City’s vacancy rate remains stable
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Hey there, time traveller!
This article was published 16/12/2014 (3942 days ago), so information in it may no longer be current.
Winnipeg’s apartment vacancy rate is unchanged from a year ago, holding steady at 2.5 per cent, according to the latest market survey by Canada Mortgage and Housing Corporation (CMHC).
Manitoba’s vacancy rate was also 2.5 per cent in October, when the CMHC survey was conducted. That’s essentially unchanged from a year earlier, when it was 2.4 per cent.
“The stable vacancy rate in Manitoba can be attributed to a balance between more new renters entering the market through net migration, an increase in the supply of units, and existing renters moving to homeownership,” said Dianne Himbeault, CMHC’s Senior Market Analyst for Winnipeg.
“Through the first half of the year, net migration to Manitoba recorded a 38 per cent year-over-year increase to 6,257 people, while the universe of rental apartments increased by 1,749 units since last fall’s survey,” Himbeault added.
On the basis of a sample of structures common to both the 2013 and 2014 surveys, the average monthly two-bedroom rent increased by 4.2 per cent to $1,016 in Winnipeg, the corporation said.
That’s higher than the mandated maximum increase of two per cent for 2014. But it noted several exemptions exist within provincial rent control regulations that allow for rent increases above the mandated guideline.
Across the city, average two-bedroom monthly rents ranged from a low of $674 in Lord Selkirk to a high of $1,182 in Assiniboine Park.
The average two-bedroom rent in Manitoba increased over the past year by 4.1 per cent to $983 per month. Winnipeg had the highest rate among the province’s seven largest urban centres, while Winkler’s had the lowest, at $692.
CMHC’s Fall Rental Market reports also include information on the secondary rental market for some centres.
The corporation said the vacancy rate in rental condominium apartments across the Winnipeg CMA was 2.6 per cent in October 2014, compared to 1.5 per cent in October 2013. This was comparable to the vacancy rate in the purpose built rental market, indicating similar demand in both markets.