This and other articles about the Yellowknife real estate market are available in our e-newsletter. Click on this link to sign up and receive our latest edition. Well, 2020 was pretty crazy. Just like most …
This morning the CMHC released its Spring 2015 Rental Market Statistics Report. Amazingly, Yellowknife’s rental apartment and townhouse vacancy rate was slashed from 5.3% a year ago to 2.4% this spring. And the reduction would have been even greater had an additional 52 units not been added to the inventory.
To get a sense of how surprising these numbers are one doesn’t has to look too far. Just a week ago CMHC released its Northern Housing Outlook Report, in which it predicted a decrease in the vacancy rate in 2015 to 3.5%.
All of this is good news for investment property owners and bad news for renters. But does it mean we’ll be making a return to our traditionally stingy vacancy rates? There are currently more than 200 apartment condos under construction and/or pre-sales in our city, which could theoretically draw tenants out of 10% of the total rental universe. We also have a couple of large rental apartment buildings sitting vacant while being renovated. Granted, we did just lose one downtown apartment building to a fire over the weekend, but on the balance I would expect rental rates to relax between now and this time next year.
|Vacancy Rates (%) in Privately Initiated Rental Row and Apartment Structures of Three Units and Over|
|Year||Vacancy Rate (%)||Total Units|
|2007 – Spring||2.8||1,921|
|2007 – Fall||1.2||1,946|
|2008 – Spring||0.6||2,004|
|2008 – Fall||0.9||2,005|
|2009 – Spring||2.9||2,003|
|2009 – Fall||5.3||2,138|
|2010 – Spring||1.3||2,125|
|2010 – Fall||0.9||2,120|
|2011 – Spring||0.7||2,119|
|2011 – Fall||1.3||2,103|
|2012 – Spring||2.4||2,110|
|2012 – Fall||3.2||2,121|
|2013 – Spring||3.6||not available|
|2013 – Fall||3.6||2,080|
|2014 – Spring||5.3||1,928|
|2014 – Fall||4.8||1,943|
|2015 – Spring||2.4||1,980|
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