TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey, Ontario vacancy rates(1) declined to 2.2 per cent in October 2011, compared to 2.9 per cent in the October 2010. Vacancy rates moved lower for all bedroom types. Most urban centers registered lower vacancy rates. The lowest vacancy rates among major centers were in Eastern Ontario while the highest vacancy rates were in south western Ontario.
"Some prominent factors exerted downward pressure on vacancy rates, including fewer first time buyers shifting into ownership housing as a result of growing concerns/uncertainty about global economic and financial market conditions. Other factors were less supportive of rental demand. Lower immigration levels, higher migratory outflows to energy rich western Canada and more condo rental completions likely exerted upward pressure on vacancy rates," said Ted Tsiakopoulos, CMHC's Ontario regional economist.
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 CMHC Housing Market Information.
To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1213onte.pdf.
(1) Based on privately-initiated rental apartments structures of three or more units.
Contact Information:
(416) 218 3407
ttsiakop@cmhc.ca