CMHC New Release - GTA VACANCY RATES DECLINED IN 2008
GTA VACANCY RATES DECLINED IN 2008
TORONTO, DECEMBER 11, 2008 – The Canada Mortgage and Housing Corporation (CMHC) has released its Fall 2008 Rental Market Report for the Greater Toronto Area. Key findings are as follows:
• The average apartment vacancy rate in the GTA declined to 2.1 per cent in 2008,down from 3.2 per cent last year.
• Average fixed sample two-bedroom apartment rents increased by 1.7 per cent – aslightly stronger annual growth rate than experienced in 2007.
• The average apartment vacancy rate will be 2.0 per cent next year, with averagefixed sample rents growing by 2.0 per cent.
“The vacancy rate for purpose-built rental housing in 2008 declined as higher ownership
home prices and slower job growth prompted an increased number of households to
choose rental rather than ownership,” according to Jason Mercer, CMHC’s Senior
Market Analyst for the Greater Toronto Area. “The vacancy rate will be virtually
unchanged in 2009. Increased movement of renter households into newly completed
condominium apartments next year will keep vacancy rates from dipping further.”
(Information provided by CMHC http://www.cmhc-schl.gc.ca/odpub/press/2008/2008_12_11_0815_EOT.pdf)