Rental units are being sold on a small scale across Halifax’s east coast, with some people looking for a cheaper option than renting out a studio apartment.
The number of available rental units has been steadily increasing.
There are now nearly 2,500 units in the Halifax area.
“I don’t know how to explain it.
It just seems like there are more units available,” said one resident who asked not to be named.In the city of Prince Edward Island, the vacancy rate in the capital’s east is the highest in the country.
The average rent is $1,800 per month, according to the latest data from Statistics Canada.
The median price for a studio in the city is $2,400.
In the province of New Brunswick, rents are also rising.
The vacancy rate for a two-bedroom apartment in the eastern city of Fredericton is 1.3 per cent, and the average rent in the town is $6,500.
In Manitoba, the average rental is $3,700 per month.
In Ontario, the rate for two- and three-bedroom rental apartments is 6.7 per cent and 7.1 per cent respectively.
The Canadian Real Estate Association of Nova Scotia said that vacancy rates are rising throughout the country, with Nova Scotia, Ontario and Quebec in particular experiencing a steep increase.
In Canada, there were almost 1.5 million vacancies last year.
The number of vacancies in Halifax is higher than any other major city in the United States, according the association.