Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Thunder Bay Vacancy Rate Inches Down

THUNDER BAY, ONTARIO--(Marketwire - Dec. 9, 2010) - Canada Mortgage and Housing Corporation released its Fall Rental Market Report for the Thunder Bay CMA today. Highlights of the 2010 Rental Market Report are as follows:

  • The vacancy rate inched down to 2.2 per cent from 2.3 per cent in October 2009. 
  • Fixed sample two bedroom rents increased 2.4 per cent, above the provincial allowable increase for 2010, down from 2.9 per cent in 2008-2009.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1209tbay.jpg.

"Several factors contributed to a lower vacancy rate in Thunder Bay. Firstly, an improving economy helped bolstered renter household formation. Secondly, the first year of net in-migration in 2008-09 after several years of out-migration was also a positive for the rental market," observed Warren Philp, Northern Ontario Market Analyst at CMHC's Thunder Bay Office. "On the other hand, some households would have moved on to homeownership given the continued low mortgage rate environment exerting upward pressure on vacancy rates. On balance, the vacancy rate moved slightly down," summarized Philp. 

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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Northern Ontario Apartment Vacancy Rates Privately Initiated Apartments In Structures Containing Three Units And Over  
  2004   2005   2006   2007   2008   2009   2010  
Thunder Bay CMA 5.0 % 4.6 % 4.9 % 3.8 % 2.2 % 2.3 % 2.2 %
Greater Sudbury CMA 2.6 % 1.6 % 1.2 % 0.6 % 0.7 % 2.9 % 3.0 %
North Bay CA 3.7 % 2.7 % 2.4 % 1.1 % 1.9 % 1.1 % 2.1 %
Sault Ste. Marie CA 5.8 % 3.3 % 1.0 % 1.8 % 1.5 % 1.2 % 1.2 %
Temiskaming Shores CA 4.9 % 5.2 % 2.4 % 4.1 % 1.8 % 0.9 % 1.0 %
Elliot Lake CA 6.3 % 5.6 % 6.7 % 4.4 % 5.1 % 3.7 % 8.7 %
Kenora CA 7.3 % 2.9 % 3.4 % 0.0 % 1.7 % 0.8 % 3.9 %
Timmins CA 8.8 % 4.0 % 3.8 % 2.4 % 1.5 % 1.6 % 1.7 %
West Nipissing CA 2.7 % 3.6 % 3.6 % 4.1 % 2.7 % 3.2 % 5.8 %
Northern Ontario Weighted Average Two Bedroom Rents In Structures Containing Three Units and Over In Privately Initiatied Apartments  
  2004   2005   2006   2007   2008   2009   2010  
Thunder Bay CMA 679   689   696   709   719   742   763  
Greater Sudbury CMA 655   668   706   749   800   830   840  
North Bay CA 686   695   729   740   759   784   816  
Sault Ste. Marie CA 603   624   644   666   677   699   709  
Temiskaming Shores CA 540   549   557   574   603   599   620  
Elliot Lake CA 484   491   519   542   594   556   547  
Kenora CA 684   711   733   727   740   732   799  
Timmins CA 596   644   660   658   698   735   742  
West Nipissing CA 534   531   557   580   603   624   649  
Source: CMHC.

Contact Information

  • Canada Mortgage and Housing Corporation
    Warren Philp
    Northern Ontario Market Analyst
    807-343-2016
    or
    En français : Canada Mortgage and Housing Corporation
    Sandra Perez-Torres
    (613) 748-5120
    sperezto@schl.ca
    or
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    Ontario Regional Economist
    416-218-3407
    or
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    National Contact
    (613) 748-2799
    csauriol@cmhc.ca
    www.cmhc.ca