Vacancy Rates Decline in the GTA

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) 2011 Fall Rental Market Survey for the Greater Toronto Area (GTA), average vacancy rates for purpose-built apartment units declined to 1.4 per cent in October 2011, compared to 2.1 per cent in the previous year.

"The rental market experienced a stronger inflow of new renters thanks to favourable demographic trends and an improved employment situation for younger households," explained Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "There was also a slower outflow of renters into ownership due to increased economic uncertainty and fewer lower-priced home listings".

The average increase in rents from a fixed sample of units was 1.8 per cent, maintaining the same growth as the previous year.

Vacancy rates were lowest in higher-priced central locations in the City of Toronto. The average vacancy rate for a condominium apartment rental declined to 1.1 per cent, despite a large expansion to the stock of condo rentals. Approximately 22 per cent of all existing condominium apartments were identified as rental.

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 CMHC Housing Market Information.

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