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Canada's overall vacancy rate declined for the second year in a row as rental demand grew faster than supply, according to the Canada Mortgage and Housing Corporation.
In its annual survey of the rental market, the housing agency said that in 2018, the vacancy rate was 2.4%, up from 3% in 2017.
According to CMHC, demand for rental housing has grown faster than supply.
The housing agency calculates that 37,000 new purpose-built apartments have been added across Canada this year. But the demand for apartments has increased by 50,000. So there are not enough new apartments to satisfy everyone who wants it.
The number of occupied units increased by 2.5% in October 2018, compared with a 1.9% increase the same month a year earlier.
Ontario, BC and Manitoba all experienced an increase in the vacancy rate, while Quebec, Alberta, Saskatchewan and the Atlantic Provinces experienced declines.
The report, which focused on available rental housing and condominium apartments, found that the average rent for a two-bedroom apartment had jumped 3.5% from October 2017 to October 2018.
The average rent of a studio is currently $ 787 per month. A bedroom costs an average of $ 946, while a bedroom costs $ 1,025. Three-bedroom apartments or more, hard to find in the first place, cost an average of $ 1,097 per month.
But there were big variations across the country. A two bedroom condo in Toronto costs $ 2,393 a month, for example. But a comparable unit in Ottawa costs an average of $ 1,014 a month.
BEFORE CHRIST. Kelowna recorded a 9.4% increase. Saskatchewan, the province with the highest vacancy rate, saw its rents drop slightly, by 0.5% in Regina.
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