Rental Vacancy Rate Declines in Peterborough

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey for the Peterborough Census Metropolitan Area (CMA), demand for rental apartments continued to increase in Peterborough CMA, allowing the average vacancy rate to move lower to 3.5 per cent in 2011, compared to 4.1 in 2010. On the basis of a fixed sample of structures common to both the 2010 and 2011 surveys, rents for apartments were up by 1.9 per cent.

"Slow movement to homeownership by renters and stable youth employment pushed up rental demand. Stable youth employment encouraged youths to move from their parent homes while the challenging overall employment conditions delayed some renters from proceeding with a home purchase decision," said Abdellah Massaoudi, CMHC Market Analyst for the Peterborough area.

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