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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.