According to CMHC’s 2019 Rental Market Survey, the average vacancy rate for the secondary rental condominium apartments across surveyed centres dropped to 1%.
The vacancy rate is down from 1.4% in 2018 and 1.6% in 2017. This is lower than the vacancy rate for purpose-built rentals, which also declined. The downward pressure on vacancy rates underscores the need for increased rental supply to ensure people in Canada have access to affordable housing.
We also see an increase in the average rents for 2-bedroom condominium apartments, including Toronto and Vancouver, where condominium apartment rents remain higher than in all other surveyed markets.