{"id":4588,"date":"2017-11-22T16:51:57","date_gmt":"2017-11-22T16:51:57","guid":{"rendered":"https:\/\/www.torontorentals.com\/blog\/?p=4588"},"modified":"2018-01-31T15:07:09","modified_gmt":"2018-01-31T15:07:09","slug":"toronto-vacancy-rates","status":"publish","type":"post","link":"https:\/\/www.torontorentals.com\/blog\/toronto-vacancy-rates","title":{"rendered":"Toronto Rental Vacancy Rates Since 2000"},"content":{"rendered":"<p><em>Note: Statistics and information for this article are adapted from the CMHC, Rental Market Report, 2001-2016. This information is provided for general reference and educational purposes. To access their full archive of Rental Market Reports, <a href=\"http:\/\/publications.gc.ca\/site\/eng\/9.504580\/publication.html\" target=\"_blank\" rel=\"noopener\">click here<\/a>.\u00a0<\/em><\/p>\n<h6>It\u2019s not uncommon to hear Torontonians say that we have two seasons in the city: winter and construction. With all of this new development, why is it harder than ever to find a place to rent?<br \/>\n<iframe loading=\"lazy\" style=\"overflow-y: hidden;\" src=\"https:\/\/magic.piktochart.com\/embed\/23592118-toronto-rental-vacancy-rates\" width=\"775\" height=\"575\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/h6>\n<p><span style=\"font-weight: 400;\">A variety of factors influence vacancy rates including population growth, government regulations, and most importantly Toronto\u2019s housing market. Over the past decade, the housing market has been hotter than ever with housing prices <\/span><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/toronto-home-prices-soar-a-record-33-pushing-detached-house-to-almost-1-6-million\/wcm\/7e41be59-ea22-4526-bf1a-83167184ca41\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">increasing 33% between 2016 and 2017<\/span><\/a><span style=\"font-weight: 400;\"> alone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To explain the variations in Toronto\u2019s vacancy rates, we\u2019ve compiled rental data dating back to 2000 and have broken down the major factors that influenced rates each year. <\/span><\/p>\n<h2>Toronto Vacancy Rates By Year<\/h2>\n<table style=\"height: 73px; border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><a href=\"#2017\"><strong>2017<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2016\"><strong>2016<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2015\"><strong>2015<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2014\"><strong>2014<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2013\"><strong>2013<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2012\"><strong>2012<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2011\"><strong>2011<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2010\"><strong>2010<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2009\"><strong>2009<\/strong><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"#2008\"><strong>2008<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2007\"><strong>2007<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2006\"><strong>2006<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2005\"><strong>2005<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2004\"><strong>2004<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2003\"><strong>2003<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2002\"><strong>2002<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2001\"><strong>2001<\/strong><\/a><\/td>\n<td style=\"text-align: center;\"><a href=\"#2000\"><strong>2000<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h3>Toronto Rental Vacancy Rates <a id=\"2018\"><\/a>2018 &#8211; The Present<\/h3>\n<p><span style=\"font-weight: 400;\">While rental vacancy data won\u2019t be released for 2018 until November, here are some answers to the most pressing questions surrounding Toronto\u2019s real estate market and its remarkably low vacancy rates. <\/span><\/p>\n<p><span style=\"color: #2d62cc;\"><b>Are we experiencing record lows in Toronto vacancy rates? <\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">While 2017\u2019s vacancy rate of 1% is the lowest we\u2019ve seen since 2001, it is by no means a record low. In fact, the midst of Toronto&#8217;s condo bubble in 1986 and 1987 brought a record low residential vacancy rate of 0.1%. <\/span><\/p>\n<p><span style=\"color: #2d62cc;\"><b>What is a healthy vacancy rate?<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The City of Toronto\u2019s Affordable Housing Office considers 3% vacancy to be a healthy level for Toronto, a level that hasn\u2019t been achieved since 2009. While what is considered to be a healthy vacancy level varies greatly by city, the fact that Toronto is now at less than half of what the city considers healthy is clear sign of an overpopulated real estate market where demand is greatly outpacing supply.<\/span><\/p>\n<div class=\"mceTemp\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4685\" title=\"rental vacancy rates across north america\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/2017_23580228_14ae00f983e2bbb0e6f094eaeefef861bfd51a6f-1024x421.png\" alt=\"rental vacancy rates across north america\" width=\"800\" height=\"329\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/2017_23580228_14ae00f983e2bbb0e6f094eaeefef861bfd51a6f-1024x421.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/2017_23580228_14ae00f983e2bbb0e6f094eaeefef861bfd51a6f-300x123.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/2017_23580228_14ae00f983e2bbb0e6f094eaeefef861bfd51a6f-768x316.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/2017_23580228_14ae00f983e2bbb0e6f094eaeefef861bfd51a6f.