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MNI BRIEF: Canada Rental Housing Vacancy Rate Hits Record Low

(MNI) OTTAWA
OTTAWA (MNI)
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanadaBriefStoryRegionNorth America

Canada's rental housing vacancy rate fell to a record low last year as record immigration added to domestic demand that outpaced supply, the federal housing agency said Wednesday, underlining an issue that's put the government well behind in public opinion polls and adds to the central bank's difficulties in curbing inflation.

The vacancy rate of 1.5% was the lowest in records back to 1988 according to the Canada Mortgage and Housing Corp. report, which also said "higher mortgage rates and persistently high home prices also continued to make it harder and less attractive for renters to transition to homeownership." Rent for an average two-bedroom apartment rose 8% last year, faster than the previous 5.6% and above the historical average of 2.8%. (See: MNI INTERVIEW: Peaking BOC Rate Rekindles Housing-Royal LePage)

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Canada's rental housing vacancy rate fell to a record low last year as record immigration added to domestic demand that outpaced supply, the federal housing agency said Wednesday, underlining an issue that's put the government well behind in public opinion polls and adds to the central bank's difficulties in curbing inflation.

The vacancy rate of 1.5% was the lowest in records back to 1988 according to the Canada Mortgage and Housing Corp. report, which also said "higher mortgage rates and persistently high home prices also continued to make it harder and less attractive for renters to transition to homeownership." Rent for an average two-bedroom apartment rose 8% last year, faster than the previous 5.6% and above the historical average of 2.8%. (See: MNI INTERVIEW: Peaking BOC Rate Rekindles Housing-Royal LePage)