National rental vacancy rate unchanged from October 2006 at 2.6 per cent



    OTTAWA, Dec. 13 /CNW Telbec/ - The average rental apartment vacancy rate
in Canada's 34 major centres(1) remained unchanged at 2.6 per cent in October
2007 compared to October 2006, according to the Rental Market Survey released
today by Canada Mortgage and Housing Corporation (CMHC).
    "Strong employment growth, solid income gains, and high immigration
levels continued to support strong demand for both ownership and rental
housing," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre.
The rising gap between the cost of home ownership and renting also kept demand
strong for rental accommodation."
    "However, modest rental construction and increased competition from the
condominium market offset the strong rental demand, keeping the rental
apartment vacancy rate unchanged from a year earlier." Condominiums are a
relatively inexpensive type of housing for renters moving to home ownership.
Also, some condominium apartments are owned by investors who rent them out.
Therefore, high levels of condominium completions have created competition for
the rental market and have put upward pressure on vacancy rates.
    In October 2007, provincial vacancy rates were lowest in British Columbia
(1.0 per cent), Saskatchewan (1.2 per cent), Manitoba (1.5 per cent), and
Alberta (1.6 per cent). The strong economic expansion in western provinces
continued to attract workers from the rest of Canada. Many of these newly
arrived migrants initially settled in rental housing, keeping rental demand
strong in the West.
    The centres with the highest vacancy rates in 2007 were Windsor (12.8 per
cent), Saint John (5.2 per cent), and Moncton (4.3 per cent). On the other
hand, the major urban centres with the lowest vacancy rates were Kelowna (0.0
per cent), Victoria (0.5 per cent), Greater Sudbury (0.6 per cent) and
Saskatoon (0.6 per cent).
    In Ontario, vacancy rates were lower than last year in seven of 15 major
centres, higher in four and unchanged in four. Rising youth employment and
fewer condominium apartment completions across the province increased rental
demand. However, this increase was more than offset by the shift to home
ownership and declining international migration. At 0.6 per cent, Greater
Sudbury registered Ontario's lowest vacancy rate. Both the rental and
ownership markets in Greater Sudbury are benefiting from a boom in mining
activity driven by rising commodity prices which in turn is boosting
employment growth and in-migration. Vacancy rates remained above provincial
averages in goods-producing centres such as Windsor (12.8 per cent),
St. Catharines-Niagara (4.0 per cent) and Thunder Bay (3.8 per cent). A
Canadian dollar above parity dampened local business and housing market
conditions in these centres. The vacancy rate in Ontario's two largest centres
was unchanged from last October with Ottawa at 2.3 per cent and Toronto at 3.2
per cent.
    In Quebec, vacancy rates went up in Montréal, Sherbrooke and
Trois-Rivières, and declined in Gatineau, Québec and Saguenay. Despite a less
favorable migratory context and the completion of several rental projects,
strength in certain segments of the labour market helped sustain overall
rental demand. Gatineau's vacancy rate decreased to 2.9 per cent in October
2007 from 4.2 per cent in October 2006, while the vacancy rate in Montréal
increased by 0.2 of a percentage point to 2.9 per cent over this period.
Québec saw a 0.3 percentage point decrease in its vacancy rate to 1.2 per
cent.
    In the Prairies, vacancy rates were below two per cent in all five
metropolitan areas, even though three of the five major centres recorded
increases. In Alberta, weaker net migration and indirect additions to the
rental supply via condominium investments led to higher vacancies in Calgary
and Edmonton. Vacancy rates increased to 1.5 per cent in Calgary (up 1.0
percentage point) and Edmonton (up 0.3 of a percentage point). In
Saskatchewan, a rapid improvement in net migration and escalating home
ownership costs led to fewer vacancies in Saskatoon and Regina. Saskatoon's
vacancy rate decreased by 2.6 percentage points to 0.6 per cent between
October 2006 and October 2007, the sharpest drop among Canada's major centres.
In Winnipeg, the vacancy rate increased marginally from 1.3 to 1.5 per cent.