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: <a href=\"https:\/\/www.forbes.com\/sites\/samanthasharf\/2017\/03\/08\/full-list-how-renters-fare-in-americas-hottest-cities\/#198ff6152907\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> &amp; CMHC, Rental Market Report, 2016<\/p>\n<p><span style=\"color: #2d62cc;\"><b>How does Toronto compare to other major cities? <\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Toronto\u2019s 1% rental vacancy rate in 2017 especially low considering its <\/span><a href=\"https:\/\/www.forbes.com\/sites\/samanthasharf\/2017\/03\/08\/full-list-how-renters-fare-in-americas-hottest-cities\/#198ff6152907\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">counterparts in U.S.<\/span><\/a><span style=\"font-weight: 400;\"> with Chicago at 4.6%, Los Angeles at 2.6%, and Manhattan at <\/span><span style=\"font-weight: 400;\">2.4%. However, across Canada in Vancouver, vacancy rates are even lower in this hot housing market, dropping to a record 0.5% in 2014. <\/span><\/p>\n<p><span style=\"color: #2d62cc;\"><b>What is the impact of Ontario\u2019s new <\/b><b><i>Fair Housing Plan<\/i><\/b><b>?<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">As outlined by the <\/span><a href=\"https:\/\/news.ontario.ca\/mof\/en\/2017\/04\/ontarios-fair-housing-plan.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ministry of Finance<\/span><\/a><span style=\"font-weight: 400;\">, the <\/span><i><span style=\"font-weight: 400;\">Fair Housing Plan <\/span><\/i><span style=\"font-weight: 400;\">which came into effect April 20th, 2017 is a 16 point plan aimed at stabilizing the real estate market. Notably, it expands rent control to apply to all private rental units, as opposed to just ones built after 1991, in addition to imposing a 15% tax on foreign purchases of Ontario properties. While there was reportedly a <\/span><a href=\"https:\/\/www.thestar.com\/business\/2017\/06\/05\/cooling-toronto-housing-market-a-return-to-normal-say-realtors.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">7% drop in housing prices in May<\/span><\/a><span style=\"font-weight: 400;\"> attributed to the this new bill, realtors are optimistic the market will rebound.<\/span><\/p>\n<\/div>\n<h3>Toronto Rental Vacancy Rates <a id=\"2017\"><\/a>2017<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p>The vacancy rates in Toronto declined to 1% in 2017, down 0.3% from 2016. The CMHC attributed this decline to\u00a0the \u201crising costs of homeownership and lack of new rental supply &#8220;. Other contributing factors include strong migrant levels and a lagging supply of rentals units.<\/p>\n<table style=\"height: 64px; border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2017<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.2%<\/td>\n<td style=\"text-align: center;\">1.1%<\/td>\n<td style=\"text-align: center;\">0.9%<\/td>\n<td style=\"text-align: center;\">1%<\/td>\n<td style=\"text-align: center;\">1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<div id=\"attachment_5026\" style=\"width: 810px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5026\" class=\"wp-image-5026\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/000.png\" alt=\"2017 Toronto Vacancy Rates\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/000.png 1600w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/000-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/000-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/000-1024x768.png 1024w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-5026\" class=\"wp-caption-text\">Source: CMHC, Rental Market Report, 2017<\/p><\/div>\n<div class=\"mceTemp\">\n<p>&nbsp;<\/p>\n<h3>Toronto Rental Vacancy Rates <a id=\"2016\"><\/a>2016<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p>The vacancy rates in Toronto declined to 1.3% in 2016, down 0.3% from 2015. The CMHC attributed this decline to an increase in rental demand fueled by the rising costs of homeownership. While the cost of an average multiple-family dwelling went up by roughly 9%, average rent went up only 3.2% over the same period. Moreover, millennials and migrants continue to be the populations that drive up demand in the city.<\/p>\n<table style=\"height: 64px; border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2016<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.3%<\/td>\n<td style=\"text-align: center;\">1.2%<\/td>\n<td style=\"text-align: center;\">1.9%<\/td>\n<td style=\"text-align: center;\">1.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<div id=\"attachment_4755\" style=\"width: 810px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4755\" class=\"wp-image-4726\" style=\"font-size: 16px;\" title=\"Toronto vacancy rate 2016 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_1-1-1024x768.png\" alt=\"Toronto vacancy rate 2016 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_1-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_1-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_1-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_1-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-4755\" class=\"wp-caption-text\">Source: CMHC, Rental Market Report, 2016<\/p><\/div>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2015\"><\/a>2015<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">For the third year in a row, the city average for rental vacancies remained at 1.6% in 2015. The CMHC notes that rental demand was supported by higher enrollment rates at Ryerson University and the University of Toronto\u2019s downtown campus. As well, the rental market was also bolstered by the unemployment rate declining to 7.2% in 2015, its lowest level in eight years.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2015<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.9%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<div id=\"attachment_4755\" style=\"width: 810px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4755\" class=\"wp-image-4754\" title=\"toronto vacancy rates 2015\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_2-2-1024x768.