The report points to extremely low rental vacancy rates in Victoria, Abbotsford, Kelowna, Vancouver and Squamish, the latter of which reported a rate of zero per cent.
The average rent across 34 major markets for a two-bedroom private apartment was $995 last month, an increase of 2 per cent from a year earlier.
At the same time, the country's most oil-dependent cities are seeing record-high vacancy rates, as tenants leave for other cities and rental rates fall. The average rent for a two-bedroom unit in Regina is $1,109.
New data from the Canadian Mortgage and Housing Corporation (CMHC) shows the city has a three per cent vacancy rate right now, down from 3.4 per cent a year ago.
The increase in demand is likely attributed to a lower unemployment rate for the 15-24 year-old category - a demographic likely to be renters.
"Weak economic and labour market conditions have held back rental demand, while increasing supply in both the primary and secondary rental markets has resulted in a significant jump in apartment vacancies this year", CMCH analyst Goodson Mwale said. Rent increased across all regions, with Vancouver's West End/Downtown area seeing a jump from $1,350 to $1,461.
The results of this additional question indicate that the turnover rates in goal built rental apartments in Alberta, Saskatchewan, Manitoba and most centers in the Atlantic Canada were above the national average, while turnover rates in British Columbia, Quebec and Ontario were generally below the national average.
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Saskatoon (10.3%), St-John's (7.9%), Edmonton (7.1%), Calgary (7.0%) and Saguenay (7.0%) are the major Canadian centres with the highest goal built rental housing vacancy rates.
"That said, regional trends across the country were considerably different, roughly offsetting one another at the national level", Passarelli notes.
Historically, Calgary's average vacancy rate is close to 3 per cent, Cho said.
The highest vacancy rate in the Vancouver area was in the Coquitlam-Port Coquitlam-Port Moody area, at a still low 1.7 per cent.
"Despite an outflow of migrant workers seeking employment opportunities elsewhere in the country, an elevated level of global migration has been supporting the rental demand", the report said.
The average rent in the Vancouver CMA increased from $1,144 in October last year to $1,223 this year - an increase of 6.4%.