Rent for a Winnipeg two-bedroom apartment higher than national average
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.
As Joe Biden makes his first trip to Canada as president of the United States, CTVNews.ca is offering live coverage of the leader's visit. Follow our live blog on CTVNews.ca and the CTV News app for the latest updates.
U.S. President Joe Biden arrived on Parliament Hill saying that he and Prime Minister Justin Trudeau "have a lot to talk about," but that it's great to be in Canada.
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
The United States' first lady was given a sweeping introduction to Canadian sports culture in Ottawa today as Sophie Gregoire Trudeau took Jill Biden to the curling rink.
W5 investigates aging asbestos pipes across Canada and the potential health hazards if it ends up in your tap water. Watch W5's 'Something in the Water' Saturday at 7 p.m. on CTV.
An Ontario couple has filed a request with the Office of the Independent Police Review Director (OIPRD) to appoint a new police force to investigate the death of their 17-year-old son Benjamin, who died during a hockey team-bonding event in September 2019.
Canada's restaurant industry is bracing for the biggest jump in the country's alcohol excise duty in more than 40 years, spurring warnings the tax hike could force some bars and restaurants out of business.
An alleged victim of a former staff member of Legacy Christian Academy can now be identified after she successfully petitioned in court to have a publication ban lifted.
Many residents across Saskatchewan had a prominent view of the Aurora Borealis also known as the Northern Lights Thursday night and Friday morning and are sharing the pictures they captured with CTV News.
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
Beaumont RCMP are advising the public that officers are currently on scene at École Secondaire Beaumont Composite High School after a threat was made against the school online.
Canada's restaurant industry is bracing for the biggest jump in the country's alcohol excise duty in more than 40 years, spurring warnings the tax hike could force some bars and restaurants out of business.
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
Toronto Coun. Josh Matlow broke council’s code of conduct by criticizing two public employees on Twitter before retaliating against one of them after she filed a complaint, the city’s integrity commissioner has found.
With fares set to increase in a matter of days, a new report has found that Torontonians are already paying more than residents in most other cities for transit when compared to average incomes.
The Calgary Police Service confirms charges have been laid against a driver in connection with Thursday's crash of a semi-truck into the 32nd Avenue N.E. overpass along Deerfoot Trail.
Canada and the United States are negotiating a deal that could see asylum seekers turned back at irregular border crossings across the border, including Roxham Road in Quebec.
For the first time, the owner of a building in Old Montreal has responded to questions about the fire — through his lawyer — addressing allegations that the building was unsafe.
U.S. President Joe Biden arrived on Parliament Hill saying that he and Prime Minister Justin Trudeau "have a lot to talk about," but that it's great to be in Canada.
The Tim Houston PC government remains firm in their promise they'll fix the health-care system by spending more taxpayer money on health than any previous government before.
The ‘Catch the Ace’ jackpot is still up for grabs in Hagersville. There was no winner Thursday night so the total prize money is now an estimated $1,526,067.
An uncommon phenomenon lit up the skies across southern Ontario on Thursday night, including in Waterloo region where the aurora borealis – also known as the northern lights - shone bright enough to see with the naked eye.
The City of Vancouver has asked a group of volunteers keeping vigil over a temporary residential school memorial at the Vancouver Art Gallery to remove the tribute.
U.S. President Joe Biden arrived on Parliament Hill saying that he and Prime Minister Justin Trudeau "have a lot to talk about," but that it's great to be in Canada.
A first-of-its kind study in British Columbia suggests salmon hatcheries could improve survival rates by optimizing the weight of the juvenile fish and the timing of their release.
A Victoria man’s life of crime has turned into one of survival, hope and advocacy amid ongoing conversations in the community about how best to tackle public safety matters.
