals either, according to Neill.

He says some developers are using the appeal system as a business weapon.

“That delays his competition for two or three years, but it also delays development.”

The shortage of stock also has an effect on rental prices, says Neill.

“There’s such a lack of housing available that it drives up the rent. We have one of the highest rental rates in the province as well.”

The market survey states the average cost for a two-bedroom apartment in Kingston is $1,200.

That rate is the sixth highest in the province, surpassed only by Toronto and a number of cities that are geographically close to the provincial capital.

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The only city in Canada with a lower vacancy rate than Kingston’s, in the rental market survey, is Charlottetown.

Prince Edward Island’s capital has a vacancy rate of 0.2%.

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