Rent prices continue to increase across the country even though the supply of rental housing is the highest in more than thirty years.
This is the finding of the most recent report on the rental market from the Canada Mortgage and Housing Corporation (CMHC) released Tuesday.
In the 17 Canadian metropolitan areas studied, the rent for 2-bedroom units increased on average by more than $100 per month, going from $2,049 in 2023 to $2,173 in 2024.
The supply of rental apartments still increased by 4.1%, which increased the national vacancy rate from 1.5% in 2023 to 2.2% in 2024.
In the Montreal region, there was a record number of new apartments, which pushed up the vacancy rate in Laval and on the North Shore.
But overall, the vacancy rate remains rather low, at 2.1%, and rents have continued to increase.
Thus, the average rent for two-bedroom rental units stands at $1,176, an increase of 6.3% compared to 2023.
Available affordable housing is still rare for housing below $1,150, with 1% of housing available.
More details will follow…
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