News: Rental supply bad for tenants & new arrangement at Lions Place
February 8, 2023
- Insufficient Supply Bad News for Renters: A Canada Mortgage and Housing Corporation (CMHC) report found rental options are scarcer due to a lack of proper supply for rising demand. Winnipeg‘s purpose-built rental vacancy rate halved in 2022 compared to 2021, going down to 2.7 per cent from 5.1 per cent. This means apartments are much more scarce for renters and points to the need to increase multi-family rental building.
- New ownership at Lions Place seniors apartment: Lions Place seniors apartment has changed ownership. The nonprofit operator of the 287-unit apartment saw its federal and provincial following the end of a 35-year operating agreement. Residents raised concerns that likely rent hikes would displace low-income seniors living at Lions Place. The Province arranged to provide a rent supplement (an agreement with the landlord to pay a portion of the rent) so rents for tenants do not rise this year. A longer-term funding model has to be developed.