Nova Scotia Journal

Population boom packs Halifax vacancy rate back to 1%

Nova Scotia

Key takeaways: 

  • The vacancy rate is among the descending in Canada and matches the city’s 2019 rate.
  • The Canada Mortgage and Housing Corporation state interprovincial migration in 2021 to Nova Scotia was the greatest in almost 30 years, making it even more competitive for rental departments. 

Vacancy rate filled in Halifax, Nova Scotia: 

The enormous inflow of individuals to Nova Scotia from other regions is being recognized as a significant cause for a further tightening the home rental market in Halifax.

According to a statement released Friday by the Canada Mortgage and Housing Corporation, the city now has a one percent vacancy rate, one of the most down in the nation.

“If I were shifting to Halifax right now looking to rent a flat, I would wish to be put on a waitlist, to be honest,” stated Chris Janes, a senior critic in economics with CMHC. Source – cbc.ca

While the vacancy rate was 1.9 percent in 2020, it was one percent the year.

Read more: Nova Scotia drops distancing conditions between restaurant tables

Population increases in Halifax, leaves the vacancy rate to 1%

The CMHC rental market report states that interprovincial migration in 2021 to Nova Scotia was the greatest in almost 30 years, forming even more contenders for apartment rentals.

“If we look at the facts of the interprovincial migration, over half is that 20 to 49 group, which is deemed core working age in Canada,” Janes stated. “Mostly, I think it is individuals who are remote workers and can sit at a computer screen anywhere in Canada and do their job.” Source – cbc.ca

Janes said that Nova Scotia’s high COVID-19 vaccination rates and low COVID case numbers also made the region appealing to individuals from more significant and packed cities.

The average monthly cost of a two-bedroom flat in Halifax hopped by 4.8 percent to $1,335.

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