Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2014 08:15 ET

October 2014 Rental Market in Peterborough

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate[1] in the Peterborough Census Metropolitan Area (CMA) was 2.9 per cent in October, 2014, down from 4.8 per cent in October, 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The vacancy rate declined despite a slight increase in rental supply. A rebound in employment for those aged 25 to 44 brought a steady inflow of new tenants into rental, pushing the vacancy rates lower. High demand for rental accommodation led to a 40 per cent decrease in the number of vacant units, generating the strongest tightening of market conditions since 2003," said Olga Golozub, CMHC's Market Analyst for Peterborough.

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 1.4 per cent in Peterborough CMA, down from 2.6 per cent increase 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/984157e.pdf

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