Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

December 13, 2012 08:15 ET

Apartment Rental Demand Lower in Kitchener

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2012 Rental Market Report for the Kitchener-Cambridge-Waterloo (KCW) and Guelph Census Metropolitan Areas (CMAs) today. Demand for rental apartments decreased in KCW, but increased marginally in Guelph. The average vacancy rate in KCW moved higher to 2.6 per cent and in Guelph to 1.4 per cent. On the basis of a sample of structures common to both the 2011 and 2012 surveys, the average two-bedroom rent increased by 3.1 per cent in KCW and by 3.3 per cent in Guelph.

"Strong demand from young adult households, immigrants and seniors and fewer rental households moving to homeownership supported rental demand in both KCW and Guelph. But, in KCW, students vacating apartments to move into newly-completed student rental housing offset this demand," noted Erica McLerie, CMHC Senior Market Analyst for the Kitchener-Guelph area.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca.

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