    In British Columbia, vacancy rates remained unchanged in Vancouver (0.7
per cent) and Victoria (0.5 per cent), but rose marginally in Abbotsford (up
0.1 of a percentage point to 2.1 per cent) between October 2006 and October
2007. British Columbia's newest Census Metropolitan Area, Kelowna, saw its
vacancy rate decline from 0.6 to 0.0 per cent. Increased job opportunities,
the rising cost of home ownership, a high level of immigration and longer
completion times on new multiple-unit projects kept rental demand strong. On
the supply side, there have been very few new rental projects built in B.C.
during the last year. Some renters are turning to the secondary rental market,
which includes accessory suites and investor-owned condominiums, to meet their
housing needs.
    Various demographic trends and lifestyle choices paired with rising home
prices have contributed to an increase in demand and a resulting tenth of a
percentage point decline in the vacancy rate in Halifax to 3.1 per cent in
2007. As well, a reduction in rental construction activity has reduced the
available supply which, combined with an improving picture for migration and
positive economic developments including energy related investments, has
helped lower vacancy rates in 2007 to 2.6 per cent in St. John's (from 5.1 in
2006), to 5.2 per cent in Saint John (from 6.8 per cent) and to 4.3 per cent
in Moncton (from 5.6 per cent in 2006).
    The highest average monthly rents for two-bedroom apartments in new and
existing structures were in Calgary ($1,089), Vancouver ($1,084), Toronto
($1,061) and Ottawa ($961), followed by Edmonton ($958) and Barrie ($934). The
lowest average monthly rents for two-bedroom apartments in new and existing
structures were in Trois-Rivières ($487) and Saguenay ($490).
    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, by excluding new structures, we can get a better indication of actual
rent increases paid by tenants. The average rent for two-bedroom apartments in
existing structures increased in all major centres except Windsor where the
average rent in existing structures was essentially unchanged for a second
consecutive year. The largest rent increases occurred in markets where vacancy
rates were quite low. Rents in existing structures were up 18.8 per cent in
Edmonton, 15.3 per cent in Calgary, 13.5 per cent in Saskatoon, 7.7 per cent
in Greater Sudbury and 7.0 per cent in Kelowna. Overall, the average rent for
two-bedroom apartments in existing structures across Canada's 34 major centres
increased by 3.5 per cent between October 2006 and October 2007.
    CMHC's October 2007 Rental Market Survey also covers condominium
apartments offered for rent in the following centres: Vancouver, Calgary,
Edmonton, Toronto, Ottawa, Montréal, and Québec. In 2007, vacancy rates for
rental condominium apartments were below one per cent in four of the seven
centres surveyed. Rental condominiums in Vancouver had the lowest vacancy rate
at 0.2 per cent. On the other hand, Québec and Montréal registered the highest
vacancy rates for condominium apartments at 2.4 per cent and 3.8 per cent in
2007, respectively. The survey showed that vacancy rates for rental
condominium apartments in 2007 were lower than vacancy rates in the
conventional rental market in Vancouver, Calgary, Toronto and Ottawa, the same
in Edmonton, and higher in Québec and Montréal. The highest average monthly
rents for two-bedroom condominium apartments were in Toronto ($1,535),
Vancouver ($1,435), and Calgary ($1,217). All surveyed centres posted average
monthly rents for two-bedroom condominium apartments that were higher than
average monthly rents for two-bedroom private apartments in the conventional
rental market in 2007.
    CMHC's Rental Market Survey also gathers information on monthly rents in
dwelling types(2) other than private apartments and condominium apartments
such as duplexes and accessory apartments for 12 major centres.
    CMHC recently introduced a new rental affordability indicator in the
October edition of Housing Now Canada for the following five major centres:
Vancouver, Calgary, Montréal, Toronto, and Halifax. The new rental
affordability indicator is used to examine trends in rental affordability
within a centre, and to compare affordability across centres. Indicators for
additional centres are now available as part of CMHC's recently released 2007
Rental Market Reports for major centres.

