October 2014 Rental Market in Greater Sudbury

TORONTO, ONTARION--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate^[1] in the Greater Sudbury Census Metropolitan Area (CMA) was 4.2 per cent in October, 2014, up from 3.4 per cent in October, 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The rental market in Greater Sudbury continued to ease for the second consecutive year due to higher vacancy rates. The factors contributing to increase in vacancy rates include slower net migration, slower student demand for purpose-built rental units and high proportion of 15-24 year age group employed in part-time jobs with low incomes," said Jawad Ahmad, CMHC's Market Analyst for Greater Sudbury.

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 1.6 percent in Greater Sudbury this year.

The apartment vacancy rate in all zones in Greater Sudbury increased from the previous year. Areas in Zone-1 Lockerby continue to attract renters where vacancy rate was the lowest at 2.1 percent in October 2014 compared to 1.6 per cent in October 2013.

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/984216e.pdf