Rent prices in Canada soared last year as supply struggled to keep up with demand, leading to the lowest national vacancy rate on record since the Canada Mortgage and Housing Corp. began tracking that data in 1988.
The federal housing agency said in a report Wednesday the vacancy rate for purpose-built rental apartments sat at 1.5 per cent during the first two weeks of October 2023, when it conducted its annual survey.
That was down from 1.9 per cent a year earlier, which at the time had been the lowest national vacancy rate in over two decades.
The average rent for a two-bedroom
