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Rental Market Getting Tight

Rent’s going up.  CHMC’s annual rental market survey shows nationwide vacancy at only 2.6%, with rents rising three times faster than inflation.  Here’s some more stats*:

  • Highest average rent:  Toronto, Ontario ($1067)
  • Lowest average rent:  Saguenay, Quebec ($485)
  • Highest vacancy rate:  Windsor, Ontario (10.4%)
  • Lowest vacancy rate:  Calgary, Alberta (0.5%)
  • Biggest rent increase:  Calgary, Alberta (19.5%)

  *  Study looks at two-bedroom (new and existing) units

Over 10 million Canadians rent their homes, so demand will continue to boost prices.  Given that, and today’s low interest rates, many renters may be smart to consider buying instead.