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.
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