Thunder Bay has been noted for having the highest vacancy rate in the province.
The Canada Mortgage and Housing Corporation figures from October of 2018 show the overall vacancy rate for privately owned buildings at 4.9 percent. That is an increase from 3.2 percent for the same month in 2017.
The reason for the increase, according to CMHC, is because of the above-average growth in rental supply and more households moving to homeownership.
The corporation says the average rent for that month was $953 up 5.3 percent from a year earlier. Breaking that down, the average rent for a bachelor unit was $666 with the average three-bedroom apartment going for $1,296.
The CMHC notes, despite the higher vacancy rate in the city, the northward remains the more popular section of the city for renting adding, almost all the growth for available rental units was concentrated on that side with the decline in demand almost exclusively focused in the southward.
Andrew Lawrence, the president of the Thunder Bay Real Estate Board calls it a very “balanced” number which is good for renters, landlords and even the local real estate market.
You can read the full CMHC report on Thunder Bay by clicking HERE.
