Winnipeg apartment seekers are finally starting to see a little relief from chronically low vacancy rates.
A new rental market survey by Canada Mortgage and Housing Corporation (CMHC) shows Winnipeg’s overall apartment vacancy rate increased by more than a half a percentage point from October of last year to October of this year, climbing to 1.7 per cent from 1.1 per cent.
It was a similar story for the province’s overall average rate, which climbed to 1.6 per cent from 1.0 per cent.
But despite the improvement, Winnipeg still has one of the lowest vacancy rates among the 35 Canadian cities surveyed, CMHC said. Its rate is also well below the national average of 2.6 per cent, which was up 0.4 per cent from a year earlier. The survey also shows monthly rental rates continued to rise during the same period.
The average rent for a two-bedroom apartment in Winnipeg increased by 3.6 per cent to $911 from $875, while for Manitoba it rose by 3.7 per cent to $887 from $850.
Nationally, the average monthly rental rate for a two-bedroom suite increased by 2.2 per cent to $901 from $883, the corporation said.