Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2014 08:15 ET

October 2014 Rental Market in London

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate1 in the London Census Metropolitan Area (CMA) was 2.9 per cent in October 2014, down from 3.3 per cent in October 2013, according to the Fall Rental Market Report released today by Canada Mortgage and Housing Corporation.

"The vacancy rate was lower as rental demand increased, while the number of units in the rental universe was relatively unchanged. Greater rental demand came from higher university student enrolment and less on-campus accommodation, more young adults having full-time jobs and fewer renters transitioning into homeownership," said Anthony Passarelli, CMHC's Senior Market Analyst for London.

On the basis of a sample of structures common to both the 2013 and 2014 surveys2, the average two-bedroom apartment rent increased by 1.0 per cent.

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.

(Ce document existe également en français)

A table is available at the following address:

http://media3.marketwire.com/docs/LON_eng1216.pdf

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