AMONG OUR BIG CITIES, TORONTO & VANCOUVER BRING US LOW VACANCIES & HIGH-RISE RENTS

Vancouver, Canada’s West Coast metropolis within British Columbia, have both been inundated with floods, fires, windstorms and deaths over the past year. And yet the city kept on going, handling a second year of the pandemic. Still, this fine major city presented the lowest vacancy rate (1.2% in purpose-built rentals; 0.8% for rented condos; and highest rents up to $2,398. for a two – bedroom condo.) Toronto’s vacancy increased by 4.4% as some people left the city centre. Toronto’s metropolitan region of about six million added 1,609 purpose built rental units and 8,280 investor-held rental condos – about 37% of the 22, 280 condos completed overall in the last year. The CMHC report (Canada Mortgage & Housing Corporation) implies that international migration will likely fuel growth in rental demand and place downward pressure on vacancy rates, assuming migration continues to recover from pre-COVID levels. – <Detailed information from DARRYL DYCK and both The Canadian Press and The Globe and Mail, February 19, 2022>

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