National rental vacancy rate edges higher



    OTTAWA, June 10 /CNW Telbec/ - The average rental apartment vacancy rate
in Canada's 35 major centres(1) increased slightly to 2.7 per cent in April
2009, from 2.6 per cent in April 2008, according to the spring Rental Market
Survey(2) released today by Canada Mortgage and Housing Corporation (CMHC).
    "Completions of condominiums, which continue to attract renter households
looking to move into homeownership are decreasing demand for rental housing.
Also, some of the completed condos compete with rental units if they were
purchased by investors who then rent them out. These two factors have put
upward pressure on the vacancy rate," said Bob Dugan, Chief Economist at
CMHC's Market Analysis Centre. "However, this has been balanced by higher
levels of demand for rental housing."
    The results of CMHC's spring survey reveal that the major centres with
the lowest vacancy rates in April 2009 were Québec City (0.6 per cent), Regina
(0.7 per cent), Winnipeg (0.9 per cent), Saguenay (1.1 per cent), and
Trois-Rivières (1.1 per cent). With respect to British Columbia, only two
centres had vacancy rates below two per cent; Victoria at 1.2 per cent and
Vancouver at 1.9 per cent.
    At the other end of the spectrum, the major centres with the highest
vacancy rates were Windsor (15.5 per cent), St. Catharines-Niagara (5.3 per
cent), and Abbotsford (4.8 per cent).
    The highest average monthly rents for two-bedroom apartments in new and
existing structures were in Vancouver ($1,154), Calgary ($1,106), Toronto
($1,093), Edmonton ($1,059), and Victoria ($1,043). Of all the major centres,
these five were the only ones with average rents at or above $1,000. The
lowest average monthly rents for two-bedroom apartments in new and existing
structures were in Saguenay ($494), and Trois-Rivières ($512).
    Year-over-year comparison of rents can be slightly misleading because
rents in newly built structures tend to be higher than in existing buildings.
However, excluding new structures provides a better indication of actual rent
increases paid by tenants. Overall, the average rent for two-bedroom
apartments in existing structures across Canada's 35 major centres increased
2.9 per cent between April 2008 and April 2009. Rent increases were larger in
Saskatoon (15.5 per cent) and in Regina (11.4 per cent).
    CMHC's spring Rental Market Survey also found that the average rental
apartment availability rate in Canada's 35 major centres was 5.0 per cent in
April 2009, up slightly from 4.9 per cent in April 2008. A rental unit is
considered available if the unit is vacant (physically unoccupied and ready
for immediate rental), or if the existing tenant has given or received notice
to move and a new tenant has not signed a lease. Availability rates were
highest in Windsor (18.0 per cent), London (7.9 per cent), St.
Catharines-Niagara (7.9 per cent), Guelph (7.0 per cent), and Sherbrooke (7.0
per cent). The lowest availability rates were in Winnipeg (1.4 per cent),
Regina (1.8 per cent), and Victoria (2.5 per cent).

    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 - homes that will continue to create vibrant
and healthy communities and cities across the country.

    
    ------------------------
    (1) Major centres are based on Statistics Canada Census Metropolitan
    Areas (CMAs) with the exception of the Ottawa-Gatineau CMA, which is
    treated as two centres for Rental Market Survey purposes and
    Charlottetown, which is a Census Agglomeration (CA).

    (2) CMHC's Rental Market Survey is conducted twice a year in April and
    October, to provide vacancy, availability and rent information on
    privately initiated structures in all centres with populations of 10,000
    and more across Canada. Reports are released in June and December. The
    spring survey covers apartment and row structures containing at least
    three rental units, and unlike the fall survey does not report
    information on:

      a. Smaller geographic zones within centres

      b. Secondary rental market (rented condominium apartments, single
         detached, semi-detached, duplexes or accessory apartments).


