New rental affordability study ranks Canada's five major centres



    OTTAWA, Oct. 31 /CNW Telbec/ - Montreal's rental market is the most
affordable of Canada's five major centres, according to Canada Mortgage and
Housing Corporation (CMHC)'s new rental affordability indicator. However, this
year rental affordability in Toronto is increasing, while it is declining in
Calgary and Montreal and remains stable in both Vancouver and Halifax.
    "Affordability in the rental market is increasing in Toronto this year,
as the median income of renter households grows at a faster pace than the
median rent for a two-bedroom apartment," said Bob Dugan, Chief Economist at
CMHC's Market Analysis Centre. "In contrast, the Calgary rental market is
becoming less affordable. Although the median income of renter households in
Calgary is increasing, job growth and a steady flow of people moving to
Calgary are keeping renter demand strong and driving up the median rent even
more."
    Although caution must be used when comparing rental affordability across
centres, Montreal has the most affordable rental market in 2007, in spite of
the marginal decline noted above, followed by Halifax, Calgary, Vancouver and
Toronto.
    The new rental affordability indicator is used to examine trends in
rental affordability within a centre, and to compare affordability across
centres. For each centre, the indicator compares the median income of its
renter households against the income necessary to rent a median priced
two-bedroom apartment within the centre, using a 30 per cent of income
benchmark for rental costs. In general, as the indicator increases, the market
becomes more affordable; as the indicator declines, the market becomes less
affordable.
    The rental affordability indicator is available in the October edition of
Housing Now Canada for the following five major centres: Vancouver, Calgary,
Montreal, Toronto, and Halifax. The indicator will be available for additional
centres as part of CMHC's Rental Market Reports, which will be released in
December. <a href="https://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?language=en&z_category=0/0000000048/0000000079">CLICK HERE</a>
(https://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?language=en&z_category=0/000000
0048/0000000079) to subscribe to these free electronic reports. <a href="https://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?language=en&z_category=0/0000000048/0000000070">CLICK HERE</a>
(https://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?language=en&z_category=0/000000
0048/0000000070) to subscribe to CMHC's free electronic Housing Now report.

    As Canada's national housing agency, Canada Mortgage and Housing
Corporation (CMHC) draws on over 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.

    For more information, visit www.cmhc.ca or call 1-800-668-2642.




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; For regional information contact: Halifax:
Matthew Gilmore, CMHC, (902) 426-4686, mgilmore@cmhc-schl.gc.ca; Montreal:
Sandra Girard, CMHC, (514) 283-5075, sgirard@cmhc-schl.gc.ca; Toronto: Jason
Mercer, CMHC, (416) 218-3410, jmercer@cmhc-schl.gc.ca; Calgary: Lai Sing
Louie, CMHC, (403) 515-2991, llouie@cmhc-schl.gc.ca; Vancouver: Robyn
Adamache, CMHC, (604) 737-4144, radamach@cmhc-schl.gc.ca; This release is also
available on the CMHC Web site: http://www.cmhc-schl.gc.ca; (Ce document
existe également en français)


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