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>