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_2-2-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_2-2-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_2-2-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_2-2.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-4755\" class=\"wp-caption-text\">Source: CMHC, Rental Market Report, 2015<\/p><\/div>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2014\"><\/a>2014<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The city average for vacancy rates in Toronto remained the same in 2014, holding at 1.6%. However, the CMHC noted that there was variations in individual zones, with the downtown core dropping to 1.4%, down from 1.7% in 2013. Rental demand was largely driven by the millennial generation, who are now in their early 20s to mid 30s which is the largest renting demographic historically. This is in contrast to migration to Toronto being the largest support of rental demand, as it was in the early 2000s. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2014<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.8%<\/td>\n<td style=\"text-align: center;\">1.4%<\/td>\n<td style=\"text-align: center;\">1.3%<\/td>\n<td style=\"text-align: center;\">1.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4755 \" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2014\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_3-2-1024x768.png\" alt=\"toronto vacancy rate chart 2014\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_3-2-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_3-2-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_3-2-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_3-2.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><span style=\"font-size: 14px;\">Source: CMHC, Rental Market Report, 2014<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3>Toronto Rental Vacancy Rates <a id=\"2013\"><\/a>2013<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The rental vacancy rate remained relatively stable in 2013, dropping 0.1% to a city average of 1.6% vacancy. The CMHC attributed this stability to lower migration levels being equaled by fewer renters switching to homeownership. In addition, it was noted that rental demand was highest for less expensive units in contrast with luxury ones as budget-conscious millennials made up the largest renting demographic.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2013<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.9%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<td style=\"text-align: center;\">1.4%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<td style=\"text-align: center;\">1.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4729\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2013 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_4-1-1024x768.png\" alt=\"toronto vacancy rates 2013 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_4-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_4-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_4-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_4-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/> Source: CMHC, Rental Market Report, 2013<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2012\"><\/a>2012<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Toronto rental vacancy rates recovered slightly in 2012 to 1.7%, up from 1.4% in 2011. However, the CMHC noted that within the boundaries of the former city of Toronto, vacancy rates in fact dropped lower this year, with the downtown core sinking beneath 1%. The main factors affecting 2012\u2019s rising and dropping vacancies rates are lower migration levels, in contrast with less demand for homeownership and strong employment levels. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2012<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.8%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<td style=\"text-align: center;\">1.8%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4730\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2012 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_5-1-1024x768.png\" alt=\"toronto vacancy rates 2012 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_5-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_5-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_5-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_5-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2012<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2011\"><\/a>2011<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Rental vacancy rates hit a 9 year low in 2011, with the city average dropping to 1.4%. Scarcer availability is attributed to a growing 25-34 population segment, Ontario\u2019s economy fully recovering to pre-recession levels, and slowing demand for homeownership from the 25-34 population segment. As young people make up the majority of renters, population growth in this segment due to migration for jobs and immigration leads to increased demand for rental properties. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2011<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.5%<\/td>\n<td style=\"text-align: center;\">1.3%<\/td>\n<td style=\"text-align: center;\">1.7%<\/td>\n<td style=\"text-align: center;\">1.