Local apartment seekers are feeling the squeeze even more, according to the results of the latest rental market survey by Canada Mortgage and Housing Corp.
The federal housing agency said the already record-low average apartment vacancy rate in Winnipeg and in Manitoba has edged even lower, falling to 0.7 per cent in April.
In Winnipeg’s case, that’s down from 0.8 per cent in October and one per cent in April of last year. Manitoba’s rate was one per cent in both October and April of last year.
CMHC attributed the further deterioration in vacancy rates on an influx of new immigrants and rising employment and incomes, which have helped fuel the demand for rental housing.
To compound renters’ woes, average rents also continue to climb. The average monthly rent for a two-bedroom apartment in the Winnipeg Census Metropolitan Area has increased by 3.2 per cent in the past year to $843. And the average rent for a one-bedroom unit has climbed by three per cent to $657.
So maybe it’s time to consider purchasing your first home.
Don’t have a down payment? There are ways to deal with that and we will offer you the best advice.
Don’t assume you won’t qualify for a mortgage. Don’t wait — contact us now to see if you qualify to purchase a home!