Canadian Mortgage and Housing Corporation (CMHC) has released a report of the highlights of the rental ownership structure in Canada. In the report it details who owns rental apartments in Canada. The report breaks down the rental ownership in the major cities in Canada including Winnipeg. Here are some of the highlights in regards to Winnipeg:
-The average rent price for a 2 bedroom apartment in Winnipeg is $1,068.
-Most of the rental units in Winnipeg are owned by private corporations. Private corporations is defined as a corporation that does not offer company stock on the public stock exchanges. Winnipeg has the highest percentage of private corporation ownership in Canada (see chart below)
-Individual investors mostly made up the rest with Real Estate Investment Trusts (REIT’s) making up a small segment.
-Winnipeg has the highest percentage of private corporations owing apartments in Canada.
Of those 3 different types of ownership the highest average rent in Winnipeg for a 2 bedroom apartment is REIT’s at $1,347 per month. The cheapest average rent per month in Winnipeg is from individual investors at $928 per month. Private corporations in Winnipeg have a monthly average rent of $1,080 per month. This is comparable to the national average where individual investors is found to have the cheapest rent per month.
In Winnipeg the average year of completion for rental apartments is 1970 with the average of the newest being owned by REIT’s (1983) and the oldest being individual investors (1957). This could be a factor in the rent being cheaper for the individual investors. The overall vacancy rate of rental apartments in Winnipeg is 2.8% with the highest vacancy rate being from individual investors at 3.8%. Private corporations and REIT’s in Winnipeg have an average vacancy rate of 2.5% and 2.6% respectively.
Here is a link to the full report highlighting the details in Canada: CMHC Ownership Rental in Canada