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.
NDP Leader Jagmeet Singh is pushing for special rapporteur David Johnston to 'step aside' from his role examining the issue of foreign interference before he embarks on public hearings.
New Democrat MP Jenny Kwan said Monday that Canada's spy agency has confirmed her long-held belief she is being targeted by the Chinese government, as the prime minister granted the NDP's wish to allow more party members to review top-secret intelligence.
William Karlsson, William Carrier and Jonathan Marchessault are finally getting another chance in the Stanley Cup Final, after the first one that came so quick for the Vegas Golden Knights.
Eastern Conference finals Most Valuable Player Jimmy Butler scored 28 points, and Caleb Martin had 26 points and 10 rebounds to help the eighth-seeded Miami Heat beat the Celtics 103-84 in Game 7 on Monday night and advance to the NBA Finals for the second time in four seasons.
Canadian political leaders and parliamentarians are denouncing a new law passed in Uganda that imposes harsh penalties, including the death penalty, for certain cases involving homosexuality.
There's a heightened risk of wildfires across the country during what has been one of the earliest fire seasons on record. From British Columbia to Nova Scotia, here's where the risk is highest.
New research from Penn State University found certain factors can contribute to reducing what’s known as the 'urban heat island' effect, and that climate knowledge can contribute to better city planning and design.
Windsor city council voted Monday in favour of adopting a master plan with high hopes for City Hall Square and a so-called civic esplanade stretching down to the river
A united front was on full display Monday as community leaders, politicians, business people, unions and educators gathered together at Windsor City Hall to ensure the NextStar Energy battery plant deal gets closed.
Doctors in their final year of training, called residency, can choose to do a one-month rotation at the Shelter Health Initiative (SHI) caring for Windsor’s homeless population.
The body of a Winnipeg boy who fell into Sturgeon Falls on Saturday has been found following a desperate underwater search that lasted more than a day.
It's the end of an era for one sporting goods store at Bank Street and Laurier Avenue. The owner says a lack of foot traffic downtown is behind the decision to close a store that's been operating for 41 years.
The Sandy Hill Child Care Centre has an extra two weeks to get its new home up to code months after a fire destroyed its original site on Wilbrod Street.
The union representing the majority of Quebec's daycare workers is criticizing the government's decision to launch a skimpy 90-hour training program for people who want to be daycare workers but have no prior experience.
A Quebec driver who caused the death of another motorist when he swerved his truck to avoid hitting a family of ducks on the road has been sentenced to eight months in jail and a three-year driving ban.
A Winnipeg family is asking for help to find their missing teenage son whom they haven't seen since he left for school in the Fort Richmond area last Wednesday morning.
The body of a Winnipeg boy who fell into Sturgeon Falls on Saturday has been found following a desperate underwater search that lasted more than a day.
One long-time electoral tradition came to an end on election day, when Postmedia announced there would be no printed newspaper announcing the winner in Calgary.
Over 170,000 elementary and high school students weighed in on the Alberta election and the NDP had to hope the real voters were listening, because they won the kids' vote.
On Monday, Fraser Health provided two senior leaders to address the latest letter outlining risks to patients, allegations of muzzling, and pleas for help from emergency physicians in the health authority's hospitals.
The president of the BC Trucking Association is issuing renewed calls for safety after a trailer truck smashed into an overhead pass Monday morning in Langley.
Waterloo resident Joey Cousineau and his family are looking for a new place to rent. (Submitted)
