Vacancy Survey 2021 Q4 – Provincial performance
Landlords continue to be under pressure as a result of an increased vacancy rate of 11.71% in the last quarter of 2021. Tenants remain highly price sensitive.
Although landlords will feel a measure of relief that rental escalations turned positive in the third quarter to 0.4%, the half a percent increase is not sufficient to cover rising property costs.
The Market Strength Index has also strengthened to 47.2 as supply decreases due to a substantial slow down within the construction sector.
Some provinces might benefit from lower vacancies, but rental collection is strained while cities heavily reliant on tourism have had to migrate their short term rental stock to long term rentals, resulting in an increase in vacancies in those areas.
Vacancy Survey 2023 Q3
The demand for residential rental property remains strong. Vacancies have declined nationally to 6.76% in the third quarter of 2023, the lowest since 2017. Despite a constrained economy, tenants have continued to meet their rental obligations with te…