Thunder Bay Vacancy Rate Inches Down

THUNDER BAY, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation (CMHC) Fall Rental Market Survey for Thunder Bay, the vacancy rate fell to 1.7 per cent in October 2011, compared to 2.2 per cent in October 2010. Fixed sample two bedroom rents increased by 2.9 per cent, up from 2.4 per cent in 2009-2010.

"Factors exerting downward pressure on vacancies include reduced first time homebuyer activity, some employment growth in the services sector and full-time category. Improved enrolment at Lakehead University and Confederation College also contributed to the downward pressure on vacancy rates," noted Warren Philp, Northern Ontario Market Analyst at CMHC's Thunder Bay Office.

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.