Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Kingston's Apartment Vacancy Rate Tightens

OTTAWA, ONTARIO--(Marketwire - Dec. 9, 2010) - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2010 Rental Market Report for the Kingston Census Metropolitan Area today. Highlights of the Report are as follows:

  • Kingston's vacancy rate reached 1.0 per cent, the lowest it has been since October 2002. 
  • The average fixed sample rent for a two-bedroom apartment increased by 3.2 per cent.
  • Factors exerting downward pressure on the average vacancy rate in Kingston include: strong youth employment, stable international migration, and fewer new rental apartment completions.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1209kton.jpg.

"For two consecutive years, Kingston has recorded the lowest vacancy rate among all fifteen CMAs across Ontario. This tightening rental market in Kingston is primarily due to the fact that while demand has been increasing, the number of new rental apartment units completed declined in 2010," said Abdul K. Kargbo, CMHC's Kingston Market Analyst. "The fixed sample average rent in existing apartment structures rose across all bedroom types in the Kingston CMA. As the most popular bedroom type in Kingston, accounting for over half of the entire rental stock, two-bedroom units registered the second largest rent increase at 3.2 per cent in October 2010," added Kargbo.

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 :
    Kingston: Canada Mortgage and Housing Corporation
    Abdul Kargbo
    (613) 748-5129
    akargbo@cmhc.ca
    or
    En Francais : Canada Mortgage and Housing Corporation
    Sandra Perez Torres
    (613) 748-5120
    sperezto@schl.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
    Senior Media Relations Officer
    (613) 748-2799
    csauriol@cmhc.ca
    www.cmhc.ca