The annual CMHC Rental Market Report is out, looking at rental statistics for Canada as a whole and for specific markets. The Windsor-Essex region is the focus of the report, which details market statistics and changes since the last report was published. The article explores why the vacancy rate in Toronto is slightly higher than in the Greater Toronto Area and what residents can do to improve their situation. It also touches on the affordability of Windsor-Essex rentals.
Toronto’s vacancy rate is slightly higher than in the Greater Toronto Area
While a city’s vacancy rate may be higher than the region’s overall average, it is still well below the national average. CMHC breaks down Toronto into six districts to calculate the vacancy rate by neighbourhood. As Toronto continues to rebound from the recent pandemic, more renters are moving to the city. Listed below are the major neighbourhoods with the highest vacancy rates in the GTA.
In Toronto, the rental market is beginning to resemble its pre-COVID days. In Q1-2019, 1,782 rental units were completed. During the next few quarters, demand for apartment units is expected to rise. As immigration returns, the GTA rental market will continue to grow. While the GTA vacancy rate remains higher than the national average, Toronto’s rental market is beginning to look more like the city’s pre-COVID era.
The overall vacancy rate in Toronto is slightly higher than the region’s, according to a new report from Urbanation. It was just over four per cent in the fourth quarter of 2021 compared with 1.0 per cent in the previous quarter. The higher vacancy rate is attributable to the large number of purpose-built rental units being constructed. Nevertheless, the vacancy rate for lower-rent units remained well below the area’s historical average.
As a result of the low vacancy rate, rents have continued to rise. The average rent in Toronto is now over $1,600 per month for a bachelor apartment. One bedroom units average over $2,700. This represents a record high share of new leases. The city’s rental market is still a hot spot for renters and is seeing a marked increase in demand.
In contrast, vacancy rates in the GTA rose in 2004 to a five-year high of 3.7%. The increase was caused by the heightened competition for rental units, a weaker demand for new homes and condominium construction. In addition, more rental buildings opened in Toronto in 2009, boosting vacancy rates. In the GTA, the vacancy rate was higher in 19 out of the 28 major urban centres in Canada.
The GTA’s vacancy rate hit an all-time high of 8.8 per cent in Q1-2021. This rate was only slightly higher than the vacancy rate in the 905 region of the GTA. However, the 905 region saw a relatively low vacancy rate of just 1.5%. In contrast, Toronto’s vacancy rate is slightly higher than the vacancy rate in the GTA.
Windsorites struggle to make the transition from renting to buying
One of the biggest reasons why residents of Windsor are having trouble making the move from renting to buying is the tight housing market. Demand for rents in Windsor has grown by 5.9 per cent since 2020, and the price of purchasing a home has increased by 30 per cent. As a result, more residents are forced to stay in the rental market for longer periods, which adds more pressure to the already strained rental housing supply.
Nova Scotia’s high COVID-19 vaccination rates make the province appealing to people from bigger and crowded cities
The provincial government is working to improve the rates of vaccine hesitancy, which is nearly double the national average. Vaccination hesitancy is rooted in historic events and a distrust of health care professionals. Researchers have pointed to anti-Black racism in Canada’s health care system, such as the recent case of an Indigenous woman who was subjected to racist comments by medical staff at the Joyce Echaquan hospital.
Despite its high COVID-19 vaccination rate, people from larger cities are still attracted to the province because of its low case number. The province’s low COVID-virus infection rates and low COVID-19 vaccination rates make it a desirable location for many people, especially those who are looking to escape the hustle and bustle of larger cities.
Earlier this year, the outbreak in Halifax and elsewhere in Canada had led the WHO to declare it a public health emergency. The outbreak had resulted in restrictions on interprovincial travel and discouraged internal travel. The provincial government has implemented a 14-day self-isolation period and has discouraged internal travel during the outbreak.
Despite the low levels of the disease in Nova Scotia, the provincial government is still trying to promote the health of its residents by increasing the COVID-19 vaccination rate. This will attract people from larger cities, as well as from outside Canada. However, these vaccination rates are not the only factors that make the province appealing. As long as the public is protected and vaccinated, the province will continue to attract people from crowded urban areas.
In addition to high rates of COVID-19 vaccination, the low rates of other diseases make the province a prime location for those escaping larger, more crowded cities. But the lack of other diseases makes Nova Scotia an attractive destination for people looking for a more tranquil lifestyle. Its high COVID-19 vaccination rates make the province appealing to people who have previously avoided the more crowded areas.
As long as Canadians take their public health seriously, the province is well-positioned to deal with a pandemic. The SARS outbreak, which killed tens of thousands of people, tested the country’s capacity to deal with an epidemic. But as the Canadian public health system recovered from the outbreak, the Liberals were able to convince Canadians that it was worth fighting against the Conservative “war on science”.
As a result, the provincial government is offering $500 to low-income adults who want to relocate to Nova Scotia. This payment will help low-income individuals receive the vaccine they need. The money from the federal government is a welcome bonus for the province. This incentive has made it a popular destination for many people from cities and larger provinces.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.