Individuals are transferring into town sooner than new properties might be constructed to accommodate them. The rental emptiness charge is at its lowest level ever, and the bottom of any main Canadian metropolis. These points have existed for a very long time, however the arrival of Airbnb-type providers has made it much more troublesome for individuals to search out housing.
No, this isn’t a narrative about Toronto. Or Vancouver. Or Montreal.
It’s about Charlottetown, the place even town’s mayor says housing availability has reached a disaster level.
“It’s simple economics. If you have a high demand and low supply, you’re talking about a crisis,” Philip Brown mentioned Tuesday on CTV’s Your Morning.
In keeping with the newest report from the Canada Mortgage and Housing Company, Charlottetown has the bottom emptiness charge of the 37 areas analyzed, at 0.2 per cent. Different main cities dealing with rental housing provide points, together with Toronto and Vancouver, have emptiness charges of 1 per cent or extra, whereas the nationwide charge stands at 2.four per cent.
Brown mentioned rental housing shortages have been a big difficulty within the P.E.I. capital for a minimum of a decade. They’ve been exacerbated in recent times by a number of things, together with growing post-secondary enrolments within the metropolis and basic inhabitants progress. Census knowledge exhibits that Charlottetown’s inhabitants grew by 5.eight per cent between 2011 and 2016 – sooner than every other neighborhood in Atlantic Canada.
Additionally exacerbating the state of affairs is the proliferation of short-term rental providers resembling Airbnb. Some householders who had beforehand rented out rooms or residences to long-term tenants are as a substitute turning to those newer choices, placing an extra pressure on town’s rental provide.
For people who find themselves capable of finding rental housing, the low provide means they’ll be paying extra for it than they could in different communities, regardless of the common revenue in Charlottetown being under the nationwide common.
Brown mentioned town has already made some makes an attempt to alleviate the difficulty, together with implementing a bylaw making it unlawful to lease out secondary residences or backyard suites to short-term tenants. A 60-unit reasonably priced housing advanced is within the works.
The mayor can be hoping the provincial and federal governments will assist discover a strategy to ease situations in Canada’s tightest rental market, though he’s not anticipating any fast assist.
“It’s going to take some time,” he mentioned.