A real estate official in the city calls the 4.9 percent vacancy rate in the city very “balanced.”
Andrew Lawrence, the president of the Thunder Bay Real Estate Board, believes it provides opportunities for everyone seeking accommodations.
He says “it means that there are going to be opportunities for tenants to be able to move and get a better premises and that they’re going to get a fair price.”
The Canada Mortgage and Housing Corporation reports the October 2018 vacancy rate was an increase of 3.2 per cent from 2017. It indicates the increase was due partly to renters moving into home ownership.”
Lawrence adds when there is balance “it’s good for everybody.”
