Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 12, 2013 08:15 ET

October 2013 Rental Market in St. Catharines-Niagara

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in the St. Catharines-Niagara Census Metropolitan Area (CMA) was 4.1 per cent in October, 2013, relatively unchanged(2) from 4.0 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The improved employment for 15-24 year olds and a lower rental supply offset the lower demand that came from more 25-29 year olds staying longer with their families and lower immigration to keep the vacancy rate stable in St. Catharines-Niagara," said Alberto Mendoza, CMHC's Market Analyst for St. Catharines-Niagara.

On the basis of a sample of structures common to both the 2012 and 2013 surveys(3), the average two-bedroom rent increased by 2.2 per cent in St. Catharines-Niagara.

The apartment vacancy rates in the Niagara Falls core zone, St. Catharines, and Welland were relatively unchanged from the previous year. However, the vacancy rates edged lower in the areas of Lincoln, Niagara-on-the-Lake, Pelham, Port Colborne, Thorold and Wainfleet, and in the zone outside the Niagara Falls core.

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) The change in the vacancy rate for the current year was not significantly different, on a statistical basis, from the previous year.

(3) 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 link: http://media3.marketwire.com/docs/917299e.pdf.

Contact Information

  • Market Analysis Contact:
    Alberto Mendoza, Market Analyst
    416-218-3378
    amendoza@cmhc.ca

    Media Contact:
    Beth Bailey, Consultant, Communications and Marketing
    416-218-3355
    bbailey@cmhc.ca