THUNDER BAY -- The Vacancy Rate is on the rise in Thunder Bay and officials with Canada Mortgage and Housing say there's a few reasons for that.
The Vacancy rate is sitting at 4.6 per cent in the city, up from 4.2 per cent last year, and the record low of 1.1-per cent in 2012. CMHC Market Analyst Warren Philp said there's been a big rise in available units over the past five years.
Philip added that there are many factors contributing to the jump, including the new residence units that came on stream at Confederation College last year, which added rental supply to the market.
Philip said he doesn't expect much of a change in the vacancy rate in the next CMHC forecast.
(TBT News)
