Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 12, 2013 08:15 ET

October 2013 Rental Market in Peterborough CMA

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate1 in the Peterborough Census Metropolitan Area (CMA) was 4.8 per cent in October, 2013, up from 2.7 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The increase in the vacancy rate was due to a combination of slower migration, decade low employment and competition from alternative housing forms, including completed condominium apartments, condominium townhouses and new student residence at Trent University," said Olga Golozub, CMHC's Market Analyst for Peterborough.

On the basis of a sample of structures common to both the 2012 and 2013 surveys2, the average two-bedroom rent increased by 2.6 per cent in Peterborough CMA, up from 1.6 per cent increase in October 2012.

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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A table is available at the following address: http://media3.marketwire.com/docs/917332a.pdf

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