Rent for a Winnipeg two-bedroom apartment higher than national average
Experts are anticipating that Winnipeg’s tight rental market and inflation will lead to rent increases.
A new yearly report from the Canadian Mortgage and Housing Corporation (CMHC) report shows the average cost of a two-bedroom rental in Winnipeg is $1,350. That’s an increase of 1.5 per cent, which CMHC is attributing to a provincial rent freeze.
It also found Winnipeg’s average rent is higher than the national average, which is $1,258.
The cost of rent is leading one Winnipegger to consider moving his family out of the city.
Joel Mcauley grew up in Winnipeg, but moved away to live in Vancouver. He returned to Winnipeg for the lower cost of living, but now, years later, he says rent prices might push him out of the city.
“I love being here, the art scene is fantastic, the people in the neighbourhoods are friendly, I do feel safe,” Mcauley said. “But the rent, if it keeps increasing, it’s cheaper to move outside of the city.”
He says he’s looked in different neighbourhoods across the city, but says he had concerns about the quality of the buildings.
"In order to keep my budget kind of set, I need to find the right building with the right rent."
The CMHC report says Winnipeg’s vacancy rate for purpose build rentals is 2.7 per cent, higher than the national average of 1.9 per cent.
Richard Morantz, the president of Globe Property Management Inc, says its vacancy rates have gone from four per cent in April to one per cent this month.
He expects rent across Winnipeg will increase because of the tightness of the rental market and anticipated cost increases.
"Hydro rates have gone up, gas rates have gone up, insurance rates, property taxes,” Morantz says. “We're expecting an increase this year and of course interest rates are going up."
Jino Distasio, an urban geography professor at the University of Winnipeg, says people have been able to sustain their rent so far but he does not know how long that will last.
“Over next year, I think if we don't kind of keep an eye on that supply we might actually see that vacancy rates drop even more which is going to make it less affordable and much more challenging,” Distasio said.
He added the pinch will be felt most by low-income earners.
"Bottom line we still have to address the problem of affordability and poverty and low income access to housing in Winnipeg. That is the biggest pressure point that I've seen."
He says increases in the population, including newcomers and international students, will push vacancy rates even lower. He says as the city gets closer to a population of 800,000, more people will be looking for roommates, secondary suites, or housing cooperatives.
CTVNews.ca Top Stories
Trend Line Anger, pessimism towards federal government reach six-year high: Nanos survey
Most Canadians in March reported feeling angry or pessimistic towards the federal government than at any point in the last six years, according to a survey by Nanos Research.
BREAKING 14 suspects arrested in grandparent scam targeting seniors across Canada: Ontario police
An interprovincial investigation into a 'grandparents scam' that targeted seniors across Canada has led to the arrest of 14 suspects, Ontario Provincial Police say.
Motion to allow keffiyehs at Queen's Park fails
A motion to reverse a ban on the keffiyeh within Queen’s Park failed to receive unanimous consent Thursday just moments after Ontario Premier Doug Ford reiterated his view that prohibiting the garment in the House is divisive.
B.C. child killer's lawyer walks out of review hearing
The lawyer representing child-killer Allan Schoenborn walked out of his client's annual review hearing Wednesday – abruptly ending proceedings marked by tense exchanges and several outbursts.
How to avoid the trap of becoming 'house poor'
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Juror dismissed in Trump hush money trial as prosecutors ask for former president to face contempt
Prosecutors in the hush money trial of Donald Trump asked Thursday for the former president to be held in contempt and fined because of seven social media posts that they said violated a judge's gag order barring him from attacking witnesses.
Why drivers in Ontario, Quebec and Atlantic Canada will see a gas price spike, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
It's the biggest election in history. Here's why few Indians in Canada will take part
In the Indian general election that gets underway on Friday, almost a billion people are eligible to vote, but a vast majority of the overseas Indian community in Canada won't be casting a ballot.