2017 is an ideal time to research Winnipeg rental apartments. Not only is Winnipeg central Canada’s cultural hub, the city’s economy is thriving, helped in part by a recent surge in domestic and international migration.
Winnipeg is becoming larger, more diverse, and more attractive to outsiders, and for all the of city’s recent success, renting has remained affordable.
In 2016, the average rent in the Winnipeg region was $927/month, up a reasonable 2.1 per cent from 2015. Its vacancy rate was solid at 2.8 per cent, virtually unchanged from last year. In other words, Winnipeg rental apartments exist in a stable and accessible renting ecosystem.
A different story is playing out across Canada, where some cities are struggling with unaffordability and others are experiencing rising vacancies amid economic downturns.
Vancouver
Source:https://www.youtube.com/watch?v=ZQTgZ9LzLvQ
A perfect storm of housing market distress is taking place in Vancouver: the economy produced 70,000 new jobs between 2015 and 2016, and more than 15,000 new arrivals added to the city’s population. As a result, entry-level home prices have skyrocketed, which means more people are opting to rent.
Average rental prices in Vancouver jumped nearly 6.5 per cent in 2016 to more than $1,200 per month. Good luck finding a place, even at those prices: vacancy has fallen below 1per cent.
Greater Toronto Area
Source:http://www.westinharbourcastletoronto.com
A similar scenario is playing out in the Greater Toronto Area (GTA), where the average rent rose more than 3 per cent to $1,233 and vacancy fell to 1.3 per cent from 1.6 per cent last year.
The cost of buying a home is enormous in Toronto, putting rental units in high demand. Even amid an unprecedented residential construction boom, the city is having trouble keeping up.
Calgary & Edmonton
Source:http://www.allcanadian.com/calgary_courier.aspx
The Province of Alberta is facing a very different problem: an economic downturn has led to plummeting rental pricing and increased vacancies in both Calgary and Edmonton, but outsiders aren’t moving in.
Average rent dropped 7.6 per cent in Calgary and 3.6 per cent in Edmonton between 2015 and 2016, while vacancies in both cities rose to around 7 per cent from just over 5 per cent in Calgary and about 4 per cent in Edmonton. Vacancies haven’t been that high in Calgary for more than 25 years.
Surprisingly, Winnipeg rental apartments are still more affordable than units in Alberta’s two major cities. Apartments cost $1,143 on average in Calgary, and $1,113 in the provincial capital.
While Canadian cities contend with both super-charged and stumbling housing markets, Winnipeg boasts a stable combination of affordability and opportunity. Visit Gryd.com to explore some of the Winnipeg rental apartments available today.
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