    CMHC has been Canada's national housing agency for more than 60 years.
CMHC is committed to helping Canadians access a wide choice of quality,
environmentally sustainable, affordable homes, while making vibrant, healthy
communities and cities a reality across the country.
    CMHC's Rental Market Survey is conducted twice a year, in April and in
October, to provide vacancy rate and rent information on privately initiated
apartment structures containing at least three rental units. However, due to
possible seasonal factors, the April and October results are not compared.
    The full text of this press release is available on the internet at
http://www.cmhc-schl.gc.ca

    
    To access CMHC's 2007 reports on the rental market select from the links
below:

    - Rental Market Reports - Major Centres now offer more coverage of the
      secondary rental market(3) in selected centres
    - Rental Market Report - Provincial Highlights - providing a summary of
      rental market statistics for urban centres with a population of over
      10,000 in each province and Yellowknife, Northwest Territories
    - Rental Market Report - Canada Highlights - containing at a glance
      rental market information for Canada's 34 major centres
    - Rental Market Statistics Report - a sourcebook of statistical tables
      with national, provincial and local rental housing market data

    Note: Tables of vacancy rates, availability rates and rents are attached.

    For local rental market information, please contact your local CMHC
    branch.
                       (Aussi disponible en français)


    ----------------
    (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.
    (2) CMHC's October Rental Market Survey, which covers private row and
        apartment structures with three or more units was expanded to include
        information on the secondary rental market (rented single-detached
        houses, rented double/semi-detached houses, rented freehold row/town
        houses, rented duplex apartments, rented accessory apartments and
        rented apartments which are part of a commercial or other type of
        structure containing one or two dwelling units) in the following
        12 major centres: Vancouver, Toronto, Montréal, Calgary, Edmonton,
        Ottawa, Québec, Halifax, Abbotsford, St. John's, Kelowna and
        Barrie CMAs.
    (3) The secondary rental market includes the following types of units:
        rented single-detached houses, rented double (semi-detached) houses,
        rented freehold row/town houses, rented duplex apartments, rented
        accessory apartments and rented apartments which are part of a
        commercial or other type of structure containing one or two dwelling
        units.


