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Apartment rental rates increased as availability tightened in Thunder Bay

Canada Mortgage and Housing Corp. says a return to on-campus learning and higher mortgage rates increased the demand

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.


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