Canada Mortgage and Housing Corporation has released its latest statistics on Canada’s rental market.
In it, CMHC says the vacancy rate for the Belleville-Quinte West area in 2023 is at 3%. That is an increase from 2.4% for 2022.
Turnover rates also saw an increase year-over-year with the turnover rate going up from 13.9% to 14.5%.
The average rent for a two-bedroom apartment in the area saw a slight increase from 2022. According to CMHC, the average rent is $1,333 for 2023, up from $1,295 in 2022.
The data accounts for both new and existing apartments.
Nationally, CMHC says the vacancy rate reached a new low of 1.5%. The average rent for a two-bedroom apartment nationally was $1,359, up 8%.
“Supply was unable to keep pace with demand despite an increase in the overall survey universe of rental units,” CMHC said in its Rental Market Report.
“Immigration supported demand in most large centres such as Toronto, Montréal and Vancouver, while high interprovincial migration contributed in Calgary and Edmonton. Overall, employment gains and low homeownership affordability also supported demand.”
