TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its 2012 Fall Rental Market Survey for the Greater Toronto Area (GTA) today. The average vacancy rate for purpose-built apartment units was 1.7 per cent in October 2012, compared to 1.4 per cent in the previous year.
"While vacancy rates increased slightly this year, the overall average rate remained relatively low as job opportunities improved, first-time buying slowed and supply growth remained muted. The increase in vacancy rates can partly be attributed to fewer young adults and immigrants entering the market, as well as more people leaving the GTA or choosing to rent in the condo market," explained Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA.
The average increase in rents for apartments common to last year's survey was 2.8 per cent.
Vacancy rates remained lowest in the central part of the City of Toronto. For condominium apartment rentals, the average vacancy rate in the GTA held steady at 1.2 per cent. The number of condo rental units increased by six per cent, now representing over 22 per cent of all existing condominium apartments.
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.
Additional data is available upon request.
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