Ontario Rental Vacancies Inch Higher in 2013

TORONTO, ONTARIO--(Marketwired - June 20, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring 2013 Rental Market Survey, Ontario vacancy rates(1) edged higher to 2.6 per cent in April 2013, up from 2.3 per cent in the spring of 2012. With the universe of purpose-built rental units remaining unchanged, demand factors were entirely at play impacting vacancy rates this spring. Vacancy rates moved higher for bachelor (2.7%), 1-bedroom (2.7%) and 2-bedroom (2.5%) apartment units while remaining stable for three bedroom (2.2%) units. South western Ontario and selected Northern Ontario communities posted lower vacancy rates while some southern and eastern Ontario centres experienced more accommodating rental market conditions. The lowest vacancy rate was registered in Toronto (1.6%) and Guelph (1.6%) while the highest vacancy rates were registered in Windsor (6.3%) and Ottawa (3.7%).

"Some prominent factors dampened rental demand and exerted upward pressure on vacancy rates. Modest job growth and less in-migration moderated demand for rental housing in Ontario. Other factors were more supportive of rental demand. The rising cost of home ownership in Ontario restrained "big ticket" spending across the province since the spring of 2012. Consequently, tenants considering the jump to more expensive ownership housing likely postponed this decision," said Ted Tsiakopoulos, CMHCs 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 http://www.cmhc.ca/housingmarketinformation.

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

Tables are available at the following link: http://media3.marketwire.com/docs/cmhc_on_eng_0620.pdf