{"id":298916,"date":"2024-02-13T16:09:33","date_gmt":"2024-02-13T16:09:33","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=298916"},"modified":"2024-02-13T16:10:57","modified_gmt":"2024-02-13T16:10:57","slug":"canadian-renters-face-worst-prospects-ever-report","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/canadian-renters-face-worst-prospects-ever\/","title":{"rendered":"Canadian Renters Face Worst. Prospects. Ever: Report"},"content":{"rendered":"

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In most of Canada\u2019s biggest cities, the rental vacancies sunk even lower in 2023, with the national rate reaching a 35-year low.<\/span><\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 3 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

Vancouver<\/a> has the lowest vacancy rate of any major Canadian city, but Toronto and Calgary are catching up.
<\/span><\/p>\n

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Canadian renters are having the toughest time in more than a generation (and perhaps ever), suggests a <\/span>recent RBC report<\/span><\/a>. \u201cIt\u2019s never been harder to rent in Canada\u2014vacancy rates fall to 35-year low,\u201d the report, which was authored by RBC economist Rachel Battaglia and published on Feb. 1, highlights.\u00a0 <\/span>
<\/span>
<\/span>In fact, the national vacancy rate sank to a record low of <\/span>1.5% in 2023<\/span><\/a>, according to Canada Mortgage and Housing Corporation data, as population growth and challenges related to the affordability of home ownership kept demand fierce among tenants, notes Battaglia. (The CMHC adds that stronger employment prospects stoked the flames in major cities as well.)<\/span><\/p>\n

 <\/p>\n

<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||25px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”21px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

“Mortgage rates around 6 to 7% have been common in Canadian financial history.”<\/strong><\/span><\/h2>\n

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Of course, as it is often said: all real estate<\/a> is local<\/i>. Vacancy rates \u2014 which vary from city to city and in some cases remained flat compared to the previous year \u2014 are no exception. <\/span><\/p>\n

<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||23px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_padding=”||10px||false|false” custom_padding_last_edited=”off|desktop” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

The Prairies See Biggest Vacancy-Rate Declines\u00a0<\/b><\/h2>\n

<\/h3>\n

Vancouver remained the tightest rental market across Canada\u2019s six biggest cities in 2023 with a vacancy rate of 0.9%, roughly unchanged from the previous year, but other major markets are gaining ground \u2014 fast. While Toronto\u2019s vacancy rate edged down to 1.4%, compared to 1.6% in 2022, it was tied by Calgary, where the vacancy rate had fallen from 2.7% in the previous year. Meanwhile, Edmonton\u2019s vacancy rate reached 2.4%, which although the loosest of the major markets, had fallen the most of any city from 4.3% the year before.<\/span><\/p>\n

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The massive declines in Calgary and Edmonton are, writes Battaglia, \u201cdue, in part, to the substantial inflow of interprovincial migrants<\/a> to the province which kept demand for rental housing robust.\u201d Rounding out the top six largest markets, Montreal\u2019s rate declined to 1.5% from 2% and Ottawa\u2019s remained flat at 2.1%. Note that these CMHC vacancy rates, which represent the share of available existing units, only include purpose-built rental buildings with three or more units. Condos and social housing, for example, are not captured.\u00a0\u00a0<\/p>\n

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We put the real<\/em> back in real estate.<\/span><\/h2>\n

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Join Wahi today and find out how easy it is to get real estate in Canada.<\/span><\/p>\n

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