Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

London's Rental Market Stabilizes

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

  • London's vacancy rate stabilized at five per cent.
  • Factors exerting upward pressure on vacancies include weaker job prospects among youth and more rental apartment completions,
  • Factors exerting downward pressure on vacancies include rising demand from empty nesters, slowing first time buyer demand, higher immigration and minimal rent increases
  • On the basis of sample structures common to both the 2009 and 2010 survey, London's average two-bedroom rent increased by 1.1 per cent.

"Demand from empty nesters helped tighten the rental market in some areas in the London CMA," said David Lan, CMHC's London Market Analyst. "The recession in 2009 resulted in a temporary pause in existing home sales and slowed the movement of downsizing empty nesters to rentals. However, given strong demand earlier in 2010, many empty nesters were able to quickly sell their homes and some of them moved to rental."

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 - homes that will continue to create vibrant and healthy communities and cities across the country.

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

Contact Information

  • For additional information please contact / Pour obtenir de
    plus amples renseignements, veuillez communiquer avec:
    London: Canada Mortgage and Housing Corporation
    David Lan
    (519) 873-2426
    Dlan@cmhc.ca
    or
    En français: Canada Mortgage and Housing Corporation
    David Lan
    (416) 218-3424
    DLan@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 or mobile: (613) 816-5978
    csauriol@cmhc.ca
    www.cmhc.ca