With 2019 nearly ending, Places4Students.com is bringing you another annual comparison of the top Canadian cities to invest in student housing. This year’s breakdown is below.

Prince Edward Island – Charlottetown

Prince Edward Island has the lowest vacancy rate in the country. The entire province has a vacancy rate of 0.3%. Over the last year, the housing crisis was yet to improve and we are hearing a call for help from students in Charlottetown.

• Charlottetown has a most recent vacancy rate of 0.2%
• Average rental rate in Charlottetown is $962/month, a 2.6% increase from 2018

Students at the University of Prince Edward Island in Charlottetown have brought their concerns to the province in the hopes of regulatory changes being made that will help housing to become more achievable for students around the university. Students have requested that short-term rental regulations be instituted, as well as a rental subsidies program.

Quebec – Montreal

Montreal has made the list of top cities in Canada to invest in student housing again. As a major hub for post-secondary education and with many international students, Montreal is in dire need of affordable housing.

• The vacancy rate in Montreal decreased by 26.3% from 1.9% to 1.4% in the last year
• The average rental rate in Montreal is $1,078, a 16.3% increase from 2018

According to an article released by the Huffington Post, Montreal is on the top of the list as the city with the largest shortage of student beds, sitting at a deficit of 51,095 beds. The enrollment for students at McGill University for the Fall 2019 semester was 34,209 students. There are a total of six universities and twelve junior colleges within 8 kms of Montreal. It has the highest proportion of post-secondary students of all major cities across North America.

British Columbia – Victoria

Making the list for the first time this year is Victoria, BC. Victoria has seen a small increase in rental vacancies over the last year; however, it is still one of the lowest vacancy rates among the highest student populated cities in Canada.

• The vacancy rate in Victoria is 1.5%, a 25% increase from 2018, but still extremely low for the country
• The average rental rate in Victoria is $1,175/month and it’s projected to increase by 19.2% to $1,400/month by 2021

In January 2019, seven students from the University of Victoria were evicted from a rental home due to Saanich’s Section 5.20 zoning bylaw. This bylaw states that the number of “persons unrelated by blood or marriage” living in a dwelling “including boarders, shall not exceed four.” This poses a problem for students looking to live off-campus in groups. Students at UVic are working to get this bylaw changed in the hopes of opening the door for more affordable housing units around campus.

British Columbia – Vancouver

Vancouver has made the list for the fourth consecutive year, as a top city for student housing investment.

• Vancouver has a vacancy rate of 1.1%, an increase of only 10% since 2018
• The average rental rate in Vancouver is $2,159, a 9.9% increase from 2018

According to a report put out by the Real Estate Investment Network Canada, there is a shortage of over 14,300 student beds in Vancouver. Enrollment at Simon Fraser University for the 2018/2019 school-year was a total of 29,904 students.

Ontario – Windsor

The competitive market in Windsor has done anything but cool off. The increase in rental prices has continued to rise and is forecasted to continue to do so over the next few years.

• Windsor’s vacancy rate decreased by 13.3% from 2018 – 2019 to 2.6%
• The average rental rate in Windsor is $975, a 5.5% increase from 2018

The lack of affordable housing in Windsor is a catalyst for deficits in student accommodations off-campus. Even though the city has hopes to bring college and universities on board to build more on-campus housing, it does not change the fact that there are students that prefer to live off-campus. With the increased cost for on-campus housing, as well as in the increase in rental rates in Windsor, students are in a tough spot.  

Ontario – Toronto

Toronto is home to five universities, four colleges, 140 private career colleges, and more than 55 language training schools and programs.

• The vacancy rate in Toronto is 1.2%, an increase of 9.1% from 2018 – 2019
• Toronto has an average rental rate of $2,010, a 9.7% increase from 2018

Even with an increase in the vacancy rate over the last year, Toronto is still facing a housing crisis; especially within the student housing sector. It was reported that Toronto is sitting in second place with their shortage of student beds sitting at 32,243.

Ontario – Kitchener, Cambridge & Waterloo

New to the list this year is the Kitchener, Cambridge and Waterloo. This area is a major hub for students with Wilfrid Laurier University, University of Waterloo and Conestoga College.

• The vacancy rate in Kitchener, Cambridge and Waterloo is 2.7%, decreasing almost 7% from 2.9% in 2018
• The average rental rate is $1,240/month and it’s forecasted in 2021 to increase by almost 5% to $1,300/month

Students across the Waterloo area are joining together to bring awareness of the housing shortage, as well as the quality of the accommodations currently available to them. They are working to get the city to fix these concerns for such a densely student populated area. On top of a problem of affordability, supply is also an issue. Waterloo alone is short a total of 14,026 student beds, putting them ninth on the list.

Ontario – Ottawa

Making the list this year is Ottawa, which is home to a college and two major universities – Carleton University, Algonquin College and the University of Ottawa.

• The vacancy rate in Ottawa decreased to 1.5% over the course of 2018 – 2019
• The average rental rate in Ottawa is $1,370/month and it’s forecasted to increase by 8.7% in 2021

During the 2018/2019 school year at Carleton University, there was a total of 31,202 students living in student housing. Of those students, a total of 27,592 students were living off-campus.

Ontario – St. Catharines & Niagara Region

The Niagara region is home to two major schools – Niagara College and Brock University. Combined, they had over 43,000 students attending during the 2018/2019 year. 

• The vacancy rate in the Niagara Region is down 2% from 2.5% to 2.2% over the last year
• The average rental rate is $1,036/month and it’s forecasted to increase by almost 10% by 2021

Before the beginning of the 2019/2020 school year, Brock University put out a call for landlords in the area to think about renting to returning students in need of housing. Brock had an enrollment of 19,150 students during 2018/2019; however, they could only accommodate 2,400 students on campus.  

Nova Scotia – Halifax

Halifax, Nova Scotia has made the list for the fourth year, as a prime location to invest in student housing. With an increase in immigration to Halifax, we have seen a decrease in the rental available over the last few years.

• The vacancy rate in Halifax is 1.4%, a 12.5% decrease from their 2018 vacancy rate of 1.6%
• The average rental Rate in Halifax $1,185/month and it’s projected to increase by almost 4% in 2021

In an article released by CTV News, it is mentioned that students can be found looking for their accommodations up to a year in advance, in the hopes of securing housing for the school year. With an increase of about 12,000 people over the last couple of years, Halifax has seen a drastic drop in their vacancy rate.

Manitoba – Winnipeg

For the fourth consecutive year, Winnipeg has made the list as a top city to invest in student housing.

• The vacancy rate in Manitoba is 2.9%
• The average rental rate in Manitoba is $1,224/month, a 3.7% increase from 2018

An article released in October 2019 brought to light the issues of unsafe rooming accommodations around the University of Winnipeg. A large number of students located around the university feel their only options are to crowd into roughly converted family homes. This has created safety issues and is breaking the limit capacity of local fire codes.

*The above data reflects vacancy and average rental rates from 2018 to 2019. The average rental rates are based on two-bedroom apartments.

SEE ALSO: The Best Cities To Invest In Student Housing In Canada – 2018 Edition