    -------------------------------------------------------------------------
                           Rental Market Indicators
       Privately Initiated Apartment Structures of Three Units and Over
                       Provinces and Major Centres(1)
    -------------------------------------------------------------------------
                                                                Average Rent
                                                                2 Bedroom ($)
                                                                        (New
     Centres                                  Availability      and existing
                        Vacancy Rates (%)         Rates (%)       structures)
                        -----------------------------------------------------
                         Oct-06   Oct-07   Oct-06   Oct-07   Oct-06   Oct-07
    -------------------------------------------------------------------------
    Newfoundland &
     Labrador 10.000+     4.1 a    2.1 a    4.5 a    2.8 a    585 a    575 a
    ------------------------------------------------------------------------
    St. John's CMA        5.1 a    2.6 a    5.6 a    3.5 a    635 a    614 a
    -------------------------------------------------------------------------
    Prince Edward Island
     10.000+              5.3 b    4.1 a    7.0 a    5.6 a    631 a    648 a
    -------------------------------------------------------------------------
    Charlottetown CA      4.8 b    4.3 a    6.8 a    6.0 a    638 a    659 a
    -------------------------------------------------------------------------
    Nova Scotia 10.000+   3.3 a    3.2 a    3.9 a    3.7 a    760 a    777 a
    -------------------------------------------------------------------------
    Halifax CMA           3.2 a    3.1 a    3.8 a    3.6 a    799 a    815 a
    -------------------------------------------------------------------------
    New Brunswick
     10.000+              6.0 a    5.3 a    6.7 a    6.1 a    609 a    619 a
    -------------------------------------------------------------------------
    Moncton CMA           5.6 b    4.3 b    6.2 b    5.7 a    636 a    643 a
    -------------------------------------------------------------------------
    Saint John CMA        6.8 b    5.2 a    7.8 b    6.1 a    556 a    570 a
    -------------------------------------------------------------------------
    Québec 10.000+        2.5 a    2.6 a    3.0 a    3.2 a    607 a    616 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau CMA
     (Que. Part)          4.2 b    2.9 a    4.4 b    3.3 b    667 a    662 a
    -------------------------------------------------------------------------
    Montréal CMA          2.7 a    2.9 a    3.3 a    3.6 a    636 a    647 a
    -------------------------------------------------------------------------
    Québec CMA            1.5 a    1.2 a    1.8 a    1.7 a    637 a    641 a
    -------------------------------------------------------------------------
    Saguenay CMA          4.1 b    2.8 a    4.8 a    3.4 b    485 a    490 a
    -------------------------------------------------------------------------
    Sherbrooke CMA        1.2 a    2.4 a    1.4 a    2.6 a    515 a    529 a
    -------------------------------------------------------------------------
    Trois-Rivières CMA    1.0 a    1.5 a    1.7 a    2.1 a    488 a    487 a
    -------------------------------------------------------------------------
    Ontario 10.000+       3.4 a    3.3 a    5.2 a    5.1 a    919 a    924 a
    -------------------------------------------------------------------------
    Barrie CMA            2.8 b    3.2 b    4.6 b    4.1 b    906 a    934 a
    -------------------------------------------------------------------------
    Brantford CMA         2.3 a    2.9 b    3.5 b    4.6 b    712 a    749 a
    -------------------------------------------------------------------------
    Greater Sudbury CMA   1.2 a    0.6 a    2.2 a    1.3 a    706 a    749 a
    -------------------------------------------------------------------------
    Guelph CMA            2.8 a    1.9 a    4.3 a    3.4 a    839 a    848 a
    -------------------------------------------------------------------------
    Hamilton CMA          4.3 a    3.5 a    7.0 a    5.8 a    796 a    824 a
    -------------------------------------------------------------------------
    Kingston CMA          2.1 a    3.2 b    3.7 a    4.6 b    841 a    856 a
    -------------------------------------------------------------------------
    Kitchener CMA         3.3 a    2.7 a    5.6 a    4.9 a    824 a    829 a
    -------------------------------------------------------------------------
    London CMA            3.6 a    3.6 a    5.6 a    5.3 a    790 a    816 a
    -------------------------------------------------------------------------
    St. Catharines-
     Niagara CMA          4.3 a    4.0 a    6.1 a    5.7 a    752 a    765 a
    -------------------------------------------------------------------------
    Oshawa CMA            4.1 b    3.7 a    6.3 a    5.5 a    861 a    877 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau CMA
     (Ont. Part)          2.3 a    2.3 a    4.6 a    3.8 a    941 a    961 a
    -------------------------------------------------------------------------
    Peterborough CMA      2.8 a    2.8 a    4.5 b    4.7 a    818 a    822 a
    -------------------------------------------------------------------------
