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Rental Rates

PARTNERSHIP SEEKS TO PROVIDE SOLUTIONS FOR TORONTO’S AFFORDABLE HOUSING CRISIS

Posted in Affordable Housing, CMHC, Development, Housing, Industry Trends, Newsworthy, Rental Rates

PARTNERSHIP SEEKS TO PROVIDE SOLUTIONS FOR TORONTO’S AFFORDABLE HOUSING CRISIS

A new partnership between the public, private and non-profit sectors will create much needed affordable rental housing for single mothers in Toronto and provide a model that can be replicated to help others facing similar challenges. Sun Life, Daniels, WoodGreen and the City of Toronto made the announcement Feb. 12. “None of us have any doubt that we have been facing an affordable housing crisis for a very long time in Toronto, but also across the country. There is also no doubt that the...

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SAINT JOHN ADDS RECORD NUMBER OF APARTMENTS BUT IT’S NOT ENOUGH TO MEET DEMAND

Posted in Affordable Housing, CMHC, Development, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

SAINT JOHN ADDS RECORD NUMBER OF APARTMENTS BUT IT’S NOT ENOUGH TO MEET DEMAND

The Canada Mortgage and Housing Corporation (CMHC) says the vacancy rate dropped to 3.1 percent in 2020 from 3.3 percent a year earlier. David Dobbelsteyn said the tightening rental market came despite a record 228 new apartment units added in the city in 2020. “What this means is that development has not yet kept up with demand, so this is a good and bad thing,” Dobbelsteyn told members of the city’s growth committee this week. “It’s not good because lower vacancy rates tend to correlate with...

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$7.6M IN RENT ARREARS PILE UP ON LONDON TENANTS AS WORKING POOR STRUGGLE

Posted in CMHC, Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

$7.6M IN RENT ARREARS PILE UP ON LONDON TENANTS AS WORKING POOR STRUGGLE

With $7.6 million in unpaid rent and thousands of units in arrears last year, the London area nearly topped a list of Ontario communities where people fell behind, second only to Toronto. Rental arrears were part of the Canada Mortgage and Housing Corp.’s annual rental report for the first time, and London clocked in with 8,130 units where tenants had fallen behind on rent. That’s about 16 per cent of all units in the London census metropolitan area (CMA), which covers London, St. Thomas,...

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REITS TAKE LONG VIEW OF VANCOUVER’S RENTAL MARKET EVEN AS VACANCIES RISE, RENTS DROP

Posted in Broker Listings, Broker Listings West, Broker Sales, Broker Sales West, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

REITS TAKE LONG VIEW OF VANCOUVER’S RENTAL MARKET EVEN AS VACANCIES RISE, RENTS DROP

The COVID pandemic has lowered demand for rental properties and thus what landlords are charging, but investors looking to buy apartment buildings to earn a financial return believe this is temporary, says a B.C. real estate executive. Lance Coulson, an executive vice-president at commercial broker CBRE, sold 15 rental apartment buildings, nine of them of concrete construction and on the west side, for almost $300 million in late January. The deal covered a total of 614 housing units in the...

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OVER 100,000 CANADIAN RENTERS AT HIGH RISK OF DEFAULT: IS A HOUSING CORRECTION COMING?

Posted in CMHC, Coronavirus, Finance, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

OVER 100,000 CANADIAN RENTERS AT HIGH RISK OF DEFAULT: IS A HOUSING CORRECTION COMING?

The data released by the Canada Mortgage and Housing Corporation (CMHC) regarding rent in arrears at purpose-built rentals in 2020 doesn’t look good. In October 2020, 125,200 Canadians were behind on rent. The figure represents nearly 6.11% of private rental stock, while the total past-due rent is around $156.79 million. This new development might impact the Canadian real estate market, which has defied gravity, despite the national lockdowns and the global pandemic. Will growth return to more...

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CANADIANS ARE PAYING BIG PREMIUMS TO OWN INSTEAD OF RENT, SHOWS CMHC DATA

Posted in Housing, Industry Trends, Newsworthy, Rental Rates

CANADIANS ARE PAYING BIG PREMIUMS TO OWN INSTEAD OF RENT, SHOWS CMHC DATA

Households in Canada’s largest real estate markets are big premiums to own. Canada Mortgage and Housing Corporation (CMHC) analysis shows the gap between the cost of owning and renting in 2020. Carrying costs in the largest market are now almost double that of paying rent. That isn’t a general rule though, with some markets cheaper to own than rent. Toronto Condo Buyers Pay an 86% Premium To Own Greater Toronto real estate has the biggest gap between owning and renting. Condo apartment owners...

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MONTREAL VACANCY HITS 6%, HIGHEST IN YEARS, BUT PRICES DON’T SEEM TO BE DROPPING

Posted in Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

MONTREAL VACANCY HITS 6%, HIGHEST IN YEARS, BUT PRICES DON’T SEEM TO BE DROPPING

It’s been a long time since there were this many “for rent” signs in Montreal: the vacancy rate just hit six per cent, a far cry from what it’s been for the last few years. Why is that? Many of the reasons were predictable, given the strange past year, though they didn’t translate into lower vacancy for the first few months of the pandemic. It’s a combination of a drop in foreign students, a drop in tourism, and more Montrealers fleeing the city for the suburbs. The Quebec Landlords’...

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A NEW STUDY REVEALS THAT THE NUMBER OF VACANT MONTREAL APARTMENTS HAS ‘EXPLODED’

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

A NEW STUDY REVEALS THAT THE NUMBER OF VACANT MONTREAL APARTMENTS HAS ‘EXPLODED’

A new study conducted by the Quebec Landlords Corporation (CORPIQ) reveals that Montreal’s apartment rental vacancy rate “exploded” during the pandemic. According to the CORPIQ, a high vacancy rate ought to be good news for renters looking for a new place to live. Landlords, however, might experience some difficulties re-renting their apartments during the pandemic, the Corporation says. “The pandemic and the economic crisis it is causing are particularly affecting the...

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INTERRENT ANNOUNCES $292.5 MILLION PORTFOLIO ACQUISITION IN METRO VANCOUVER WITH CRESTPOINT

Posted in Industry Trends, Media Releases, Newsworthy, Rental Rates, Vacancy Rates

INTERRENT ANNOUNCES $292.5 MILLION PORTFOLIO ACQUISITION IN METRO VANCOUVER WITH CRESTPOINT

InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) announced today that, together with Crestpoint Real Estate Investments Ltd. (“Crestpoint”), it has entered into agreements to acquire 15 properties in Metro Vancouver (the “Acquisition Portfolio”) for a combined purchase price of $292.5 million. Under the arrangements, InterRent and Crestpoint will each own a 50% interest in the Acquisition Portfolio. InterRent will property manage the Acquisition Portfolio and...

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RENTS FORECAST TO INCREASE IN CANADA BY 3% IN 2021

Posted in Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

RENTS FORECAST TO INCREASE IN CANADA BY 3% IN 2021

Bullpen Research & Consulting and Rentals.ca is forecasting rents will increase 3 per cent annually in Canada in 2021. Rents will continue trending downward in the first half of 2021 but start a slow recovery in the second half of 2021. Forecasts for average monthly rent for five Canadian cities from December 2020 to December 2021 include Toronto, up 4 per cent; Montreal, up 6 per cent; Vancouver, up 3 per cent; Calgary, flat in 2021; and Mississauga, up 2 per cent. Here’s how average...

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