    To access CMHC's 2009 reports on the rental market select from the links
    below:
    - Rental Market Report - Canada Highlights - containing at a glance
      rental market information for Canada's 35 major centres
    - Rental Market Report - Provincial Highlights - providing a summary of
      rental market statistics for urban centres with populations of 10,000
      and more in each province and Yellowknife, Northwest Territories
    - Rental Market Statistics Report - a sourcebook of statistical tables
      with national, provincial and local rental housing market data

    Note: A table of vacancy rates, availability rates and rents is attached.

                       (Aussi disponible en français)


    -------------------------------------------------------------------------
                           Rental Market Indicators
       Privately Initiated Apartment Structures of Three Units and Over
                       Provinces and Major Centres(1)
    -------------------------------------------------------------------------
                                                                Percentage
                                                                 Change of
                                                              Average Rent
                                              Average Rent   Two Bedroom(2)
    Centres                                   2 Bedroom ($)     From Fixed
                                                  (New and    Sample (Exis-
                  Vacancy      Availability       existing      ting struc-
                  Rates (%)       Rates (%)     structures)     tures only)
              ---------------------------------------------------------------
                                                              Apr-07  Apr-08
              Apr-08  Apr-09  Apr-08  Apr-09  Apr-08  Apr-09    to      to
                                                              Apr-08  Apr-09
    -------------------------------------------------------------------------
    Newfound-   3.2a    2.0a    4.1a    2.7a    581a    616a    2.8a    4.7a
     land &
     Labrador
     10,000+
    St. John's
     CMA        3.7a    2.2a    4.8a    3.2a    614a    652a    2.5a    5.2a
    Prince
     Edward
     Island
     10,000+    4.9a    3.4b    6.5a    5.6a    653a    681a    2.1c    4.2a
    Charlot-
     tetown CA  5.2a    3.5b    7.1a    6.1a    665a    695a    (xx)    4.3a
    Nova Scotia
     10,000+    3.4a    3.8a    4.1a    4.9a    789a    808a    2.1b    2.9b
    Halifax
     CMA        3.2a    3.8a    4.0a    5.1a    827a    843a    2.1b    2.8b
    New
     Brunswick
     10,000+    5.3a    4.7a    5.9a    5.4a    635a    653a    2.0b    2.8a
    Moncton
     CMA        5.5a    4.1b    6.4a    5.3a    665a    673a    2.0b    2.1a
    Saint John
     CMA        4.3b    4.0b    4.9b    4.5b    604a    643a    3.2c    4.5c
    Quebec
     10,000+    2.5a    2.3a    5.6a    5.3a    615a    629a    3.6d    3.0b
    Ottawa-
     Gatineau
     CMA (Que.
     Part)      4.1b    2.0a    4.5b    2.8a    674a    690a    2.3b     ++
    Montréal
     CMA        2.8a    2.7a    5.8a    5.6a    643a    656a    (xx)    3.5d
    Québec CMA  1.1a    0.6a    5.1b    3.1b    641a    664a    2.5c    2.1c
    Saguenay
     CMA        1.8b    1.1a    5.6b    6.7b    497a    494a    (xx)    (xx)
    Sherbrooke
     CMA        2.1b    2.5a    5.4b    7.0b    540a    548a    4.9c    (xx)
    Trois-
     Rivières
     CMA        1.3a    1.1a    4.0b    6.6b    501a    512a    1.2d    3.3c
    Ontario
     10,000+    3.1a    3.3a    5.4a    5.4a    931a    949a    1.6a    2.1a
