According to the Canada Mortgage and Housing Corporation (CMHC), the vacancy rate in Cobourg for rental apartments is 1.3%, up from 0.5% last year. These numbers are for October in each year. The average rent for a 2 Bedroom apartment was $1,063 – up from $1,011 in October 2017. Although cheaper than Toronto, it’s not as much different as the cost of buying a house. CMHC also reports on the number of apartments and the number of houses being built. In October 2017, Cobourg had 31 bachelor apartments, 250 1 bedroom, 589 2 bedroom and 61 3 or more bedroom apartments for a total of 931, up from 920 a year earlier. Note that these numbers exclude “row” houses. The tables below give more detail.
Vacancy Rates and Rents
|Vacancy Rate||Average Rent||Units|
|Row + Apartments||0.4%||a||$968||a||1,082|
|Row + Apartments||1.1%||a||$1,020||a||1,088|
Accuracy of estimate shown as a = excellent to d = poor.
Source: Canada Mortgage and Housing Corporation (CMHC),
Quantity of Cobourg Apartments
|October 2016||October 2017|
|3 Bedroom +||62||61|
CMHC also gives statistics on the number of housing units built.
|2016||2017 – to End Sept.|
None of the units started from January to September 2017 were intended for the Rental market.
Note that the vacancy rate in Toronto is also low at 1.1% and the average rent (all sizes) is up and now is at an average of $1,296 per month.
Update on Housing prices
As reported here (Have Real Estate Prices bottomed), house prices in Cobourg have been very volatile over the last year. In August the average selling price for a house in Northumberland Hills (mostly Cobourg and Port Hope) was $396K. In October it jumped to $425K but in November fell back to $383K which was only a little higher than September 2016. Go here for the details. For comparison, the average price for a house in Toronto in November was $780K compared to a peak in April 2017 of $925K.