Ontario Rental Vacancies Decline in April 2012

TORONTO, ONTARIO--(Marketwire - June 12, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring 2012 Rental Market Survey, Ontario vacancy rates(1) declined to 2.3 per cent in April 2012, down from 2.5 per cent in the spring of 2011. Most urban centers registered lower vacancy rates. The lowest vacancy rates were in southern Ontario while the highest vacancy rates were in south western Ontario major centers. Rental vacancy rates remained stable in the GTA and in eastern Ontario urban centers.

"Some prominent factors supported rental demand and exerted downward pressure on vacancy rates. Economic uncertainty and the rising cost of home ownership in Ontario restrained "big ticket" spending across the province since the spring of 2011. Consequently, tenants considering the jump to more expensive ownership housing likely postponed this decision," said Ted Tsiakopoulos, CMHCs Ontario Regional Economist. "Other factors were less supportive of rental demand. Lower immigration levels, higher migratory outflows to energy rich western Canada and more rental completions likely exerted upward pressure on vacancy rates," added Tsiakopoulos.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

(1) Based on privately-initiated rental apartments structures of three or more units.

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