Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

GTA Vacancy Rates Decline in 2010

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - The Canada Mortgage and Housing Corporation (CMHC) has released its 2010 Rental Market Survey results for the Greater Toronto Area. Key findings are as follows:

  • The average apartment vacancy rate in the GTA decreased to 2.1 per cent in 2010, erasing the rise during 2009.

  • Apartment vacancies declined sharply as the flow of first-time buyers out of rental units slowed considerably. At the same time, the inflow of new renters increased due to rising immigration and more job opportunities.

  • The average rent for two-bedroom apartments common to last year's survey increased by 1.8 per cent – slightly lower than growth in 2009 and on par with the rate of increase in 2008.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1209toronto.jpg.

"By the fall of this year a lot of home buying demand among renters had been absorbed and vacancies began moving lower, at about the same speed as sales," according to Shaun Hildebrand, CMHC's Senior Market Analyst for the Greater Toronto Area. "The nature of the job market recovery is also supporting demand for relatively lower cost housing options. A rising share of part-time and temporary positions have attracted more households to primary rental units, as opposed to moving up to condominium rentals or ownership," added Hildebrand.

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

  • Greater Toronto Area:Canada Mortgage and Housing Corporation
    Shaun Hildebrand
    (416) 218-3466
    shildebr@cmhc.ca
    or
    En français: Canada Mortgage and Housing Corporation
    Ed Heese
    (416) 218-3369
    eheese@schl.ca
    or
    Ontario: Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada: Canada Mortgage and Housing Corporation
    Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca
    www.cmhc.ca