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Kingston vacancy rate is the lowest in Ontario, with a record 0.6%
Canada Mortgage and Housing Corporation has confirmed that many people struggling to find housing in Kingston already know that it is virtually impossible to find rental housing in the city. According to CMHC, the vacancy rate in Kingston is the lowest in Ontario for the second year in a row and reached a record low of 0.6%.
According to CMHC, after a significant tightening of the rental market in 2017, the vacancy rate in the Kingston area fell further from 0.7% to 0.7% a year ago, as rental housing continued to increase more than the supply. According to the CMHC report, the vacancy rate fell for the third year in a row, reaching its lowest level since 1989.
Kingston has a relatively tight rental market history, says CMHC. Its average 10-year vacancy rate stands at 1.6%, compared to 2.4% in Ontario. For the second year in a row, Kingston recorded the lowest vacancy rate among the 16 metropolitan areas surveyed in Ontario. In fact, according to CMHC, the number of vacant homes is expected to triple by 2018 to bring the vacancy rate for purpose-built apartments to an average of 1.6 per cent over 10 years.
CMHC also noted that because of the tight market, average rents in Kingston have increased 2.7 per cent over the past year to $ 1,118 per month on average. The studios have a vacancy rate of 1.2% and an average rent of $ 745, and a bedroom, a vacancy rate of 0.5% and are rented for an average of $ 1,008. The vacancy rate of two-bedroom rooms was 0.6% and the average rent was $ 1,200, while that of three-bedroom or more homes had only a rate of 39, vacancy of 0.1% and average rent of $ 1,998.
According to CMHC, Kingston's north (Rideau Heights, Grenville / Hillendale, Kingscourt and Strathcona Park) recorded the lowest vacancy rate among all districts in the city. The vacancy rate in this district declined for the third year in a row to a historic low of 0.4% and was the lowest of all sub-markets. In the past three years, only 17 units, or 7% of the total new additions, have occurred in this area, CMHC said.
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