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4731\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2011 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_6-1-1024x768.png\" alt=\" toronto vacancy rates 2011 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_6-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_6-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_6-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_6-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2011<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2010\"><\/a>2010<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">A 0.9% drop in vacancy rates was observed in 2010, bringing the city average to 2.2%. This drop was the result of slowing demand for homeownership, growing employment and immigration rates to Toronto, and a wider gap between the costs of homeownership and renting deterring potential first-time buyers. All of these causes are attributed by the CMHC to the recovering economy in 2010. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2010<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">2.3%<\/td>\n<td style=\"text-align: center;\">2.4%<\/td>\n<td style=\"text-align: center;\">2%<\/td>\n<td style=\"text-align: center;\">1.8%<\/td>\n<td style=\"text-align: center;\">2.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4732\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2013 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_7-1-1024x768.png\" alt=\"toronto vacancy rates 2013 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_7-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_7-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_7-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_7-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2010<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2009\"><\/a>2009<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The vacancy rates for rental properties rose to 3.1% in 2009 as the economy continued to recover. The CMHC noted that there were lower immigration levels and that tough economic times led more youth in stay at home longer, lowering rental demand. Supply factors for vacancies also include more rental building reaching completion in 2009.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2009<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">5%<\/td>\n<td style=\"text-align: center;\">3%<\/td>\n<td style=\"text-align: center;\">2.9%<\/td>\n<td style=\"text-align: center;\">2.8%<\/td>\n<td style=\"text-align: center;\">3.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4733\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2009 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_8-1-1024x768.png\" alt=\"toronto vacancy rates 2009 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_8-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_8-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_8-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_8-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2009<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2008\"><\/a>2008<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Vacancy rates experienced a large decline in Toronto to 2% in 2008, down from 3.4% in 2007. The 2008 economic recession was a huge factor in the decrease of vacancy rates across the city, as many people that would have considered purchasing their first house were deterred by the volatile job market and overall economy. As well, migration to Toronto from other parts of Canada and abroad continues to contribute to low vacancy rates as Toronto\u2019s population increases.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2008<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">2.1%<\/td>\n<td style=\"text-align: center;\">2%<\/td>\n<td style=\"text-align: center;\">1.9%<\/td>\n<td style=\"text-align: center;\">2.2%<\/td>\n<td style=\"text-align: center;\">2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4734\" style=\"font-size: 16px; text-align: center;\" title=\"toronto vacancy rates 2009 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_9-1-1024x768.png\" alt=\"toronto vacancy rates 2009 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_9-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_9-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_9-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_9-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2008<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2007\"><\/a>2007<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The city average of vacancy rates remained relatively stable in 2007, climbing 0.1% to be 3.4%. While 3-bedroom+ units saw a huge vacancy jump to 4.6%, this growth is led by the outskirts of Toronto with zone 17 (Northwest North York) having a rate of 10.8% and zone 7 (North Etobicoke) have a rate of 14.6%. The CMHC attributed the overall stability of vacancy rates in Toronto to an equal amount of renters transitioning to homeownership as there was new immigrants and young people beginning to rent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the <\/span><i><span style=\"font-weight: 400;\">Residential Tenancies Act <\/span><\/i><span style=\"font-weight: 400;\">(RTA) came into effect on January 31, 2007. Replacing the former <\/span><i><span style=\"font-weight: 400;\">Tenant Protection Act<\/span><\/i><span style=\"font-weight: 400;\">, the RTA introduced rent control only to units built or occupied before November 1991. For these units, landlords may not increases rent prices each year beyond Ontario\u2019s CPI increase (amended to a maximum of a 2.5% increase each year in 2012). <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2007<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">2.8%<\/td>\n<td style=\"text-align: center;\">3.2%<\/td>\n<td style=\"text-align: center;\">3.4%<\/td>\n<td style=\"text-align: center;\">4.6%<\/td>\n<td style=\"text-align: center;\">3.