    Thunder Bay CMA       4.9 b    3.8 b    5.9 a    4.4 a    696 a    709 a
    -------------------------------------------------------------------------
    Toronto CMA           3.2 a    3.2 a    5.0 a    5.0 a  1,067 a  1,061 a
    -------------------------------------------------------------------------
    Windsor CMA          10.4 a   12.8 a   12.0 a   14.4 a    774 a    773 a
    -------------------------------------------------------------------------
    Manitoba 10 000 +     1.6 a    1.5 a    2.2 a    1.8 a    692 a    721 a
    -------------------------------------------------------------------------
    Winnipeg CMA          1.3 a    1.5 a    2.0 a    1.8 a    709 a    740 a
    -------------------------------------------------------------------------
    Saskatchewan
     10 000 +             3.2 a    1.2 a    4.3 a    2.0 a    601 a    661 a
    -------------------------------------------------------------------------
    Regina CMA            3.3 b    1.7 a    4.7 a    2.5 a    619 a    661 a
    -------------------------------------------------------------------------
    Saskatoon CMA         3.2 a    0.6 a    4.2 a    1.8 a    608 a    693 a
    -------------------------------------------------------------------------
    Alberta 10 000 +      0.9 a    1.6 a    1.7 a    2.6 a    868 a  1,011 a
    -------------------------------------------------------------------------
    Calgary CMA           0.5 a    1.5 a    1.6 a    2.9 a    960 a  1,089 a
    -------------------------------------------------------------------------
    Edmonton CMA          1.2 a    1.5 a    1.7 a    2.4 a    808 a    958 a
    -------------------------------------------------------------------------
    British Columbia
     10.000+              1.2 a    1.0 a    1.9 a    1.7 a    885 a    922 a
    -------------------------------------------------------------------------
    Abbotsford CMA        2.0 a    2.1 a    3.5 a    3.4 a    719 a    752 a
    -------------------------------------------------------------------------
    Kelowna CMA           0.6 a    0.0 b    1.0 a    0.4 a    800 a    846 a
    -------------------------------------------------------------------------
    Vancouver CMA         0.7 a    0.7 a    1.3 a    1.4 a  1,045 a  1,084 a
    -------------------------------------------------------------------------
    Victoria CMA          0.5 a    0.5 a    1.5 a    1.2 a    874 a    907 a
    -------------------------------------------------------------------------
    Canada CMAs(1)        2.6 a    2.6 a    3.6 a    3.7 a    780 a    795 a
    -------------------------------------------------------------------------
    Canada 10 000 +       2.7 a    2.6 a    3.7 a    3.7 a    755 a    772 a
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                           Percentage Change
                                                             of Average Rent
                                                            Two Bedroom(2)(3)
    Centres                                                From Fixed Sample
                                                                   (Existing
                                                             structures only)
                                                           ------------------
                                                             Oct-05   Oct-06
                                                                 to       to
                                                             Oct-06   Oct-07
    -------------------------------------------------------------------------
    Newfoundland &
     Labrador 10,000+                                         1.4 a    2.6 a
    -------------------------------------------------------------------------
    St. John's CMA                                               ++    2.6 a
    -------------------------------------------------------------------------
    Prince Edward Island
     10,000+                                                  3.7 b       ++
    -------------------------------------------------------------------------
    Charlottetown CA                                          4.0 b       ++
    -------------------------------------------------------------------------
    Nova Scotia 10,000+                                       3.5 c    1.7 b
    -------------------------------------------------------------------------
    Halifax CMA                                               3.5 c    1.7 c
    -------------------------------------------------------------------------
    New Brunswick
     10,000+                                                  1.8 b    2.3 a
    -------------------------------------------------------------------------
    Moncton CMA                                               1.8 b    2.0 a
    -------------------------------------------------------------------------
    Saint John CMA                                            2.1 c    3.5 c
    -------------------------------------------------------------------------
    Québec 10,000+                                            2.6 a    2.5 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau CMA
     (Que. Part)                                                 ++    1.4 a
    -------------------------------------------------------------------------
    Montréal CMA                                              2.8 a    2.3 a
    -------------------------------------------------------------------------
