Vacancy rates down in the capital, rent up: CMHC

Vacancy rates in the capital fell slightly in April compared with the same month last year, the Canada Mortgage and Housing Corporation says.

In its spring 2014 rental market report, the CMHC says Ottawa’s vacancy rate was down 0.5 per cent to 3.2 per cent, while the average rental price of a two-bedroom unit was up $6 to $1,136.

The city’s vacancy rate is 10th out of the 16 Ontario cities measured, while the rental price trails only Toronto’s average of $1,241.

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Ottawa’s vacancy rate was also above the national rate of 2.7 per cent, which was unchanged from last year.

The country’s highest average two-bedroom rental rate is in Vancouver at $1,274, while Sherbrooke, Que., brings up the rear at $594.

“The stability of the national vacancy rate is due to supply and demand factors,” CMHC’s  manager of economic and housing analysis Bruno Duhamel said in a statement. “Demand for rental housing continues to be supported by population gains from net migration and stable employment levels for young workers aged 20 to 24″.

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