In 2017, apartments in Hamilton got more expensive and tougher to find: CMHC
New numbers from CMHC shows an increase in the average rent for a Hamilton apartment of 5.5%
In 2017, according to an annual gauge of the rental market released Tuesday, apartments in Hamilton were more expensive and tougher to find than in 2016.
Rents for Hamilton apartments rose 5.5 per cent this year from 2016, according to the numbers from the Canada Mortgage and Housing Corp. (CMHC). The average rent for an apartment of any size was $1,020, up from $967 last year.
The Hamilton numbers refer to the census area, including Burlington and Grimsby.
In addition to being more expensive in 2017, apartments were also harder to come by.
Hamilton's vacancy rate for apartments dropped to 2.4 per cent from 3.8 per cent.
Hamilton had one of the sharpest declines in vacancy among the most populated 15 cities in the province, along with Thunder Bay and Kingston.
Across Ontario, the vacancy rate for apartments dropped to 1.6 per cent, the lowest level since 2000.
And the average rent rose to $1,140.
CMHC economists attribute the rising rents and dropping vacancy to job growth across the province, the widening gap between renting and buying a home, and population growth especially from immigration.
Hamilton rents grew for each type of apartment except bachelor suites.
For two-bedroom units, an increased average rent of $1,103 from $1,037 represented a jump that was much higher than the jump for the provincial average.
CMHC attributed that to a mix of historically low vacancy rate and the "sharp increases" in the cost of buying and owning a home.