Find out what the average monthly rents are in Canada's major cities according to Canada Mortgage and Housing Corp.'s April 2011 Rental Market Survey.
OTTAWA — Demand is outstripping supply in the country’s apartment rental market, pushing the national vacancy rate lower and making it more difficult for renters to find accommodations, Canada Mortgage and Housing Corporation reported Thursday.
The vacancy rate fell to 2.5% in April from 2.9% a year earlier, the national housing agency said.
“Immigration continues to be a factor in supporting rental housing demand. Recent immigrants tend to rent first before becoming homeowners,” said Bob Dugan, CMHC’s chief economist.
“In addition, condominium completions moved lower in the past months, while rental apartment unit completions remained relatively stable. As a result, the overall demand for rental apartment units increased faster than supply for this type of housing. Accordingly, this pushed Canada’s vacancy rate downward.”
The average monthly rent in Vancouver is $1,181.
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