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
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Thieves use stolen forklift to rip cash machine out of U.K. bank
Police in the U.K. are searching for a group of suspects seen on video using a forklift to steal a cash machine from a bank.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax
A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.