These 3 Major Cities In Canada Were Left With Lots Of Empty Apartments In 2020

It looks like three major cities in Canada are not only home to cool attractions but some very empty homes too.

All three of Canada's largest metropolitan areas, Toronto, Vancouver and Montreal, have seen apartment vacancies go up in the last year, according to Canada Mortgage and Housing Corporation's Rental Market Report.

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The vacancy rate for Canada's three largest CMAs of Toronto, Montréal and Vancouver increased due to higher supply and lower demand. Canada Mortgage and Housing Corporation

In Canada's Census Metropolitan Areas (CMAs), the vacancy rate increased from 2.0% in 2019 to 3.2% in 2020.

What's leading to the empty apartments? COVID-19.

In fact, per the report, the pandemic has gravely hurt the rental market across the country as there has been a major shift with higher supply and lower demand of units.

"The vacancy rate for purpose-built rental apartments in Canada's CMAs increased in 2020," Bob Dugan, CMHC's chief economist said, "The economic impact of the pandemic has significantly reduced rental demand." 

In Vancouver, vacancy rates increased to 2.6%, in Toronto that number stood at 3.4% and in Montreal to 2.7%.

Dugan believes that with less international migration, fewer students renting units and high unemployment, there have been fewer renters.