Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 12, 2013 08:15 ET

October 2013 Rental Market in Thunder Bay

THUNDER BAY, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in the Thunder Bay Census Metropolitan Area (CMA) was 2.6 per cent in October, 2013, up from 1.1 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"This Fall, the factors exerting upward pressure on vacancies included movement from rental to ownership and softening in the mining exploration sector given weaker commodity prices. Also, the movement of the seniors' population from rentals into various retirement home accommodations, which are not counted as part of the traditional rental market, contributed to the softening of the vacancy rate" observed Warren Philp, Market Analyst at CMHC's Thunder Bay Office.

On the basis of a sample of structures common to both the 2012 and 2013 surveys(2), the average two-bedroom rent increased by 4.6 per cent in Thunder Bay.

The apartment vacancy rate in both zones in Thunder Bay increased from the previous year. For instance, the North Ward, home to primarily newer rental stock and structures generally closer to Lakehead University, continued to have the lowest vacancy rates. But, the vacancy rate in the North Ward still increased reaching 2.1 per cent in October 2013. This was up from 0.8 per cent 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.

Follow CMHC on Twitter @CMHC.ca

(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.

(Ce document existe également en français)

A table is available at the following link: http://media3.marketwire.com/docs/917307e.pdf.

Contact Information

  • Market Analysis Contact:
    Warren Philp
    807-343-2016
    Cell: 807-627-1329
    wphilp@cmhc.ca

    Media Contact:
    Beth Bailey,Consultant, Communications and Marketing
    416-218-3355
    Cell: 416-988-4615
    bbailey@cmhc.ca