The Canadian mortgage and housing corporation has confirmed that many people who are trying to find housing in Kingston are virtually impossible to find a rental home in the city. According to CMHC, Kingston's vacancy rate is the lowest in Ontario for the second consecutive year and reached a record level of 0.6%.
CMHC says that after a significant tightening of the housing market conditions in 2017, Kingston's vacancy rate declined from 0.7% a year ago by 0.6%, as demand for rent continued to rise more than supply. According to the CMHC report, the vacancy rate has fallen for the third consecutive year and has reached its lowest level since 1989.
Kingston has a history of relatively tight conditions on the real estate market, says CMHC. The average annual vacancy rate is 1.6%, compared with 2.4% in Ontario. For the second consecutive year, Kingston recorded the slightest vacancy rate in all 16 metropolitan cities throughout Ontario. In fact, he says, the CMHC, the number of free units would have to increase almost three times based on their 2018 number to move the purpose-built housing rate back to its ten-year average of 1.6%.
CMHC also noted that as a result of tightening the market, average rent in Kingston increased by 2.7% in the past year, an average of 1181 USD per month. Bachelor's flats had a vacancy rate of 1.2% and an average rent of $ 745, and one bedroom had a vacancy rate of 0.5% and leased an average of $ 1,008. Two bedrooms had a vacancy rate of 0.6% and an average rent of $ 1,200 while units with three or more bedrooms only had a free capacity of 0.1% and an average rent of $ 1,998.
The CMHC says that the lowest vacancy rate was found between all the city districts, North Kingston (Rideau Heights, Grenville / Hillendale, Kingscourt and Strathcona Park). The vacancy rate in this district declined to a historically lowest 0.4% for the third consecutive year and was the lowest in all sub-markets. Over the past three years, only 17 units or 7% of the total number of new additions appeared in this particular zone, says CMHC.