Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Apartment Rental Demand Higher in Kitchener and Guelph

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2010 Rental Market Report for the Kitchener-Cambridge-Waterloo and Guelph Census Metropolitan Areas (CMAs) today. Highlights of the Report are as follows:

  • The vacancy rate for privately-initiated rental apartments in the Kitchener-Cambridge-Waterloo CMA was 2.6 per cent in October 2010, down from 3.3 per cent in October 2009. In the Guelph CMA, the vacancy rate decreased to 3.4 per cent from 4.1 per cent.

  • The vacancy rate decreased for one and two-bedroom apartments in both CMAs.

  • Kitchener Central (Zone 2) had the lowest vacancy rate at 1.3 per cent 

  • On the basis of a sample of structures common to both the 2009 and 2010 surveys, the average two-bedroom rent increased by 1.6 per cent in the Kitchener-Cambridge-Waterloo CMA and by 0.9 per cent in the Guelph CMA.

To view the graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/kitchener_graph.pdf.

"Rising immigration and less movement to homeownership exerted downward pressure on the vacancy rate in October 2010," noted Erica McLerie, CMHC Senior Market Analyst for the Kitchener-Guelph area. "On the other hand, added supply in Kitchener and weak youth employment in both CMAs exerted upward pressure on vacancies. In both CMAs, the sharp decline in existing home sales is evidence that fewer first-time buyers made the move to home ownership and vacated their rental units in the last half of 2010," added McLerie.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes. 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 vital decisions.

For more information, visit www.cmhc.ca or call 1 800 668-2642.

Contact Information

  • For further information, please contact / Pour obtenir de
    plus amples renseignements, veuillez communiquer avec :
    Kitchener CMA:
    Erica McLerie, Senior Market Analyst
    (416) 218-3318
    emclerie@cmhc.ca
    or
    En Francais:
    Canada Mortgage and Housing Corporation
    David Lan
    (519) 873-2426
    dlan@cmhc.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    Regional Economist
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca