October 2013 Rental Market in Barrie

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in the Barrie Census Metropolitan Area (CMA) was three per cent in October 2013, up from two per cent in October 2012, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Barrie renters have more choice. A sharp increase in the supply of secondary market rentals, subdued youth employment and low mortgage rates which encouraged first time home buying resulted in an easing of vacancy rates. Market rent increases were limited by the higher rental supply," said Louis Laroche, CMHC's Market Analyst for Barrie.

On the basis of a sample of structures common to both the 2012 and 2013 surveys², the average two-bedroom rent increased by 1.4 per cent in Barrie.

CMHC's Fall Rental Market reports also include information on the secondary rental market for some centres. In Barrie, the secondary market constitutes two thirds of the overall rental market and the supply increased by 18 per cent from a year ago.

Rental Market data is also available in English and French at the following link: CMA Rental Market Report

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.

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¹ The survey is based on privately-initiated rental apartment structures of three or more units.

² Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/917278e.pdf