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
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
South Korean sentenced to 14 months in jail for killing 76 cats
South Korean man has been sentenced to 14 months in prison for killing 76 cats in one of the country's most gruesome cases of animal cruelty in recent years.