Rent prices grew at record pace in 2022 as Canada saw lowest vacancy rate in decades

In a report released Thursday, the federal housing agency said the average rent for a two-bedroom purpose-built apartment, which it uses as its representative sample, grew 5.6 per cent compared with the previous 12-month period.The report also said last year's surging real estate market saw the lowest vacancy rate for purpose-built rentals in decades leaving those searching for a rental property with even fewer options.

Though declining in recent months, the Canadian Real Estate Association said the national average home price still sat at $626,318 in December, down 12 per cent from the same month last year. The tightening was stark in Vancouver, where the vacancy rate edged down from 1.2 per cent in 2021 to 0.9 per cent last year, and Toronto, which dropped from 4.4 per cent to 1.7 per cent.

CMHC found the average rent for a two-bedroom purpose-built rental climbed 5.6 per cent to $1,258 and the average two-bedroom rental condo rent jumped nine per cent to $1,930.

Unrelenting immigration targets all to boost Canada's GDP. Keep voting for team Justin.

The Market rental in Ontario. Will be out of control in the 5 years. You will have to make over $100.000 a year to afford a 1 bed room. It's only going to go up from here.

rexglacer You're reporting on things you know very well is entirely self-inflicted by this government being unable to manage immigration other than McKinsey & co opening the floodgates. This isn't journalism.

JohnTory TorontosMayor toronto TOpoli CllrCrawford Toronto elected officials constantly raising taxes & adding tax levies, landlords have to raise rents. We need taxes reduced so people can get a home-no tax hikes JayJGoldberg taxpayerDOTcom

Bringing in 500,000 curry munchers next year should alleviate this problem .

Lets keep increasing already ridiculously high numbers of immigrants.

But of course Smdh

more immigration, those are rookie numbers

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