Report shows Halifax's 2022 rental vacancy rate second lowest in Canada
A new report shows the rental market in Nova Scotia has been hit hard with increased demand and short supply.
"We’ve seen that younger people are staying in rentals longer and continue to boost rental demand," says Kelvin Ndoro from the Canada Mortgage and Housing Corporation (CMHC).
On Thursday, the CMHC released its yearly report, highlighting Halifax’s rental vacancy rate sits at one per cent, or the second lowest in Canada.
The city's turnover rate is 11 per cent, which is also the second lowest nationwide.
The turnover unit rent hiked 28.9 per cent, while the rent increase to current tenants is up 4.5 per cent – that's the highest in Canada.
As a result, officials say in 2022 the average Halifax two bedroom unit was around $1,449.00, which increased 9.3 per cent.
According to officials, low vacancy rates are a sign construction lacking with population growth.
Between July 2021 and July of 2022, about 28,000 people moved to Nova Scotia.
"Halifax actually had negative interprovincial migration, which means we saw more people leaving to other parts of Nova Scotia then we’re coming here whereas the surrounding areas like East Hants Warden, Kings County, Cumberland for example, Truro has seen an increase in interprovincial migration,” Ndoro says.
Kevin Russell from the Investment Property Owners Association of Nova Scotia said he wasn't shocked by the data.
"When the government introduced rent control in Nova Scotia in 2020 we advised government and anyone that would listen that rent control would result in higher rents than pre-rent control,” Russell says.
According to Russell, Nova Scotia’s two per cent cap on rental increases is forcing some property owners to sell.
“That market is going back into single-family home ownership. We’ve done surveys with our members that show that there’s 12,000 units at risk of being sold,” says Russell.
CTVNews.ca Top Stories
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
'He didn't want to die': Family of Calgary man killed in standoff speaks out
Family of a Calgary man killed after a 30-hour standoff with police last week are speaking out, sharing details of the tense and heart-wrenching experience.
Toronto family doctor who called patient's body 'perfect' suspended for 3 months: tribunal
A family doctor in Toronto has been suspended for three months after a disciplinary tribunal found that he failed to follow proper protocols while examining a patient's breasts and made inappropriate comments about her body.
Ohio mom who left toddler alone 10 days when she went on vacation pleads guilty to aggravated murder
An Ohio mother whose 16-month-old daughter died after being left home alone in a playpen for 10 days last summer while she went on vacation was sentenced Monday to life in prison with no chance of parole.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
5 charged in Calgary kidnappings that targeted women
Calgary police have charged five men in a pair of kidnappings last year that targeted innocent victims.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Canadian commander of volunteer fighter group dies in Ukraine
A Canadian-born commander of the so-called Norman Brigade, a volunteer fighting group in Ukraine, has died.