    Québec CMA                                                2.2 b    2.7 a
    -------------------------------------------------------------------------
    Saguenay CMA                                              1.2 d    6.6 c
    -------------------------------------------------------------------------
    Sherbrooke CMA                                            3.2 c    3.4 b
    -------------------------------------------------------------------------
    Trois-Rivières CMA                                        2.1 c    4.4 b
    -------------------------------------------------------------------------
    Ontario 10,000+                                           1,5 a    1.6 a
    -------------------------------------------------------------------------
    Barrie CMA                                                2.4 b    1.3 d
    -------------------------------------------------------------------------
    Brantford CMA                                                ++    2.0 c
    -------------------------------------------------------------------------
    Greater Sudbury CMA                                       5.1 a    7.7 b
    -------------------------------------------------------------------------
    Guelph CMA                                                1.1 a    1.6 a
    -------------------------------------------------------------------------
    Hamilton CMA                                              1.1 a    1.2 a
    -------------------------------------------------------------------------
    Kingston CMA                                              2.3 b    2.0 c
    -------------------------------------------------------------------------
    Kitchener CMA                                             1.6 a    1.6 b
    -------------------------------------------------------------------------
    London CMA                                                1.7 a    2.3 a
    -------------------------------------------------------------------------
    St. Catharines-
     Niagara CMA                                              2.3 a    1.8 a
    -------------------------------------------------------------------------
    Oshawa CMA                                                   ++    1.4 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau CMA
    (Ont. Part)                                               3.0 b    2.0 a
    -------------------------------------------------------------------------
    Peterborough CMA                                            (xx)   2.2 b
    -------------------------------------------------------------------------
    Thunder Bay CMA                                           1.4 a    2.2 a
    -------------------------------------------------------------------------
    Toronto CMA                                               1.1 a    1.0 a
    -------------------------------------------------------------------------
    Windsor CMA                                                  ++       ++
    -------------------------------------------------------------------------
    Manitoba 10 000 +                                         3.3 a    3.9 a
    -------------------------------------------------------------------------
    Winnipeg CMA                                              3.4 a    4.0 a
    -------------------------------------------------------------------------
    Saskatchewan
     10 000 +                                                 3.6 a    9.1 a
    -------------------------------------------------------------------------
    Regina CMA                                                2.0 a    6.2 a
    -------------------------------------------------------------------------
    Saskatoon CMA                                             4.0 a   13.5 a
    -------------------------------------------------------------------------
    Alberta 10 000 +                                         13.3 a   17.2 a
    -------------------------------------------------------------------------
    Calgary CMA                                              19.5 a   15.3 a
    -------------------------------------------------------------------------
    Edmonton CMA                                              9.9 a   18.8 a
    -------------------------------------------------------------------------
    British Columbia
     10,000+                                                  4.6 a    5.5 a
    -------------------------------------------------------------------------
    Abbotsford CMA                                            3.0 a    4.8 c
    -------------------------------------------------------------------------
    Kelowna CMA                                               5.5 a    7.0 a
    -------------------------------------------------------------------------
    Vancouver CMA                                             4.4 a    5.5 a
    -------------------------------------------------------------------------
    Victoria CMA                                              4.1 a    4.5 a
    -------------------------------------------------------------------------
    Canada CMAs(1)                                            3.2 a    3.5 a
    -------------------------------------------------------------------------
    Canada 10 000 +                                           3.2 a    3.6 a
    -------------------------------------------------------------------------


