Privacy  
CanEquity Mortgage Canada
Canadian mortgage rates,
mortgage calculator & news.

Canadian Mortgage News

January 2001 National News Archive

 

Related Links:
National Archive
2001 Archive
January 2001
February 2001
March 2001
April 2001
May 2001
June 2001
July 2001
August 2001
September 2001
October 2001
November 2001
December 2001


CanEquity Mortgage News RSS 2.0 Feed

CanEquity Mortgage News Atom Feed

About RSS and Atom Feeds

Portable Document Format Printable Version Page d'accueil franšais

Average Rental Vacancy Rate Declines to 1.1 Per Cent

OTTAWA, Ontario, November 26, 2001 — The average rental vacancy rate in Canada's metropolitan centres fell from 1.6 per cent in October 2000 to 1.1 per cent in October this year, according to the Rental Market Survey released by Canada Mortgage and Housing Corporation (CMHC) today. This is the lowest rate since the survey first included structures of three units and over in 1987.

"Steady job creation in the past few years, high international immigration and growth in the young adult population caused vacancy rates to go down in many centres," said Philippe Le Goff, a Senior Economist at CMHC's Market Analysis Centre.

Seventeen of Canada's 26 major centres have lower vacancy rates than a year ago. The lowest rates were in Victoria (0.5 %), Montreal (0.6 %), Hull (0.6 %), and Ottawa (0.8 %).

Higher in-migration pushed vacancy rates lower in five of 10 centres in Ontario. Greater rental supply and strong movement towards home ownership caused vacancy rates to rise in Toronto, Ottawa, Kitchener and Windsor. Thunder Bay has the highest vacancy rate among Canada's metropolitan areas at 5.8 per cent, followed by Sudbury at 5.7 per cent.

Five of Quebec's six metropolitan areas had lower vacancy rates, with the greatest relative decline occurring in Sherbrooke (4.7 to 2.3 %). The Chicoutimi-Jonquière vacancy rate remained 4.4 per cent.

In the west, Victoria's vacancy rate went from 1.8 to 0.5 per cent in the past 12 months. Rates also fell in Winnipeg, Edmonton, Calgary, and Vancouver but rose in Regina and Saskatoon. In Atlantic Canada, vacancy rates declined in Halifax, and St. John's. The vacancy rate in Saint John rose to 5.6 per cent from 3.4 per cent, the largest increase of all Canadian metropolitan areas.

CMHC's annual rent survey shows the highest average monthly rents for two-bedroom apartments were still in Toronto ($1,027), Vancouver ($919), and Ottawa ($914). The lowest average rents were in Trois-Rivières ($419) and Sherbrooke ($446).

In metropolitan areas, rent increases ranged between 0.2 and 8.7 per cent. The greatest increase occurred in Edmonton. Calgary posted the second-largest increase at 5.8 per cent. Rents in Hull, Saint John, Toronto, St. Catharines, Ottawa, London and St. John's rose more than four per cent.

CMHC's Rental Market Survey is conducted yearly in October, to provide vacancy rate and rent information on privately initiated structures of three or more units.

For further information contact:

Philippe Le Goff
CMHC
(613) 748-2933
plegoff@cmhc-schl.gc.ca

For local rental market information, please contact your local CMHC branch.

Vacancy Rates in Apartment Structures
of Three Units and Over

Privately Initiated, in Metropolitan Areas



October
1997
October
1998
October
1999
October
2000
October
2001
Atlantic Region
St.John's 16.6 15.4 9.2 3.8 2.5
Halifax 7.7 5.5 3.6 3.6 2.8
Saint John 8.2 7.3 5.2 3.4 5.6
Quebec Region
Chicoutimi 4.1 4.8 4.9 4.4 4.4
Hull 9.4 6.7 4.4 1.4 0.6
Montréal 5.9 4.7 3.0 1.5 0.6
Québec 6.6 5.2 3.3 1.6 0.8
Sherbrooke 7.5 7.3 7.6 4.7 2.3
Trois-Rivières 8.6 8.5 7.9 6.8 4.7
Ontario Region
Hamilton 3.1 3.2 1.9 1.7 1.3
Kitchener 1.9 1.5 1.0 0.7 0.9
London 5.1 4.5 3.5 2.2 1.6
Oshawa 2.4 2.0 1.7 1.7 1.3
Ottawa 4.2 2.1 0.7 0.2 0.8
St.Catharines 5.4 4.6 3.2 2.6 1.9
Sudbury 7.2 9.4 11.1 7.7 5.7
Thunder Bay 7.7 9.3 7.5 5.8 5.8
Toronto 0.8 0.8 0.9 0.6 0.9
Windsor 4.5 4.3 2.7 1.9 2.9
Prairie Region
Calgary 0.5 0.6 2.8 1.3 1.2
Edmonton 4.6 1.9 2.2 1.4 0.9
Regina 1.5 1.7 1.4 1.4 2.1
Saskatoon 0.9 0.8 0.9 1.7 2.9
Winnipeg 5.9 4.0 3.0 2.0 1.4
British Columbia Region

Vancouver 1.7 2.7 2.7 1.4 1.0
Victoria 3.5 3.8 3.6 1.8 0.5
Total (1) 4.1 3.4 2.6 1.6 1.1
(1) Weighted average of Metropolitan Areas Surveyed.

Weighted Average Rent by Metropolitan Area

Privately Initiated Three Apartment Units and Over

One-Bedroom Two-Bedroom
Oct. 2000 Oct. 2001 Oct. 2000 Oct. 2001
Atlantic Region $ $ $ $
St.John's 477 489 552 575
Halifax 539 554 648 673
Saint John 402 406 460 483
Québec Region
Chicoutimi 363 364 438 439
Hull 457 485 544 573
Montréal 458 480 509 530
Québec 459 473 518 538
Sherbrooke 362 366 437 446
Trois-Rivières 349 358 413 419
Ontario Region
Hamilton 582 608 719 740
Kitchener 598 615 697 722
London 530 547 657 683
Oshawa 684 692 778 799
Ottawa 723 762 877 914
St.Catharines 545 569 653 680
Sudbury 502 500 619 620
Thunder Bay 527 529 654 657
Toronto 830 866 979 1,027
Windsor 599 618 736 738
Prairie Region
Calgary 611 649 740 783
Edmonton 489 537 601 654
Regina 461 476 549 568
Saskatoon 442 460 541 558
Winnipeg 473 476 588 605
British Columbia Region
Vancouver 695 726 890 919
Victoria 579 592 731 751

News source: Canada Mortgage and Housing Corporation (CMHC)

 

Top of page