Rental vacancies in Waterloo region reach 20-year low: CMHC
It’s bad news if you’re looking for a place to rent.
The Canada Mortgage and Housing Corporation (CMHC) says the vacancy rate in Waterloo region has sunk to its lowest point in 20 years.
Of all the rental units in the region, just over one per cent are currently available and on the market.
“I almost have to go get a second full-time job to be able to afford to rent a place for my family,” Waterloo renter Joey Cousineau said.
The father of two is looking for a new place and is feeling discouraged. He’s currently paying $1,800 per month for a four-bedroom townhouse.
“To get something like this is like $2,500, at least, and there’s just no way to afford that, so I am going to have to downsize.”
There are a combination of factors fueling the rental crunch.
“We've seen more population growth through immigration,” said David Carruthers with CMHC. “We've also seen the continued return of students.”
Local realtor Shawn Ramautor said he believes recent interest rate bumps have also had a large impact on the market.
Waterloo resident Joey Cousineau and his family are looking for a new place to rent. (Submitted)
“Now these people who were looking to buy, they can't afford to buy, they can’t qualify, so it pushes them into the rental pool,” Ramautor said. “And then you also had a lot more people having to return to the office so they have to live closer to work.”
Many young people are also waiting longer to have kids and to get married, meaning they are living separately for longer, resulting in more competition and higher rental prices.
According to the most recent report from rentals.ca, the average listing prices for a one-bedroom unit in Kitchener was $1,968 last month – up 32 per cent year-over-year. The average two-bedroom was listed for $2,446 in January, up just over 28 per cent from this time last year.
For Cousineau, downsizing to what he can afford may cost him income too.
“I do scrap metal on the side, so I need the room. I own a truck and a trailer so I do lot of side jobs other than my full-time job so I need space to be able to do it. An apartment, I would have to get rid of everything,” he said.
CTVNews.ca Top Stories
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
U.S. vetoes widely supported resolution backing full UN membership for Palestine
The United States vetoed a widely backed UN resolution Thursday that would have paved the way for full United Nations membership for Palestine, a goal the Palestinians have long sought and Israel has worked to prevent.