More apartments are expected to become vacant next year in Winnipeg. In fact, the region’s vacancy rate is likely to sit at its highest level in almost two decades – a 3% rise.
The latest forecast from the Canada Mortgage and Housing Corporation, which came after Bank of Canada’s rate cut last month, predicts a continuous move by renters to home ownership.
“Renters will continue to move to home ownership, while fewer new renters will enter the market due to a modest decline in net migration to the city," said Dianne Himbeault, CMHC's senior market analyst for Winnipeg.
As a result, Himbeault said, the vacancy rate will reach 2.8% in October 2015 and 3.0% in 2016.
She added that Winnipeg's overall vacancy rate will be lifted to its highest level since 1999 as more new rental units arrive onto the market alongside the influx of renters turning to homeownership.
The CMHC report said Winnipeg’s resale homes market is set to have an increase in Multiple Listing Service sales to 12,250 units this year from 12,147 in 2014.
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