CMHC reported late last year (November 2017) that rental vacancies in the GTA (greater Toronto area) plunged to their lowest level in 16 years (1.1%).
Here is their breakdown by number of bedrooms:
I suspect that, if the experience of my eldest daughter is any indication of the facts on the ground, actual vacancy rates might be approaching zero or even become negative.
How can you have a negative vacancy rate?
Well, Rachel ended up coach surfing, that’s how.
Rachel taking a break from the stress of finding an apartment in TO… by traveling to Thailand
Or young adults remain with their parents (much) longer.
Or over-crowding gets worse.
Or folks become homeless.
Remember, even if there is full occupancy, there are still some units vacant simply because they are being renovated or someone has signed a lease but not yet moved in…
There is a national, indeed international, affordable housing crisis.
And no one is tackling the real underlying causes.
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
ROYAL LePAGE Performance Realty broker
Ottawa Senators founder
Real Estate Investment and Business coach
MAKING IMPOSSIBLE POSSIBLE
postscript: How to really address unaffordability in housing https://profbruce.tumblr.com/post/168150526659/housing-shortage
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