According to the Rental Market Survey released by Canada Mortgage and Housing Corporation (CMHC), vacancy rates in Canada’s 35 major centres increased to 2.9% in 04-2010 from 2.7% in 04-2009.
"Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year," said Bob Dugan, Chief Economist at CMHC.
The centres with the lowest vacancy rates were Quebec City at 0.4%, Regina at 0.8%, Winnipeg at 1%, and St. John’s at 1.1%. On the provincial level, Manitoba and Newfoundland and Labrador had the lowest vacancy rates at 1% and 1.1% respectively.
CMHC's Rental Market Survey also found that the rental apartment availability rate in Canada's 35 major centres was 5.4% 04-2010, up from 5.0% 04-2009. A rental unit is considered available if the unit is vacant (physically unoccupied and ready for immediate rental), or if the existing tenant has given or received notice to move and a new tenant has not signed a lease.
More details can be found on MarketWire