'Somebody please help me out': Renter, landlord speak on Greater Victoria housing supply
CTV
The results of the Canada Mortgage and Housing Corporation's latest report are in, and if you’re looking to rent a unit in the capital region, the results are not in your favour.
"We saw the vacancy rate decline to one per cent in purpose built rentals and zero percent in condo rentals," said Pershing Sun, senior economic analyst with CMHC.
These numbers are the result of CMHC’s annual rental market survey. It put the capital region in a tough spot nationally for 2021.
"This makes Victoria one of the markets with the lowest vacancy rates in Canada," said Sun. "It’s actually even lower than Vancouver’s."
It should be noted that CMHC only compiles data on the condo rental market and purpose built rentals. It does not look into the basement suite market.
The national average vacancy rate for purpose-built two-bedroom rentals sits at 3.1 per cent.
Greater Victoria shares the lowest vacancy rate in the country with Peterborough and Halifax. Both are sitting at one per cent as well.
On the pricing side, the national average for a 2-bedroom unit goes for $1,167 a month.
The most expensive place to rent in Canada in 2021 was Vancouver at $1,824 a month for a two-bedroom. Behind Vancouver is Toronto at $1,666 a month, followed by Greater Victoria at $1,571 a month.
