CITYnews halifax: Halifax still among toughest markets for apartment rentals: CMHC Report

CITYnews halifax/  / By Chris Halef

A report shows Halifax is still one of the country’s toughest rental markets for apartments.

The report by the Canada Mortgage and Housing Corporation says the city has among the lowest vacancy rates, the lowest turnover rate and high rents.

According to the mid-year report, Halifax’s vacancy rate is at 2.7 per cent, which is lower than major markets like Toronto, Montreal and Ottawa. It notes that the municipality recently showed more stability in rents after previous declines.

When it comes to affordable units, the housing corporation says the rate is even lower.

Experts said Halifax, along with Ottawa and Montreal, “had less volatility and more gradual transitions between tight and soft market conditions.”

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The report also noted that affordability for existing tenants has worsened across key markets compared to a year ago, with Halifax and Calgary standing out for experiencing the most significant deterioration in recent years with ratios now approaching Toronto levels.

Meantime, a recent report from Rentals.ca and Urbanation showed Nova Scotia had among the highest average asking rents in the country.

The report says average asking rents for apartments in Nova Scotia rose 2.6 per cent in May to $2,343 compared to B.C., which has average asking rents of $2,328.