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
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
'A huge difference': These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
OPINION No reunion between Prince Harry and the King signifies a setback for royal unity
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
How Drake and Kendrick Lamar's rap beef escalated within weeks
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.
NEW For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Spanish prosecutors recommend 2nd investigation into Shakira's taxes be thrown out
Spanish state prosecutors recommended Wednesday that an investigating judge shelve a probe into another alleged case of tax fraud by pop star Shakira.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.