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Jan 28, 2021 · Average vacancy rate for purpose-built rental apartments increased to 3.2% in 2020 from 1.9% in 2019. Highest vacancy rate was recorded in the downtown core, the area that commands some of the higher rents. Fixed-sample average rent for two-bedroom units increased by 2.5% down from 7.4% in 2019.
- Canada Needs to Conquer Covid to Get Moving Again
- What Renters Want
- Where Renters Want to Live
- What’s Ahead For The Rest of 2021
- Pandemic Pushes Proptech to The Forefront
- Toronto
- Montreal
- Vancouver
- Calgary
- Edmonton
Almost two months into 2021, and it feels like we’re stuck in 2020. But past Groundhog Day and into the long shadow of COVID-19’s dark winter, the horizon holds hope of getting vaccines into arms and Canadians moving again. For the 2021 rental market, Canadians moving again will finally put 2020 in the rearview mirror. So, what’s ahead this year fo...
To capture changes in renters’ lifestyle preferences as a result of the pandemic, Local Logicof Montreal compared the first quarter and fourth quarter of 2020. Two categories showing major differences were public transport — down 24 per cent in interactions by renters from Q1 to Q4 and groceries — up 21 per cent in interactions. “COVID-19 had clear...
Rental demand was strongest in the secondary and tertiary markets in 2020 as COVID-19 took hold of the country. “As many cities — especially those in primary markets — experienced a rapid decrease in rental demand this year, numerous cities in secondary and tertiary markets have continued to thrive throughout the pandemic,” says Jason Leonard, co-f...
Rents will continue to decrease, applying the Real Estate Investment Network’s (REIN) Economic Turmoil Formula generally — not including specific cities or neighbourhoods — saysJennifer Hunt, vice president of research for REIN and co-founder and CEO of Top Deck Group, which acquires underperforming multi-family apartment buildings. This formula sh...
“The pandemic has awakened the majority of landlords and property managers alike,” says Jonathan Margel, CEO and co-founder of Building Stackin Montreal. “Proptech is more important than ever and here to stay.” There are many inefficiencies the average management operation faces each day, he says, and suggests property managers and landlords align ...
Myers of Bullpen Research & Consulting believes all the new supply scheduled for completion in 2021 in Toronto and the Greater Toronto Area (GTA) will only exacerbate the rent price decline early in the year. “My expectation is that average rental rates will continue to decline for the first four to five months of the year,” he says, “But they will...
Sébastien Lavoie, chief economist at Laurentian Bank Securities, believes “a new normal is taking shape” from the COVID-19 pandemic, which will have a profound effect on rental markets. He says the Canadian rental market is being reshaped by among other reasons the work-from-home phenomenon, immigration, tourism and travel, and jobs. He says U.S. a...
Vancouver’s rental market in the first half of 2021 will not be significantly different from what landlords and tenants experienced during most of last year. “We don’t see many changes to the average monthly rental rates in the first half of 2021,” says Brock Lawson, manager, rental data for British Columbia, Urban Analytics. “We’re still facing th...
The overall apartment vacancy rate in the Calgary CMA rose to 6.6 per cent in October 2020 from 3.9 per cent a year earlier, says Michael Mak, senior analyst, economics for CMHC. “Pandemic related impacts, oil sector job losses, and continued rental supply increases led to increased vacancy rates,” Mak says. Calgary saw a steady pace of rental buil...
The purpose-built rental apartment vacancy rate in the Edmonton CMA increased to 7.2 per cent in October 2020 from 4.9 per cent in October 201, the highest since 1997, says Christian Arkilley, senior analyst, economist, CMHC. “Slower rental demand due to weaker economic conditions and lower migration combined with higher rental supply resulting in ...
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
Between October 2020 and October 2021, the rental market universe grew by about 40,000 purpose-built rental apartment units (or 1.9%). Demand kept up with supply as the number of occupied apartments grew by roughly 41,000 units (or 2%), recovery in rental demand from October 2020. At that time, supply growth had outpaced demand growth by about
May 16, 2022 · After three years of strong growth, average rent in Ottawa increased by just over 2 per cent between October 2020 and October 2021. This growth is below the average for the last 10 years. The scarcity of vacant units pre-pandemic encouraged owners to increase rents when a unit was vacated.
The increase in average rent for a two-bedroom apartment in structures that were common to the 2018 and 2019 surveys was 7.7%, up from 4.3% a year prior. This was the strongest annual increase since CMHC has been tracking this statistics, and was well above the 1.8% provincial guideline for 2019.
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the primary rental market, as did the growing number of condominium rental apartments. Overall, student rental demand was likely steady or modestly higher than last year, based on campus expansion and the upward trend in international student enrollment in recent years. McMaster enrollment data for the fall 2019 semester has not been released yet.
