City's rental vacancy rate drops in October

Default image

A tougher job market in the capital led to a lower rental vacancy rate in the capital in October, according to the Canada Mortgage and Housing Corp.

Numbers released Tuesday showed the rental vacancy rate at 2.6 per cent in October 2014, down from 2.9 per cent one year ago.

CMHC senior market analyst Sandra Perez-Torres said potential first-time homebuyers continued to rent because they were uncertain about the future of their jobs.

“A robust number of immigrants coupled with healthy student demand for off-campus rental accommodations tightened the rental market further," Ms. Perez-Torres said in a statement.

While the average rent for a two-bedroom unit did not change, three-bedroom units saw a rental rate increase of 1.4 per cent.

The number of condominiums offered for rent declined in October, with the vacancy rate for rental condominiums dropping to 1.7 per cent from 3.6 per cent in the same period a year ago.