Vacancy Rates Fall, Many Condos are Rentals in Ontario
The Canadian Mortgage and Housing Corporation say that the demand for rentals outpaced supply. Across the country, the number has gone up to 23,000 in the last 12 month which is a 1.2% increase.
The demand was fuelled by migration to Canada, improving employment for young adults allowing them to move out of the family home as well as an aging population looking for low maintenance living.
Many condo units are being used as rental units. Between 22-38% of all condos in the province of Ontario and the Western provinces are being rented. The market for basement secondary dwelling units, nanny suites, and others make up more than 40% of the rental supply. Rentals in this second segment is often less expensive for tenants than the condominium rentals available.
The average national monthly rent for 2 bedroom units is now $989 which is a 2.8% increase over last year.
All this information is good for landlord or those looking to invest in investments properties. If you are looking to purchase a property and find a quality trust the services and expertise of Roch St-Georges, Bilingual Real Estate Broker in Ottawa. Call 613-889-7732 to discuss your real estate goals.