    (1) Major centres refer to Census Metropolitan Areas (CMA), except for
        Charlottetown
    (2) The Estimate of Percentage Change is a measure of the market
        movement, and is based on those structures that were common to the
        survey sample for both years.
    (3) For October 2006, calculated using October 2005 and October 2006
        data, and for October 2007, calculated using October 2006 and
        October 2007 data.

             The following letter codes are used to indicate the
             ---------------------------------------------------
                        reliability of the estimates:
                        -----------------------------
     a - Excellent, b - Very good, c - Good, d - Fair (Use with Caution)
       (xx) Data suppressed to protect confidentiality or data is not
                           statistically reliable
     ++ change in rent is not statistically significant. This means that the
         change in rent is not statistically different than zero (0)
              n/u: No units exist in universe for this category
             n/s: No units exist in the sample for this category
                             n/a: Not applicable


    -------------------------------------------------------------------------
       Rental Condominium Apartments and Private Apartments in the RMS(1)
       Vacancy Rates (%), Average Rents ($) and Percentage of Condominium
                             Apartments in Rental
                                   Oct-07
    -------------------------------------------------------------------------
                             Vacancy Rates (%)    Average Rent ($)
                             -------------------------------------
                                                    2 Bedroom     Percentage
                                                 -----------------  of Condo
    Centres                  Rental      Apts    Rental      Apts    Apts in
                              Condo    in the     Condo    in the  Rental vs.
                               Apts     RMS(1)     Apts     RMS(1) Ownership
    -------------------------------------------------------------------------
    Calgary CMA               0.7 a     1.5 a   1,217 b   1,089 a     21.4 a
    -------------------------------------------------------------------------
    Edmonton CMA              1.5 a     1.5 a   1,052 b     958 a     24.5 d
    -------------------------------------------------------------------------
    Montréal CMA              3.8 a     2.9 a   1,082 c     647 a      9.0 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau CMA
     (Ont. Part)              0.5 a     2.3 a   1,119 a     961 a     18.8 a
    -------------------------------------------------------------------------
    Québec CMA                2.4 a     1.2 a     945 c     641 a      9,2 a
    -------------------------------------------------------------------------
    Toronto CMA               0.7 a     3.2 a   1,535 a   1,061 a     18.7 a
    -------------------------------------------------------------------------
    Vancouver CMA             0.2 a     0.7 a   1,435 b   1,084 a     22.3 a
    -------------------------------------------------------------------------

    (1) Apartments surveyed in the Rental Market Survey(RMS) include only
        those units in purpose built rental buildings with at least 3 rental
        units.


    -------------------------------------------------------------------------
                        Rental Condominium Apartments
     Vacancy Rates (%), Average Rents ($) and Percentage of Condominium
                             Apartments in Rental
    -------------------------------------------------------------------------
                                                               Percentage of
                                                                 Condominium
                                                   Average        Apartments
    Centres                                      2 Bedroom         in Rental
                        Vacancy Rates (%)          Rent ($)     vs Ownership
                        -----------------------------------------------------
                         Oct-06   Oct-07   Oct-06   Oct-07   Oct-06   Oct-07
    -------------------------------------------------------------------------
    Calgary CMA           0.7 a    0.7 a  1,212 d  1 217 b   17.6 a   21.4 a
    -------------------------------------------------------------------------
    Edmonton CMA          0.6 a    1.5 a    890 c  1,052 b   17.8 a   24.5 d
    -------------------------------------------------------------------------
    Montréal CMA          2.8 a    3.8 a  1,020 c  1,082 c    8.1 a    9.0 a
    -------------------------------------------------------------------------
    Ottawa-Gatineau
     CMA (Ont. Part)      1.0 a    0.5 a  1,081 b  1,119 a   17.2 a   18.8 a
    -------------------------------------------------------------------------
    Québec CMA            1.2 a    2.4 a    844 c    945 c    7.7 a    9.2 a
    -------------------------------------------------------------------------
    Toronto CMA           0.4 a    0.7 a  1,542 a  1,535 a   20.9 a   18.7 a
    -------------------------------------------------------------------------
    Vancouver CMA         0.4 a    0.2 a  1,252 b  1,435 b   21.9 a   22.3 a
    -------------------------------------------------------------------------


             The following letter codes are used to indicate the
             ---------------------------------------------------
                        reliability of the estimates:
                        -----------------------------
     a - Excellent, b - Very good, c - Good, d - Fair (Use with Caution)
       (xx) Data suppressed to protect confidentiality or data is not
                           statistically reliable
     ++ change in rent is not statistically significant. This means that the
         change in rent is not statistically different than zero (0)
              n/u: No units exist in universe for this category
             n/s: No units exist in the sample for this category
                             n/a: Not applicable
    




For further information:

For further information: Kristen Scheel, CMHC Media Relations, (613)
748-4632, kscheel@cmhc-schl.gc.ca; Julie Girard, CMHC Media Relations, (613)
748-4684, jagirard@cmhc-schl.gc.ca


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