More newly-built units and a drop in international students helped relieve pressure on London’s purpose-built rental market, a new Canadian Mortgage and Housing Corporation (CMHC) report suggests.
Little in the way of relief, however, was seen in London’s affordable housing stock, with rental rates remaining high.
According to CMHC’s latest fall rental report, released on Tuesday, the vacancy rate for purpose-built units in the London and St. Thomas-area rose to 2.9 per cent this year from 1.7 per cent a year ago.
A record-high number of new units built, particularly in the downtown and in the city’s south and southwest, contributed to the increase, said Anthony Passarelli, CMHC’s lead economist for southern Ontario.
“You had a lot of rentals under construction in London, and a number of them were completed and put on the market for rent this year,” he told CBC News.
“The last few years, prior to 2024, you had very low vacancies, very …