Rent is up while the vacancy rate is down.
That sums up the statistics for West Nipissing in the latest Rental Market Report released by Canada Mortgage and Housing Corporation (CMHC).
The total vacancy rate is at zero, down from 0.5% in Oct. 2022.
Rent in West Nipissing was up $17.
“Again in 2023, strong rental demand continued to outpace supply in communities across the country, making it very difficult for renters to find housing they can afford,” says Kevin Hughes, CMHC’s Deputy Chief Economist. “The vacancy rates and rent increases we are observing are further evidence the current level of rental supply in Canada is vastly insufficient and the need to increase this supply is urgent”.
Nationally, the vacancy rate for Canada’s primary rental market reached a new low of 1.5% in 2023.
That’s the lowest recorded rate since 1988, when CMHC began recording a national vacancy rate.
In North Bay, the total vacancy rate fell from 2.1% in Oct. 2022 to 0.8% last October.
CMHC also reports total rent jumped about $105.
That’s a 13.8% hike.