{"id":4141,"date":"2016-11-30T15:15:27","date_gmt":"2016-11-30T23:15:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4141"},"modified":"2016-11-29T06:55:29","modified_gmt":"2016-11-29T14:55:29","slug":"how-much-is-rent-for-a-two-bedroom-condo-across-canada","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/how-much-is-rent-for-a-two-bedroom-condo-across-canada\/","title":{"rendered":"How Much is Rent for A Two-Bedroom Condo Across Canada?"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s national housing agency has published the results of its rental survey, and they suggest Toronto is the most expensive major market for condo tenants in the country.<\/p>\n<p style=\"text-align: justify;\">The average rent for two-bedroom condos in Toronto\u2019s census metro area was $2,029 in October, according to the Canada Mortgage and Housing Corporation\u2019s 2016 Rental Market Report, including survey findings.<\/p>\n<p style=\"text-align: justify;\">Condo rents have soared in the tight Toronto market. Despite a condo construction boom \u2014 there were 10,039 condos under construction in the Greater Toronto Area last month, according to BuzzBuzzHome data \u2014 the CMA, which shares similar boundaries, had a vacancy rate of 1%.<\/p>\n<p style=\"text-align: justify;\">That\u2019s below the national average of 1.9% for the secondary rental market, which covers buildings across 17 markets that were not built specifically for rental, such as condo developments.<\/p>\n<p style=\"text-align: justify;\">CMHC surveys property owners, managers and building superintendents through phone calls and site visits during the first two weeks of October to gauge rents and vacancy rates throughout the country each year.<\/p>\n<p style=\"text-align: justify;\">Its latest findings peg the Vancouver CMA as the second most expensive condo rental market with rents averaging $1,822. The metro area has a drum-tight secondary-market vacancy rate 0.3%, according to the survey.<\/p>\n<p style=\"text-align: justify;\">Dollar-for-dollar, the most affordable condo rents are on the Quebec side of the Ottawa-Gatineau CMA, where the average rent is $1,008.<\/p>\n<p style=\"text-align: justify;\">The national average rent for the secondary rental market reached $1,436 in October, according to the survey, while the country-wide vacancy rate dropped to 1.9% from 2.3%.<\/p>\n<p style=\"text-align: justify;\">CMHC\u2019s rental report also looks at the primary rental market, spanning any building with at least three units that was constructed with the intention of renting it out. The national agency calls these private apartments and purpose-built apartments.<\/p>\n<p style=\"text-align: justify;\">The average rent across 34 major markets for a two-bedroom private apartment was $995 last month, an increase of 2% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">Over the same period, the country\u2019s vacancy rate for these rental dwellings climbed to 3.4% from 3.3% \u2014 not for lack of demand, though.<\/p>\n<p style=\"text-align: justify;\">\u201cSince last year, the supply of apartment units in the primary rental market increased more than the number of occupied units, causing the vacancy rate to increase slightly,\u201d explains Anthony Passarelli, a senior market analyst with CMHC, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cThat said, regional trends across the country were considerably different, roughly offsetting one another at the national level,\u201d Passarelli notes.<\/p>\n<p style=\"text-align: justify;\">The most expensive rental market for private apartments is not in Toronto or Vancouver, or even anywhere near either of these markets.<\/p>\n<p style=\"text-align: justify;\">The Yellowknife CMA has the highest private-apartment rent at $1,554. Housing costs are typically high in the Northwest Territories, local realtors tell BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Vancouver trailed with an average two-bedroom apartment rent of $1,450, up 5.7% from October 2015. The west coast CMA\u2019s primary vacancy rate was among the lowest in Canada at 0.7%.<\/p>\n<p style=\"text-align: justify;\">A comparable apartment in the Toronto CMA would run renters $1,327, representing a year-over-year gain of 3.1%. The primary vacancy rate for the Toronto CMA sits at 1.3 per cent.<\/p>\n<p style=\"text-align: justify;\">The cheapest apartment rents were found in the Quebec CMAs of Trois Rivieres and Saguenay, which had vacancy rates of 6.2 and 7%, respectively. Two-bedroom rents in both markets averaged $587.<\/p>\n<p style=\"text-align: justify;\">Saskatoon\u2019s primary vacancy rate of 10.3% was the highest in the country and signals a regional trend. There, apartment rents in October ran tenants $1,100 on average.<\/p>\n<p style=\"text-align: justify;\">\u201cRental housing demand was greater in most regions of Canada, with the exception of oil-producing provinces Alberta, Saskatchewan and Newfoundland and Labrador,\u201d says CMHC.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/11\/how-much-rent-two-bedroom-condo-canada.html\" target=\"_blank\">How Much is Rent for A Two-Bedroom Condo Across Canada?<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s national housing agency has published the results of its rental survey, and they suggest Toronto is the most expensive major market for condo tenants in the country. The average &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/how-much-is-rent-for-a-two-bedroom-condo-across-canada\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4141","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much is Rent for A Two-Bedroom Condo Across Canada? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/how-much-is-rent-for-a-two-bedroom-condo-across-canada\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Much is Rent for A Two-Bedroom Condo Across Canada? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s national housing agency has published the results of its rental survey, and they suggest Toronto is the most expensive major market for condo tenants in the country. 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