Ottawa's Vacancy Rate Declined as Demand Remained Strong

OTTAWA, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey for the Ottawa Census Metropolitan Area (CMA), the vacancy rate declined to 1.4 per cent in October 2011, compared to 1.6 per cent the previous year.

The decrease is partly a result of the subsiding pace of first-time homebuyer activity and healthy migratory inflows. Strong rental demand therefore pushed up the average fixed sample rent for two bedroom apartments by 2.3 percent. In addition, increased rental activity within Ottawa's condominium apartment market and demand for smaller secondary suites cushioned the tightening trend within the purpose-built rental market.

"Following the wider Ontario trend, Ottawa's rental market conditions tightened on strong demand and it now holds the third lowest vacancy rate in the province. Continued net in-migration, modest job and income gains, and moderating homeownership demand will tighten rental market conditions further in 2012," said Sandra Pérez-Torres, CMHC's Senior Market Analyst for the Ottawa region.

As Canada's national housing agency, CMHC draws on 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.

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