Vacancy rate for standard long-term rental units, is absurdly low in toronto (1.1%)

A low vacancy rate generally means that rentals are a seller's market - offer a bad unit or a high price, or both, and you can easily find a tenant, because there's just so few places to rent.

I believe a healthy vacancy rate for a city is in the 6-7 percent range. 1.1 percent is insanely low.

But, it's not terribly surprising. The story of housing in the 21st century is that vacancy builds in the tiny manufacturing towns of yesteryear (much of the Midwest USA for example) while people move en masse to a few superstar cities that usually fail under overbearing regulations and zoning to build anywhere near enough units to match the incoming migration.