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4735\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2007 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_10-1-1024x768.png\" alt=\"toronto vacancy rates 2007 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_10-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_10-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_10-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_10-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2007<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2006\"><\/a>2006<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Rental vacancy rates declined to 3.2% in 2006 on average in Toronto. The causes of this downward trend are higher mortgage rates and increased immigration, which increase ddemand for rental units. The CMHC particularly noted there was a widening gap between average rent costs and the average owner\u2019s principal and interest payment, making homeownership less attractive in comparison to rentals.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2006<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">3.5%<\/td>\n<td style=\"text-align: center;\">3.6%<\/td>\n<td style=\"text-align: center;\">3.1%<\/td>\n<td style=\"text-align: center;\">3.2%<\/td>\n<td style=\"text-align: center;\">3.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4736\" style=\"font-size: 16px;\" title=\" toronto vacancy rates 2006 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_11-1-1024x768.png\" alt=\"toronto vacancy rates 2006 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_11-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_11-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_11-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_11-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2006<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2005\"><\/a>2005<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">For the first time in 4 years, vacancy rates decreased in 2005 to 3.7%. The CMHC attributed this decrease to strong immigration levels, lower rent prices, and a lower amount of rental unit completions. Within Toronto, the largest vacancy decrease was seen in Etobicoke, where vacancy rates dropped to 4.3%, down from 5.2% in 2004.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2005<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">4.3%<\/td>\n<td style=\"text-align: center;\">3.8%<\/td>\n<td style=\"text-align: center;\">3.6%<\/td>\n<td style=\"text-align: center;\">4.1%<\/td>\n<td style=\"text-align: center;\">3.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4737\" style=\"font-size: 16px;\" title=\" toronto vacancy rates 2005 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_12-1-1024x768.png\" alt=\"toronto vacancy rates 2005 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_12-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_12-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_12-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_12-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2005<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2004\"><\/a>2004<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The year 2004 marked the peak of Toronto\u2019s vacancy rates in the last century, with the city average hitting 4.4%. However, this 0.6% increase from 2003 showed a slowing vacancy increase and turning point in the market. While many units continued to remain vacant due to low mortgage rates attracting homeownership and due to competition from condominiums, overall condominium completion rates began to slow this year. The CMHC also noted that vacancy rates rose in 21 of Canada\u2019s 28 major urban centres. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2004<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">4.1%<\/td>\n<td style=\"text-align: center;\">4.3%<\/td>\n<td style=\"text-align: center;\">4.4%<\/td>\n<td style=\"text-align: center;\">4.5%<\/td>\n<td style=\"text-align: center;\">4.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4738\" style=\"font-size: 16px; text-align: center;\" title=\"toronto vacancy rates 2004 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_13-1-1024x768.png\" alt=\"toronto vacancy rates 2004 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_13-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_13-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_13-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_13-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2004<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2003\"><\/a>2003<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Vacancy rates in Toronto increased by 1.4% to equal 3.8% in 2003. The rental market continued to ease due to the completion of a variety of condominiums and the continuation of low mortgage rates. The CMHC declared vacancy rates to be at their highest since the inception of their annual Rental Market Survey after World War II. <\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2003<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">3.9%<\/td>\n<td style=\"text-align: center;\">4.2%<\/td>\n<td style=\"text-align: center;\">4%<\/td>\n<td style=\"text-align: center;\">3.7%<\/td>\n<td style=\"text-align: center;\">3.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4739\" style=\"font-size: 16px;\" title=\"toronto vacancy rates 2003 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_14-1-1024x768.png\" alt=\"toronto vacancy rates 2003 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_14-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_14-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_14-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_14-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2003<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2002\"><\/a>2002<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Vacancy rates jumped to 2.4% across Toronto in 2002, the highest level since 1972. The CMHC attributed this jump to rent increases, weaker rental demand, and heightened competition from condominiums as mortgage rates continued to decline. Moreover, economic recovery in addition to low mortgage rates allowed many renters to transition to homeownership.