Vacancy Rate: Chief Economist

Rental Apartments Dept: The Canada Mortgage and Housing Corporation said in a report Thursday that a surge in immigrants seeking accommodation caused the vacancy rate to drop in Canada's 35 largest metropolitan areas, according to CBC. Not surprisingly, strong demand for apartments drove up prices, with the average price for a two-bedroom apartment in April pegged at $864 during the month, up 1.8 per cent from $848 a year earlier and the vacancy rate for rental apartments in Canada's cities decreased slightly to 2.5 per cent in April, a slight drop from the 2.9 per cent it was at during the same month a year earlier. "Recent immigrants tend to rent first before becoming homeowners," CMHC chief economist Bob Dugan said. As reported in the news.
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