OTTAWA — A new report says Toronto’s rental apartment vacancy rate hit a record high in the fourth quarter of last year.
Urbanation says its survey of newer purpose-built rental apartment projects that have been completed in Toronto since 2005 reported a vacancy rate of 5.7 per cent in the fourth quarter of last year, up from 1.1 per cent in the fourth quarter of 2019.
It says the rate is a 50-year high when looking at CMHC survey data for Toronto back to 1971.
Urbanation says vacancy rates in the 905 region of the Greater Toronto Area rose to 2.0 per cent for the quarter compared with 0.8 per cent in the fourth quarter of 2019.
The overall vacancy rate for the Greater Toronto Area was 4.6 per cent in the fourth quarter of 2020, up from 1.0 per cent a year earlier.
Average rents for purpose-built units that became available for rent in Toronto during the quarter fell 10.0 per cent on a year-over-year basis. The annual decline in average rents in the 905 region was 2.2 per cent.
This report by The Canadian Press was first published Jan. 18, 2021.
The Canadian Press