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National rental vacancy rate increased to 2.9 per cent in April 2010 (CMHC)

National rental vacancy rate increased to 2.9 per cent in April 2010 from 2.7 per cent in April 2009.

The average rental apartment vacancy rate in Canada's 35 major centres1 increased by 0.2 percentage points to 2.9 per cent in April 2010 from 2.7 in April 20092. Near record levels of existing home sales and the rebound in housing starts in 2009 and early 2010 show that homeownership demand remained strong, and it continues to apply upward pressure on vacancy rates. Adding to this is the high level of condominium completions in some centres. Condominiums are a relatively inexpensive type of housing for renters moving to homeownership.

Also, some condominium apartments are owned by investors who rent them out. Therefore, high levels of condominium completions have created competition for the rental market and have put upward pressure on vacancy rates.

However, despite the resurgence in the housing market between April 2009 and April 2010, high immigration levels provided some downward pressure on vacancy rates as many immigrants tend to first settle in rental units.

The balance of these forces varied regionally, with most of the centres recording declines in vacancy rates (13 of 35 survey centres, or 37 per cent) concentrated in the Atlantic Provinces and, to a lesser extent, Ontario. On the other hand, all surveyed centres in British Columbia and the Prairies saw vacancy rates rise, while all-but-one centre in Quebec (Quebec City) also saw higher vacancy rates.

The vacancy rate of 2.9 per cent in April 2010 is slightly higher than the 2.8 per cent vacancy rate reported in the October 2009 Rental Market Survey. However, due to potential seasonality between the fall and the spring, caution should be taken when comparing the October and April vacancy rates.

Vacancy rates were low in some centres

Provincially, the lowest vacancy rates were in Manitoba (1.0 per cent), Newfoundland and Labrador (1.1 per cent), Saskatchewan (2.4 per cent) and Quebec (2.5 per cent). The provinces with the highest vacancy rates were Alberta (6.0 per cent) and New Brunswick (4.7 per cent).

The major centres with the lowest vacancy rates in April 2010 were Quebec City (0.4 per cent), Regina (0.8 per cent), Winnipeg (1.0 per cent) and St. John's (1.1 per cent). The major centres with the highest vacancy rates were Windsor (12.4 percent), Abbotsford and Peterborough (both at 6.6 per cent), Greater Sudbury (5.4 per cent), Calgary (5.3 per cent) and Edmonton (5.2 per cent).