Rental vacancies in Waterloo region reach 20-year low: CMHC
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.
An attorney for an 11-year-old Mississippi boy who was shot by a police officer after he called 911 for help said Thursday there was 'no way' the boy could have been mistaken for an adult.
Texas' Republican-led House of Representatives impeached state Attorney General Ken Paxton on Saturday on articles including bribery and abuse of public trust, a sudden, historic rebuke of a GOP official who rose to be a star of the conservative legal movement despite years of scandal and alleged crimes.
Killer whales severely damaged a sailing boat off the coast of southern Spain, the local maritime rescue service said on Thursday, adding to dozens of orca attacks on vessels recorded so far this year on Spanish and Portuguese coasts.
It is a world wrapped in mystery - the seventh planet from the sun, Uranus, seen up close just once nearly four decades ago by a passing NASA probe and still warily guarding its secrets.
Mexican authorities say they've made an arrest in the killing of a Quebec man earlier this month in the Pacific coast beach town of Puerto Escondido. The Oaxaca state attorney general says in a statement issued Friday that an arrest warrant was executed for a man in Puerto Escondido identified only by his initials in connection with the homicide of Victor Masson.
A devastating collision end the lives of three young adults, a Windsor dad said he’s frustrated his 12-year-old son has been charged with assault, and a teenager was arrested for allegedly bringing a gun to school.
Ontario Provincial Police arrested a fourth suspect in connection to the alleged kidnapping of Elnaz Hajtamiri, the Ontario woman who disappeared in January 2022.
Several people have been hospitalized with smoke inhalation after trying to save multiple animals from a fire at a cat shelter on Shanty Bay Road in Oro-Medonte.
Ontario Provincial Police have charged two people following reports of hitchhikers displaying aggressive behaviour along the Highway 17 East corridor in Kenora.
The president of the Ottawa-Gatineau Hotel Association says hotels in the area are near capacity this weekend, as Tamarack Ottawa Race Weekend, the Ottawa Redblacks exhibition game, the Great Glebe Garage Sale and other events attract people to Ottawa.
Advocates are hoping the Ontario government will consider alternatives to the use of wild animals in off-leash dog areas for the purpose of tracking as officials push forward with a proposal to expand training areas in the province.
Quebecers are used to congestion headaches on Highway 40, but Saturday’s hold-up was nothing if not out of the ordinary: a horse broke free from its transport container and ran free in the fast lane. Marco Lelievre, a trucker, stopped his vehicle while driving through Repentigny, Que. after he saw the runaway horse.
Those planning on travelling in and around Montreal on the weekend may want to consider public transit or a bicycle to get around as there are a more than a few construction projects that will cause major road closures.
Who is Diandra D'Alessio? She's a Montrealer, a technical writer, a history lover -- and she's last night's Jeopardy winner. The self-proclaimed trivia buff made it out on top with $3,299 under her belt.
Alberta NDP Leader Rachel Notley held a major rally in downtown Calgary Saturday morning, while her United Conservative rival had no public events planned this weekend after a final pitch to voters a day earlier.
Alberta NDP Leader Rachel Notley held a major rally in downtown Calgary Saturday morning, while her United Conservative rival had no public events planned this weekend after a final pitch to voters a day earlier.
As more people are heading out to enjoy the city’s wilderness areas, North Vancouver RCMP issued water safety tips for those spending time at the North Shore’s rivers and lakes.
A man and a woman have been arrested and charged for last March’s murder of 41-year-old Chad Colivas of Abbotsford, the Integrated Homicide Investigation Team (IHIT) said Saturday.
Waterloo resident Joey Cousineau and his family are looking for a new place to rent. (Submitted)
