Community Dashboard: Residential rental vacancy rate (all home types)
Rationale and analysis
Why this measurement is important
Low vacancy rates may be considered positive because it generally means people want to live in a particular area or building, while higher rates mean the opposite.
However, if vacanacy rates are too low, it may mean that living in a particular area or building may be difficult, particularly for households that fall below the average (local) household income.
Progress and advancements
Additional vacancy data from October 2020 shows that while the overall vacancy rate of 2.7 per cent for all home/ unit types appears quite low, it is even lower for affordable homes/ units which are most in demand in the Region, including one-bedroom units for singles and couples and three-plus-bedroom units for families. In 2022 we see a vacany rate of 2.9 and then a decrease back to 2.7 in 2023.
About this indicator
As outlined by Canadian Mortgage and Housing Corporation's Rental Market Report.
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