ETA Canada News

Last year, Canada’s national vacancy rate was the lowest in 20 years.

The vacancy rate for rental apartments hit the lowest level in 20 years, proving last year’s shortage of rental properties and monthly rent increases.

According to the 2022 Rental Market Annual Report released by the Federal Mortgage and Housing Corporation, the vacancy rate for rental apartments nationwide fell from 3.1% in 2021 to 1.9% in 2022. This is the lowest level since 2001.

On the other hand, demand for new rental apartments increased by 18%. Across the country, from October 2021 to October 2022, about 55,000 new rental units were supplied (the highest since 2013), but it was not enough to keep up with the rapidly growing demand, which led to a drop in the vacancy rate.

Rents have risen naturally due to supply shortages.

The average rent for rental apartments across the country rose by 5.6% from a year ago. Halifax, where rent rose the most, rose 9.3% year-on-year (average monthly rent was $1,449), Toronto rose 6.5% from a year ago to $1,765, and Vancouver recorded $2,002, up 5.7% year-on-year.

Since this figure is based on apartments built for rental purposes, it does not include general condominiums, but it is used as meaningful data to analyze supply and demand in the rental market nationwide. Then, what about renting a general condo rather than a rental apartment?

The Housing Corporation announced the 2022 condo vacancy rate in Greater Toronto Area at 1.1%, Vancouver at 1.6%, Calgary at 1.8%, Montreal at 2%, Hamilton at 0.1% and London at 0.9%. Prices have risen to a level incomparable to rental apartments.

According to the Toronto Real Estate Commission’s third quarter data, Toronto studio (aka one-room) condo monthly rent rose 21.3% over the past year to $2,057, a one-bed unit rose 20.4% to $2,481, and a two-bed condo rose 14.5% to $3,184, respectively.

Donna Lee, a broker at Home Standard Real Estate, said, “Until last September, competition was fierce and prices rose a lot, but it is relatively easy to find a rental now, which is not the peak season. Still, North York, in areas with good school districts, are still selling out quickly,” he explained.

He added, “Demand and supply also affect rental contracts, but in individual transactions, the tenant’s credit score and income are also important considerations, so if you feel that your requirements are a little short, moving away from the peak season is a good strategy.”

Realtor Lim Seong-joo of Royal Le Page New Concept advises, “If renting is difficult, targeting a new condo is a good way to move in.” He said, “It may be a little cluttered, such as the common space being closed, but there is a relatively high possibility of signing a contract with many listings coming out at the same time, and there may be advantages in terms of price. Also, there are some builders who don’t allow listings on MLS for rent, so if you look for them, there are some new condos for sale that landlords are having trouble finding tenants.”

The Harbourfront outdoor skating rink (235 Queens Quay W.) in Toronto’s southern tip will be permanently closed and a plaza will open this summer.

An official from the Harbor Front Center explained, “Construction to update it to a new plaza is already underway. As a result, the skating rink has been closed for this winter season.”

The official continued, “The skating rink is closed, but there will be a temporary winter skating opportunity in the new space in the future winter season.”

The new square will have an outdoor concert stage. The plaza is expected to be completed by the summer of this year.

Meanwhile, the ski resort of Etobiko Centennial Park, which has a history of more than half a century, has also stopped. Climate change, reduced occupancy, and maintenance costs for snow removal, lifts, and other equipment have had an impact.

“There are plans for a new dedicated toboggan area in Centennial Park, but there must be natural snowfall for this area to open,” said a city official.

Meanwhile, ski and snowboard rentals and lessons at Earl Bales Park in North York have been delayed from early January to mid-January due to mild winter weather.

Optimal skiing conditions require temperatures to be below -4 degrees Celsius for at least five consecutive days.

A couple who honeymooned on Air Canada found their lost bag in a charity warehouse after four and a half months.

Nakitaris, who lives in Cambridge, Ontario, has been tracking where her bags have been stored since October last year via air tags attached to them.

With the help of police, the couple managed to find their luggage after obtaining a search warrant for a warehouse owned by a charity where the bag was believed to be located.

Right after their honeymoon in Europe in September of last year, they found that a suitcase had not arrived from Montreal to Toronto.

The couple kept an AirTag tracking device in their bag that allowed them to locate them online. The bag initially stayed in Montreal and moved to Etobico’s warehouse a month later. After confirming that it was in the same location for the next three months, I notified Air Canada of this, but the bag was not found.

In the end, Airtag found the bag after wandering around the storage area and calling the police.

Toronto police said the charity, contracted with Air Canada, obtained the bags legally. According to police, when no one picked up the luggage, Air Canada handed over the bag to a charity.

Police said they found about 500 bags in the warehouse, several of which had airtag alarms going off during the search.

Reese said she was compensated for the missing bag, but the amount was less than the value of the contents. However, she complained, “I don’t understand how my luggage can be sent to the charity’s warehouse, as compensation is not important.”

“It’s frustrating that airlines still haven’t modernized their baggage handling systems, and it’s really important that the government protects customers’ rights,” said Federal Transport Minister Omar Al-Habra.

Meanwhile, Air Canada explained that at the time the couple traveled, the airlines were not completely normalized from the aviation crisis caused by the resurgence of the corona.