    Barrie CMA  2.9b    4.2b    5.9b    6.4a    941a    958a    4.2d     ++
    Brantford
     CMA        2.3a    2.9b    2.7a    3.5b    737a    757a    1.3d    4.2d
    Greater
     Sudbury
     CMA        0.7a    2.0a    1.7a    3.8b    781a    802a    7.2c    6.2b
    Guelph CMA  2.5a    3.7a    5.0a    7.0a    856a    878a    1.6a    1.8a
    Hamilton
     CMA        4.7a    3.6a    8.1a    6.1a    815a    860a    1.2a    1.5a
    Kingston
     CMA        2.6a    2.4a    4.0b    4.7b    863a    894a    3.8b    2.7a
    Kitchener
     CMA        2.0a    2.9a    4.5a    5.5a    838a    853a    0.9a    1.7a
    London CMA  3.0a    4.2a    6.1a    7.9a    814a    849a    2.2a    1.5a
    St. Catha-
     rines-
     Niagara
     CMA        3.7b    5.3b    5.4a    7.9a    774a    785a    2.8b    1.7c
    Oshawa CMA  4.2b    3.7b    6.0b    5.7a    881a    876a    1.1d    1.1d
    Ottawa-
     Gatineau
     CMA (Ont.
     Part)      2.2a    2.7a    5.1a    4.8a    957a    995a    1.5a    4.3b
    Peterbo-
     rough CMA  3.1b    3.8b    5.8a    6.9b    819a    850a    1.2d    3.6c
    Thunder Bay
     CMA        3.6b    2.8a    5.4b    3.8b    714a    730a    1.6b    2.4c
    Toronto
     CMA        2.8a    2.4a    4.9a    4.4a  1,075a  1,093a    1.2a    1.6c
    Windsor
     CMA       13.2a   15.5a   15.6a   18.0a    770a    748a     ++      ++
    Manitoba
     10,000+    3.2a    2.0a    4.1a    2.7a    581a    616a    2.8a    4.7a
    Winnipeg
     CMA        1.0a    0.9a    1.5a    1.4a    746a    774a    3.1b    3.4b
    Saskat-
     chewan
     10,000+    1.2a    1.7a    2.4a    3.2a    712a    796a   14.3a   12.5a
    Regina CMA  1.4a    0.7a    2.5a    1.8a    718a    786a   10.4a   11.4a
    Saskatoon
     CMA        0.9a    1.9a    2.6a    4.5a    759a    868a   21.3a   15.5a
    Alberta
     10,000+    2.9a    4.6a    4.3a    6.2a  1,049a  1,069a   10.6a    2.9b
    Calgary
     CMA        2.0a    4.3b    4.0b    6.2a  1,096a  1,106a    6.0c    (xx)
    Edmonton
     CMA        3.4b    4.7b    4.4b    5.9b  1,000a  1,059a   13.7a    4.0b
    British
     Columbia
     10,000+    1.1a    2.3a    1.8a    3.3a    921a  1,003a    5.5b    3.4c
    Abbotsford
     CMA        2.4a    4.8a    3.7a    5.8a    775a    778a    9.1a    1.2a
    Kelowna
     CMA        0.3a    2.9a    1.3a    4.3a    881a    935a    8.9a    3.0c
    Vancouver
     CMA        0.9a    1.9a    1.3a    2.6a  1,071a  1,154a    5.1c    2.7c
    Victoria
     CMA        0.3a    1.2a    1.6a    2.5a    900a  1,043a    4.4d    6.5c
    Canada
     CMAs(1)    2.6a    2.7a    4.9a    5.0a    805a    827a    3.6b    2.9a
    Canada
     10,000+    2.6a    2.8a    4.9a    5.0a    782a    804a    3.7b    2.9a
    -------------------------------------------------------------------------
    (1)  Major centres refer to Census Metropolitan Areas (CMA), except for
         Charlottetown.
    (2)  The Percentage Change of Average Rent is a measure of the market
         movement, and is based on those structures that were common to the
         survey sample for both years.
    ++   Change in rent is not statistically significant. This means that the
         change in rent is not statistically different than zero (0).
    (xx) Data suppressed to protect confidentiality or data is not
         statistically reliable.
    




For further information:

For further information: Kristen Scheel, CMHC Media Relations,
(613)748-2799, kscheel@cmhc-schl.gc.ca; The full text of this press release is
available on the internet at http://www.cmhc-schl.gc.ca.


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