Vacancy Rate Up Slightly In October

Posted on Thursday, November 30, 2017 08:57 AM

It should be a little easier to find an apartment in the city.

According to the Canada Mortgage and Housing Corporation, vacancy rates have risen slightly to 2.1 percent, up from 1.1 percent last year.

Market Analyst for the CMHC Warren Philp says that low interest rates often encourages people to move out of their apartment and into their own homes.

The bad news for renters is the average cost of an apartment has gone up over the past year.

It's about 9 percent higher at 792 dollars a month, up from 749 dollars last year.