THUNDER BAY — While vacancy rates fell, the average cost of renting apartments in Thunder Bay increased last year both for one-bedroom units and two-bedroom units.
A Canada Mortgage and Housing Corporation analysis found the vacancy rate for one-bedroom apartments in the city dropped from 3.6 per cent in October 2021 to 2.2 per cent by October 2022.
The availability of two-bedroom units tightened even more, falling from 2.9 percent to just 1.0 per cent year-to-year.
CMHC reports that rental demand last year surged across Canada, due partly to the return of students to on-campus learning, higher mortgage rates which drove up already-elevated costs of owning a home, and increased net migration.
Only five of 37 Census Metropolitan Areas that were surveyed experienced significantly higher vacancy rates last year than in 2021.
The average rent for one-bedroom apartments in Thunder Bay rose from $928 to $964 last year, an increase of about 3.9 per cent.
CMHC's data shows the average rent for a two-bedroom unit in the city rose from $1,112 to $1,175, an increase of about 5.5 per cent.
