Halifax Apartments Readily Available Despite Fragile Economy

The fragility of Canadas economic recovery following the global economic recession has lead to an increased rental vacancy rate

. Vacancy rates, which are significantly influenced by the strength of the economy and its effect on the rate of immigration, have increased. While in times of economic prosperity it can be challenging to find a suitable apartment, apartment availabilities open up when the economy is less robust.

Though Canadas job market is improving from a low point in 2008, it has yet to return to previously-know levels of productivity and strength. This has meant that fewer immigrants, who tend to rent before purchasing homes in Canada, are confident theyll be able to sustain themselves financially in a foreign country let alone shoulder the cost of relocation.

Reports indicate that vacancy rates are lowest in Canadian cities with resource-based economies. The amount of investment going into the Canadian oil sands projects is believed to have affected the volume of people renting apartments in Alberta. In Manitoba, where manufacturing is strong, vacancy rates are also low.

In the Maritime Provinces vacancy rates are higher. The vacancy rate in Halifax, however, is an exception. Real estate observers believe that because so many of the students who attend one of the eight area universities move to and from the city, the rental market is somewhat insulated from factors which influence vacancy rates elsewhere.

More often than not, Halifax Apartment Rentals are available to those seeking accommodation. In other words, anyone moving to city should be confident of finding a suitable place. To cater to the budgets of students and academics alike, Halifax apartment rentals are reasonably priced. Reports suggest that the average two-bedroom rental unit in Canada goes for about $885.

Whereas in Vancouver that figure bumps to about $1,200 and in Toronto to $1,150, the average rent in Halifax hovers around $1,000. This is affordable, especially compared to rental rates in other provinces.

The highest month rents are recorded in Alberta, Ontario and British Columbia. The lowest average monthly rents for two-bedroom apartments are throughout Quebec, New Brunswick and Newfoundland.

Studies reveal that overall the rental apartment availability rate in Canadas 35 major centres was 4.4 per cent in April 2012. This represents a slight increase from 4.3 per cent in April 2011. A rental unit is considered available when the unit is not occupied by anyone and is ready for immediate rental. Similarly, if the existing tenant has given or received notice to move it is considered available.

by: David McFarlane

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