Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2014 08:15 ET

October 2014 Rental Market in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate(1) in the Winnipeg Census Metropolitan Area (CMA) was 2.5 per cent in October 2014, unchanged from October 2013, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The steady vacancy rate can be attributed to a balance between existing renters moving to homeownership, more new renters entering the market though net migration, and a small increase in the supply of rental units," said Dianne Himbeault, CMHC's Senior Market Analyst based in Winnipeg.

On the basis of a sample of structures common to both the 2013 and 2014 surveys(2), the average two-bedroom rent increased by 4.2 per cent in Winnipeg. This was higher than the mandated maximum increase of two per cent in 2014. Several exemptions exist within provincial rent control regulations that would result in same-sample rents increasing at a stronger pace than the guideline amount.

The apartment vacancy rate in survey zones within the City of Winnipeg ranged from 3.5 per cent in the Centennial zone to a low of zero per cent in Transcona. While virtually unchanged from the previous year, the vacancy rate was higher in the inner city zones at 2.9 per cent than in the suburban zones at 2.3 per cent. In outlying areas, the vacancy rate was 7.7 per cent in October 2014.

In new and existing structures, the average two-bedroom apartment rent in the Winnipeg CMA was $1,016 in October 2014. Across the city, average two-bedroom monthly rents ranged from a low of $674 in Lord Selkirk to a high of $1,182 in Assiniboine Park.

CMHC's Fall Rental Market reports also include information on the secondary rental market for some centres. The vacancy rate in rental condominium apartments across the Winnipeg CMA was 2.6 per cent in October 2014, compared to 1.5 per cent in October 2013. This was comparable to the vacancy rate in the purpose built rental market, indicating similar demand in both markets.

CMHC recognizes that there is demand to fill information gaps with respect to Canada's housing markets. To address this need CMHC has, for the first time, asked property managers to provide information on the total number of condominium apartment units owned by people whose permanent residence is outside of Canada as part of its survey. The condominium foreign investment information was collected in 11 Census Metropolitan Areas (CMA) in Canada. They include: Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, Ottawa, Montréal and Québec.

The results of this additional question indicate that the percentage of foreign investment in condominiums in Victoria is 1.1 per cent, Vancouver 2.3 per cent, Calgary 0.2 per cent, Edmonton 0.1 per cent, Saskatoon 0.3 per cent, Regina 0.1 per cent, Winnipeg 0.1 per cent, Toronto 2.4 per cent, Ottawa 0.7 per cent, Montréal 1.5 per cent and Québec 0.6 per cent. With respect to location, the city core in Canada's largest rental markets (Montreal, Toronto and Vancouver) experienced larger foreign condominium ownership. (More details can be found on page 5 of the National report).

Data related to today's report is also available from CMHC's Housing Market Information Portal at https://www03.cmhc-schl.gc.ca/hmiportal/en/

Rental Market data is also available in English and French at the following link: Fall Rental Market Report

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

(1) The survey is based on privately-initiated rental apartment structures of three or more units.

(2) Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2013 and October 2014 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request

(Ce document existe également en français)

A table is available at the following address: http://media3.marketwire.com/docs/984201a.pdf

Contact Information

  • Market Analysis Contact:
    Dianne Himbeault, Senior Market Analyst
    (204) 318-1754
    dhimbeau@cmhc.ca

    Media Contact:
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca