Canada’s Rental Vacancy Rate Decreases (CMHC) report

OTTAWA -The average rental apartment vacancy rate in Canada's 35 major centres1 decreased slightly to 2.3 per cent in April 2012, from 2.5 per cent in April 2011, according to the
spring Rental Market Survey2 released today by Canada Mortgage and Housing Corporation (CMHC).

“An overall improving job market over the last year, in conjunction with new migrants coming to Canada’s major centres, are factors that are supporting rental demand in Canada,” said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre. “Immigrants, as well as young workers, usually tend to rent first and then move to homeownership.”

The results of CMHC’s spring survey reveal that, in April 2012, the major centres with the lowest vacancy rates were: Regina (0.6 per cent); Québec and Saguenay (0.7 per cent); and Guelph (1.0 per cent). At the provincial level, Manitoba has the lowest vacancy rate at 1.2 per cent.

The survey reveals that the major centres with the highest vacancy rates were Saint John (8.4 per cent), Windsor (7.7 per cent), Kelowna (5.2 per cent), and Moncton and Charlottetown (5.0 per cent). On a provincial basis, the highest vacancy rate was in New Brunswick (6.2 per cent).

The Canadian average two-bedroom rent in both new and existing structures was $887 in April 2012. With respect to the Census Metropolitan Areas, the highest average monthly rents for two-bedroom apartments were Vancouver ($1,210), Toronto ($1,164), Calgary ($1,113), Ottawa – Gatineau (Ontario part, $1,104), Victoria ($1,046), and Edmonton ($1,036). These are the only major centres with average rents at or above $1,000 per month. Provincially, the highest average monthly rents were in Alberta ($1,055), British Columbia ($1,036) and Ontario ($1,014).

The lowest average monthly rents for two-bedroom apartments were Trois-Rivières ($543), Saguenay ($553), and Sherbrooke ($581). On a provincial basis, the lowest monthly rents were Quebec ($677), New Brunswick ($696), and Newfoundland and Labrador ($727).

Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the April 2011 and April 2012 surveys provides a better indication of actual rent increases paid by tenants. Overall, the average rent for two-bedroom apartments in existing structures across Canada’s 35 major centres increased 2.2 per cent between April 2011 and April 2012, the same level that was observed between April 2010 and April 2011.

CMHC’s spring Rental Market Survey also found that the rental apartment availability rate in Canada’s 35 major centres was 4.4 per cent in April 2012, slightly up from 4.3 per cent in April 2011. A rental unit is considered available if the unit is vacant (physically unoccupied and ready for immediate rental), or if the existing tenant has given or received notice to move and a new tenant has not signed a lease. Availability rates were highest in Windsor (9.3 per cent), Saint John (8.8 per cent), Sherbrooke (8.0 per cent), Peterborough (7.4 per cent) and London (7.0 per cent). The lowest rates were in Regina (1.1 per cent), Winnipeg (1.5 per cent) and Thunder Bay and Toronto (3.1 per cent in each).

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

1 Major centres are based on Statistics Canada Census Metropolitan Areas (CMAs), with the exception of the Ottawa – Gatineau CMA, which is treated as two centres for Rental Market Survey purposes and Charlottetown, which is a Census Agglomeration (CA).
 
2 CMHC’s Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December. Note that there are differences between the fall and spring surveys. The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on: a) Smaller geographic zones within centres; b) Secondary rental market (rented condominium apartments, single-detached, semi-detached, duplexes or accessory apartments).
 
For further information contact:
Kate Munroe
CMHC Media Relations
613-748-4618
kmunroe@cmhc-schl.gc.ca
To access CMHC’s 2012 reports on the rental market select from the links below:

1.0 Rental Market Indicators
Privately Initiated Apartment Structures of Three Units and Over
Provinces and Major Centres1
Centres Vacancy Rates (%) Availability Rates (%) Average Rent Two-Bedroom ($) (New and existing structures)   Percentage Change of Average Rent Two-Bedroom(2) from Fixed Sample (Existing structures only)
Apr-11 Apr-12 Apr-11 Apr-12 Apr-11 Apr-12   Apr-10
to
Apr-11
Apr-11
to
Apr-12
Newfoundland and Labrador 10,000+ 2.1 a 2.7 a 2.5 a 3.2 a 683 a 727 a   7.4 c 5.7 a
St. John's CMA 2.0 a 3.3 a 2.6 a 3.8 a 744 a 808 a   9.0 c 7.4 a
Prince Edward Island 10,000+ 4.5 b 4.8 b 5.6 b 5.9 b 752 a 778 a   2.6 b 2.3 b
Charlottetown CA 4.9 b 5.0 b 6.1 b 6.4 b 770 a 797 a   2.0 c 2.5 c
Nova Scotia 10,000+ 3.0 a 3.4 a 3.9 a 4.3 a 848 a 884 a   2.4 b 2.8 b
Halifax CMA 2.8 a 3.2 b 3.9 a 4.3 a 885 a 926 a   2.4 b 3.0 b
New Brunswick 10,000+ 4.5 a 6.2 a 5.2 a 6.6 a 672 a 696 a   2.3 a 3.3 b
Moncton CMA 4.1 b 5.0 b 5.1 b 5.4 b 697 a 721 a   2.3 a 2.9 b
Saint John CMA 4.0 b 8.4 a 4.3 b 8.8 a 653 a 688 a   2.8 b 4.9 c
Québec 10,000+ 2.4 a 2.2 a 4.7 a 4.9 a 671 a 677 a   2.6 b 1.4 a
Ottawa – Gatineau CMA (Que. Part) 2.2 a 2.1 a 3.5 b 4.0 b 715 a 731 a   2.7 b 1.9 c
Montréal CMA 2.5 a 2.2 a 4.3 b 4.6 b 703 a 708 a   2.8 b 1.7 c
Québec CMA 1.0 a 0.7 a 2.8 a 4.0 b 711 a 725 a   2.8 a ++  
Saguenay CMA 1.9 b 0.7 a 5.2 b 6.1 b 542 a 553 a   1.8 c **  
Sherbrooke CMA 3.7 b 3.6 b 8.7 a 8.0 b 577 a 581 a   1.4 d **  
Trois-Rivières CMA 4.2 b 3.8 b 7.8 b 6.1 b 546 a 543 a   2.3 c ++  
Ontario 10,000+ 2.5 a 2.3 a 4.3 a 4.4 a 980 a 1,014 a   1.9 b 2.1 a
Barrie CMA 1.9 b 2.0 b 4.0 b 5.7 b 976 a 991 a   1.2 a 1.5 b
Brantford CMA 3.6 b 3.3 c 5.1 b 4.7 c 778 a 801 a   1.3 a 2.8 c
Greater Sudbury CMA 3.1 c 3.1 b 4.2 b 4.5 b 877 a 891 a   2.5 c ++  
Guelph CMA 1.9 a 1.0 a 4.7 b 3.2 b 892 a 908 a   0.4 b 1.6 b
Hamilton CMA 3.5 a 2.9 a 5.1 a 6.5 a 856 a 876 a   1.8 b 1.9 a
Kingston CMA 1.7 a 1.6 a 3.1 b 3.7 b 966 a 980 a   2.4 a 1.9 a
Kitchener – Cambridge – Waterloo CMA 1.8 a 2.0 a 4.7 a 4.4 a 877 a 904 a   1.5 a 1.9 a
London CMA 4.7 a 3.7 a 8.3 a 7.0 a 873 a 896 a   1.3 a 1.4 a
St. Catharines – Niagara CMA 3.6 b 4.0 b 5.5 b 6.9 a 830 a 843 a   2.0 b 2.4 b
Oshawa CMA 3.0 a 1.9 a 4.5 a 3.2 a 920 a 944 a   1.4 a 1.6 a
Ottawa – Gatineau CMA (Ont. Part) 1.8 a 2.1 a 4.8 a 5.1 a 1,056 a 1,104 a   2.2 b 3.2 c
Peterborough CMA 2.3 a 2.3 a 5.0 b 7.4 a 882 a 915 a   1.8 c 2.9 c
Thunder Bay CMA 2.1 a 1.8 a 3.1 b 3.1 b 762 a 813 a   3.2 d 3.9 c
Toronto CMA 1.6 a 1.5 a 3.0 a 3.1 a 1,124 a 1,164 a   2.1 c 1.9 c
Windsor CMA 9.4 a 7.7 a 11.3 a 9.3 a 761 a 770 a   -0.5 b 1.4 a
1.0 Rental Market Indicators
Privately Initiated Apartment Structures of Three Units and Over
Provinces and Major Centres1
Centres Vacancy Rates (%) Availability Rates (%) Average Rent Two-Bedroom ($) (New and existing structures)   Percentage Change of Average Rent Two Bedroom(2) From Fixed Sample (Existing structures only)
Apr-11 Apr-12 Apr-11 Apr-12 Apr-11 Apr-12   Apr-10
to
Apr-11
Apr-11
to
Apr-12


1 Major centres refer to Census Metropolitan Areas (CMA), except for Charlottetown.
2 The Percentage Change of Average Rent is a measure of the market movement, and is based on those structures that were common to the survey sample for both years.
3 Includes both Alberta and Saskatchewan portions of Lloydminster CA.
4 Does not include Alberta portion of Lloydminster CA. For Lloydminster CA data, refer to Saskatchewan Highlights report.
The following letter codes are used to indicate the reliability of the estimates:
a — Excellent, b — Very good, c — Good, d — Fair (Use with caution)
** Data suppressed to protect confidentiality or data not statistically reliable.
++ Change in rent is not statistically significant. This means that the change in rent is not statistically different than zero (0).
n/u: No units exist in the universe for this category. n/s: No units exist in the sample for this category. n/a: Not applicable.
Manitoba 10,000+ 0.7 a 1.2 a 1.2 a 1.5 a 822 a 876 a   3.2 c 5.2 b
Winnipeg CMA 0.7 a 1.2 a 1.1 a 1.5 a 843 a 901 a   3.2 c 5.4 b
Saskatchewan 10,000+ (3) 2.5 a 2.1 a 3.7 a 3.3 a 883 a 933 a   4.3 a 4.6 a
Regina CMA 0.7 a 0.6 a 1.7 a 1.1 a 897 a 948 a   5.4 a 5.2 b
Saskatoon CMA 3.4 a 3.1 b 5.1 a 5.3 a 936 a 976 a   3.3 b 2.7 b
Alberta 10,000+ (4) 4.7 a 3.0 b 6.2 a 4.4 a 1,029 a 1,055 a   0.8 a 3.1 b
Calgary CMA 3.4 b 2.5 a 5.2 b 4.0 b 1,040 a 1,113 a   ++   5.0 c
Edmonton CMA 4.7 b 2.7 b 6.2 a 4.2 b 1,029 a 1,036 a   0.5 b 2.2 a
British Columbia 10,000+ 3.7 a 3.4 a 4.8 a 4.7 a 1,015 a 1,036 a   2.1 b 2.3 a
Abbotsford CMA 6.6 a 4.9 a 8.1 a 6.1 a 797 a 799 a   1.9 a 0.6 a
Kelowna CMA 6.6 a 5.2 a 8.0 a 6.2 a 920 a 911 a   ++   ++  
Vancouver CMA 2.8 a 2.6 a 3.7 b 3.7 b 1,181 a 1,210 a   2.6 c 3.0 b
Victoria CMA 2.7 a 3.5 b 4.9 b 5.6 a 1,024 a 1,046 a   1.5 a 1.6 c
Canada CMAs (1) 2.5 a 2.3 a 4.3 a 4.4 a 864 a 887 a   2.2 a 2.2 a
Canada 10,000+ 2.7 a 2.5 a 4.5 a 4.6 a 839 a 860 a   2.2 a 2.1 a



Recent Post




Related Posts Plugin for WordPress, Blogger...

No comments:

Get Real Estate Tips

linkwithin...

About Us

Get Free Email Updates to your Inbox!

REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



©Copyright 2009-2017 REAL ESTATE SNATCH All Rights Reserved Registration on or use of this site constitutes acceptance of our

Search This Blog