How many homes are empty in Toronto?
There were 131,730 vacant homes in 2021, up a whopping 32.75% from the 2016 Census. It works out to around 30,000 homes, or roughly 1 in 10 vacant homes across the country.
Vacancy rates are defined at what percentage of private dwellings are not "occupied by usual residents." In 2001, the nationwide vacancy rate in Canada was 7.8 per cent, increasing to 8.4 per cent in 2006, 8.6 per cent in 2011 and 8.7 per cent in 2016. However, the 2021 vacancy rate was eight per cent.
A study released this week found that in Canada in 2020, there were up to 1,340,364 vacant homes, comprising 8.7% of all homes in the country. On the list of countries with the most vacant homes as a percentage of total homes, Canada ranked in eleventh place.
“Investor speculation and short-term rentals are the main culprits behind high vacancy rates in places like Toronto and Vancouver.” The report states 66,000 homes are sitting empty in Toronto, and around 64,000 vacant homes are in Montreal.
Vermont, Maine, Alaska, West Virginia and Alabama have higher vacancy rates, with Vermont's sitting highest in the country at 22.86 percent. California's number of empty houses came in second place at 1,248,161, but its vacancy rate was among the lowest in the country at 8.7 percent.
Toronto has nearly 65,000 empty condo units.
Mark Williams, chief Asia economist at Capital Economics, estimates that China still has about 30 million unsold properties, which could house 80 million people. That's nearly the entire population of Germany.
In the City of Vancouver over the last five years, there has been a decline of 15 per cent from 8.2 per cent to 7 per cent in these empty or occupied by not usual resident dwellings. By the numbers, there's a 10 per cent drop from 25,502 to 23,011.
In 2021, the rental vacancy rate remained unchanged from 2020, staying at 3.1%. However, rental vacancy rates vary significantly by province and territory. In larger centers, rental vacancy rates have typically been lower than the national average. For example, in 2019, the nation-wide rental vacancy rate was 2.0%.
The dilapidated 13,000 square-foot home at 4 Birchmount Rd. in Scarborough made headlines last spring when it was put on the market with an asking price of $3.8 million.
How do people abandon homes?
Homes become abandoned due to lack of employment, increased crime rate, or dangerous environmental hazards such as radiation or contaminated drinking water.
The whole world is undergoing a housing shortage, but vacant homes are barely budging. The OECD's latest data drop shows 42 million of its 426 million homes are vacant. Yes, roughly one in ten homes in advanced economies are empty. There are literally years of housing supply being used as an alternative to gold.
Your Lender Might Lock You Out. Vacant homes are targets for theft and vandalism. Therefore, when a homeowner's mortgage payments become delinquent, one of the first things many lenders do to protect their interest in the property is to look into whether the owner has abandoned it.
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At a time when household units are forming faster than homes are being built and many Americans can't find a home at all, it may come as a surprise that nearly one in 10 American homes — more than 16 million in all — were “vacant” when the 2020 census was recorded.
In 2021, the rental vacancy rate remained unchanged from 2020, staying at 3.1%. However, rental vacancy rates vary significantly by province and territory. In larger centers, rental vacancy rates have typically been lower than the national average. For example, in 2019, the nation-wide rental vacancy rate was 2.0%.
In the City of Vancouver over the last five years, there has been a decline of 15 per cent from 8.2 per cent to 7 per cent in these empty or occupied by not usual resident dwellings. By the numbers, there's a 10 per cent drop from 25,502 to 23,011.
Properties not occupied by their owners are likely to be either vacant, rented out or used as a second property. The share of owner-occupied properties in urban areas of Ontario edged down from 80.7% in 2019 to 80.0% in 2020.
The figures released by Statistics Canada on Wednesday show the country's 7.8 million single-detached homes made up about 53 per cent of Canada's housing supply in 2021, down from roughly 54 per cent during the 2016 census.
