Peterborough's Housing Crisis Continues to Be Problematic Says United Way

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The United Way Peterborough & District’s 19th Edition of Housing is Fundamental report that highlights Peterborough’s worsening rental market according to author Paul Armstrong.

Paul Armstrong authored the Housing is Fundamental report annually. Photo by David Tuan Bui.

This year’s report analyzes the market and underscores the ongoing challenges posed by housing affordability and accessibility.

Their local key findings include:

  • Canada has reached a new low for its vacancy rate at 1.5 per cent

  • Peterborough’s vacancy rate remains at 1 per cent

  • The average market rent is $1,325 across all units, which is a 6.5 per cent increase from last year

  • Three-bedroom units saw the largest increase in average market rents at 7.7 per cent

  • The annual income required to afford the average market rent is $53,000

Average Rent In Canada

Average Listed Rents by Unit Type - Feb. 2024

Rent Year-Over-Year Change

The report also recognized these highlights of the rental market in Canada:

  • Canada-wide vacancy rate was 1.5 per cent (Oct. 2023), a new low

  • Strong rental demand outpaced supply

  • Tighter markets with lower affordability

  • Rent growth exceeded average wage growth by a wide margin

  • Rent arrears increased from 6.5 per cent (2022) to 7.8 per cent (2023)

  • Lower-income renters faced below-average vacancy rates for the least expensive apartments

Armstrong highlighted the contributing issues using data from Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC).

“When surging rents outpace income increases, something is wrong. When people pay their rent and then find themselves at food banks to eat, something’s amiss,” he said. “When inadequate supply of rental units produces a 1.0 per cent vacancy rate in Peterborough, something has to change. When housing costs are now the primary driver of inflation and 20% of Canadian rental stock is owned by large capital enterprises, something’s inequitable. When homelessness grows, but social housing builds don’t materialize, something’s unjust. The housing crisis deepens with little indication of relief.”

“Housing remains the cornerstone of a healthy and thriving community,” said Jim Russell United Way CEO. “Data is showing us that foodbanks are seeing record high numbers of first-time users. Without stable and affordable housing, individuals face immense barriers in every aspect of their lives, from purchasing food to employment to health. This year’s report is a call to action for all levels of government and community partners.”

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