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2002<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">2.8%<\/td>\n<td style=\"text-align: center;\">2.6%<\/td>\n<td style=\"text-align: center;\">2.2%<\/td>\n<td style=\"text-align: center;\">2.3%<\/td>\n<td style=\"text-align: center;\">2.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4740\" style=\"font-size: 16px; text-align: center;\" title=\"toronto vacancy rates 2002 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_15-1-1024x768.png\" alt=\"toronto vacancy rates 2002 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_15-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_15-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_15-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_15-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2002<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2001\"><\/a>2001<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">The year 2001 began an upturn in vacancy rates in Toronto, with the city average increasing 0.3% to be 0.9%. This was due to low homeownership costs, economic recovery, and the effects of the <\/span><i><span style=\"font-weight: 400;\">Tenant Protection Act<\/span><\/i><span style=\"font-weight: 400;\"> (TPA). The TPA was passed by the Harris government in 1998 and it championed relaxed rent control<\/span><span style=\"font-weight: 400;\">. In response, landlords began raising rent prices in a way that outpaced rental demand, which resulted in more people choosing to buy houses, and overall higher rental vacancy rates.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2001<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.2%<\/td>\n<td style=\"text-align: center;\">0.9%<\/td>\n<td style=\"text-align: center;\">0.7%<\/td>\n<td style=\"text-align: center;\">0.8%<\/td>\n<td style=\"text-align: center;\">0.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4741\" title=\"toronto vacancy rates 2001 chart\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_16-1-1024x768.png\" alt=\"toronto vacancy rates 2001 chart\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_16-1-1024x768.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_16-1-300x225.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_16-1-768x576.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_16-1.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>Source: CMHC, Rental Market Report, 2001<\/p>\n<h3><\/h3>\n<h3>Toronto Rental Vacancy Rates <a id=\"2000\"><\/a>2000<\/h3>\n<h6><b>Our Insights:<\/b><\/h6>\n<p><span style=\"font-weight: 400;\">Surprisingly, the year 2000 had a city average of 0.6% for vacancy, even lower than what Toronto is experiencing today. According to the CMHC, strong immigration levels and economic recovery were the main factors for the heightened demand in rentals. They also noted that vacancy rates were lower in 17 of Canada\u2019s 26 major centres compared to the previous year.<\/span><\/p>\n<table style=\"border-color: #2d62cc;\" border=\"4\" width=\"800\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><b>Toronto Rental Vacancy Rates 2000<\/b><\/td>\n<\/tr>\n<tr style=\"background-color: #c0e2fc;\">\n<td style=\"text-align: center;\"><strong>Bachelor<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>2-Bedroom<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>3-Bedroom+<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>City average<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1.2%<\/td>\n<td style=\"text-align: center;\">0.9%<\/td>\n<td style=\"text-align: center;\">0.7%<\/td>\n<td style=\"text-align: center;\">0.8%<\/td>\n<td style=\"text-align: center;\">0.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<div id=\"attachment_4746\" style=\"width: 810px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4746\" class=\"wp-image-4746\" src=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_17-2-1024x764.png\" alt=\"toronto vacancy rates 2000 chart\" width=\"800\" height=\"597\" srcset=\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_17-2-1024x764.png 1024w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_17-2-300x224.png 300w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_17-2-768x573.png 768w, https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/block_17-2.png 1200w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-4746\" class=\"wp-caption-text\">Source: CMHC, Rental Market Report, 2000<\/p><\/div>\n<h6><\/h6>\n<h6>Additional Info<\/h6>\n<ul>\n<li><a href=\"http:\/\/publications.gc.ca\/site\/eng\/9.504580\/publication.html\" target=\"_blank\" rel=\"noopener\">CMHC Rental Market Report Archive<\/a><\/li>\n<li><a href=\"https:\/\/news.ontario.ca\/mof\/en\/2017\/04\/ontarios-fair-housing-plan.html\" target=\"_blank\" rel=\"noopener\">Ontario\u2019s Complete Fair Housing Plan<\/a><\/li>\n<li><a href=\"http:\/\/www.trebhome.com\/\" target=\"_blank\" rel=\"noopener\">Toronto Real Estate Board Website<\/a><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note: Statistics and information for this article are adapted from the CMHC, Rental Market Report, &#8230;<\/p>\n","protected":false},"author":26,"featured_media":4714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,11,4,1],"tags":[],"coauthors":[220],"class_list":["post-4588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","category-infographics","category-rental-guides","category-toronto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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