October 2014 Rental Market in Barrie

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate⁽¹⁾ in the Barrie Census Metropolitan Area (CMA) was 1.6 per cent in October 2014, down from three per cent in October 2013, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Barrie rental market tightened this year because an unusually large increase in supply was more than offset by growing demand. An improving economy and sustained youth employment growth as well as a slower movement out of rental led to an increase in rental demand. New additions increased the primary rental universe and secondary market supply remained steady. The tighter market contributed to the acceleration in the growth of rents," said Abdellah Massaoudi, CMHC's Market Analyst for Barrie.

On the basis of a sample of structures common to both the 2013 and 2014 surveys⁽²⁾, the average two- bedroom apartment rent increased by 1.5 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 was virtually unchanged in October 2014 from last year.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

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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 2013 and October 2014 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/984207e.pdf