THUNDER BAY -- The city's rental vacancy rate is down from this time last year, but the difference is modest.
The Canadian Mortgage and Housing Corporation's report says the vacancy rate is around 2.3 per cent compared to 2.6 last year when it took a huge jump from 2012's 1.1 per cent, which was at the time the lowest in the country.
"Because it moves so slow it's almost a statistical non-change," senior market analyst Warren Philp said of this year's numbers compared to 2013. "It's very small."
The CHMC numbers come from a survey looking at 5,000 units in the city in buildings with three or more units.
The vacancy rate puts Thunder Bay around the 12th lowest in the country.
While there have been some smaller three, four or even six-unit buildings started, the city still hasn't seen any larger buildings go up. That's mainly because developers, investors and property managers don't want to take the risk.
"It's all about investor confidence," Philp said.
That despite the average two-bedroom apartment running $888 a month. The average home in the city is around $227,000. Assuming a ten per cent down payment, three-year fixed term over 25 years that would make a $1053 mortgage payment.
