While there has been a lot of discussion about the need for more apartments in the Quinte region a report from the Canada Mortgage and Housing Corporation (CMHC) shows vacancy rates in the area actually increased last year.
The report involves the Belleville Census Metropolitan Area (CMA) which includes Belleville, Quinte West, Tyendinaga/Deseronto, and Stirling-Rawdon.
The vacancy rate for apartments went up to 2.4% from 1.7% in 2021 and was the second highest rate of 11 Ontario CMAs surveyed.
CMHC says declining demand for rental units was a driving factor pushing the rate higher.
Interestingly, the report also says a significant number of apartments were actually taken off the market last year either for renovations or other reasons. That fact should have lowered the vacancy rate but the drop in demand outpaced the drop in unit availablity.
CMHC says affordability remains an issue, especially for people with lower incomes.
The average rent for a two-bedroom apartment in the Belleville CMA was just under $1,300 a month.
More detail is available here.
