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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.