Winnipeg rental market sees growth in supply while affordability worsens: report

File image of a Winnipeg rental property.

A new report shows Winnipeg’s rental market saw a major increase in rental supply over the last year, however, strong demand has kept vacancy low.

According to the Canadian Mortgage and Housing Corporation’s (CMHC) Fall 2024 Rental Market Report, Winnipeg’s rental supply increased by 5.5 per cent, which is one of the highest growth rates across all census metropolitan areas.

However, despite this growth in supply, high demand kept vacancy rates low as the city saw significant growth in people aged 15 to 24 and non-permanent residents.

The report notes that Fort Garry saw the highest rent growth, despite the fact that it accounted for 27.9 per cent of the increase in rental stock.

According to the CMHC report, an overall rent increase combined with lower vacancy rates for most affordable units has made rentals more expensive in Winnipeg. It found the average rent for a one-bedroom grew five per cent to $1,179, while the average rent for a two-bedroom increased 5.3 per cent to $1,507.

Nationally, rental market conditions in large urban centres remained tight, with the average vacancy rate rising to 2.2 per cent. It added that the average rent growth slowed, but renter affordability is still strained as the increase in rental stock was driven by higher-priced units.

CMHC conducts its annual Rental Market Survey every October to determine the strengths of the rental market. The survey is conducted on a sample basis in all urban areas with populations of 10,000 or more. Data is collected using telephone interviews and site visits.

More information and the full report can be found online.