Vacancy rate up, but rents still high: report

Although it’s still hard to find an apartment, things could be improving.

According to the Canada Mortgage and Housing Corporation, rentals had a vacancy rate of 1.5 per cent in 2023.

But more apartments have been built across the country, bringing the vacancy rate up to 2.2 per cent.

However, the CMHC says that hasn’t helped with affordability.

For the most part, higher-income households are the only ones who can pay to live in the newer, more expensive apartments.