Real Estate — December 16, 2009
National rental vacancy rate increases in October 2009
"Demand for rental housing in
Between
Provincial vacancy rates in
The centres with the highest vacancy rates in 2009 were Windsor (13 per cent), Abbotsford (6.1 per cent), Peterborough (6.0 per cent),
The highest average monthly rents for two-bedroom apartments in new and existing structures were in
The lowest average monthly rents for two-bedroom apartments in new and existing structures were in Saguenay (
Year-over-year comparison of rents in new and existing structures 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 most tenants. The average rent for two-bedroom apartments in existing structures increased in all major centres. The largest rent increases in existing structures were recorded in Regina (10.2 per cent), Saskatoon (8.3 per cent), Victoria (5.0 per cent), and
CMHC's
The survey showed that vacancy rates for rental condominium apartments in 2009 were lower than vacancy rates in the conventional rental market in
CMHC's Rental Market Survey also gathers information on monthly rents in types of dwellings(2) other than private apartments and condominium apartments, such as duplexes, and accessory apartments for 15 major centres.
The Rental Market Report for major centres also includes an affordability indicator for most centres. The rental affordability indicator is used to examine trends in rental affordability within a centre.
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.
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. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
The full text of this press release is available on the internet at http://www.cmhc-schl.gc.ca
To access CMHC's 2009 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 35 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)
-------------------------------------------------------------------------
1.0 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)
2 Bedroom ($) From Fixed
(New and Sample (Existing
Centres Vacancy Rates Availability existing structures
(%) Rates (%) structures) only)
----------------------------------------------------------------
Oct-07 Oct-08
Oct-08 Oct-09 Oct-08 Oct-09 Oct-08 Oct-09 to to
Oct-08 Oct-09
-------------------------------------------------------------------------
Newfound-
land &
Labrador
10,000+ 1.1 a 1.0 a 1.6 a 1.3 a 596 a 634 a 3.7 a 4.8 a
-------------------------------------------------------------------------
St. John's
CMA 0.8 a 0.9 a 1.5 a 1.2 a 630 a 677 a 3.8 a 4.9 a
-------------------------------------------------------------------------
Prince
Edward
Island
10,000+ 2.6 a 3.1 b 4.0 a 4.3 a 660 a 688 a 3.1 d 4.7 a
-------------------------------------------------------------------------
Charlotte-
town CA 2.3 a 3.4 b 4.0 a 4.9 a 672 a 701 a 3.3 d 4.6 a
-------------------------------------------------------------------------
Nova
Scotia
10,000+ 3.5 a 3.1 a 4.0 a 3.4 a 795 a 838 a 2.0 a 2.8 a
-------------------------------------------------------------------------
Halifax
CMA 3.4 a 2.9 a 3.9 a 3.2 a 833 a 877 a 2.0 a 2.8 a
-------------------------------------------------------------------------
New
Brunswick
10,000+ 3.6 a 3.8 a 4.0 a 4.2 a 635 a 656 a 2.6 a 3.0 a
-------------------------------------------------------------------------
Moncton
CMA 2.4 a 3.8 a 3.1 b 4.3 a 656 a 675 a 2.2 a 2.0 a
-------------------------------------------------------------------------
Saint
John CMA 3.1 a 3.6 a 3.5 a 4.1 a 618 a 644 a 4.8 b 4.5 b
-------------------------------------------------------------------------
Québec
10,000+ 2.2 a 2.4 a 2.8 a 3.1 a 628 a 640 a 2.1 a 2.8 a
-------------------------------------------------------------------------
Ottawa-
Gatineau
CMA (Que.
Part) 1.9 a 2.2 a 2.4 a 2.7 a 677 a 690 a 0.8 d 2.4 a
-------------------------------------------------------------------------
Montréal
CMA 2.4 a 2.5 a 3.1 a 3.3 a 659 a 669 a 2.1 b 2.6 a
-------------------------------------------------------------------------
Québec CMA 0.6 a 0.6 a 1.2 a 1.0 a 653 a 676 a 2.0 b 3.5 c
-------------------------------------------------------------------------
Saguenay
CMA 1.6 a 1.5 a 2.2 a 2.4 a 518 a 518 a 1.5 d 4.0 b
-------------------------------------------------------------------------
Sherbrooke
CMA 2.8 a 3.9 a 2.9 a 4.3 a 543 a 553 a 2.0 b 2.8 a
-------------------------------------------------------------------------
Trois-
Rivières
CMA 1.7 a 2.7 a 2.1 a 3.0 b 505 a 520 a 3.0 b 2.1 b
-------------------------------------------------------------------------
Ontario
10,000+ 2.7 a 3.5 a 4.3 a 5.5 a 948 a 955 a 1.9 a 2.0 a
-------------------------------------------------------------------------
Barrie CMA 3.5 a 3.8 b 6.0 a 6.0 a 954 a 961 a 4.7 d 1.2 a
-------------------------------------------------------------------------
Brantford
CMA 2.4 a 3.3 b 2.8 a 3.9 b 752 a 754 a 2.7 b 1.1 a
-------------------------------------------------------------------------
Greater
Sudbury
CMA 0.7 a 2.9 a 1.6 a 3.3 b 800 a 830 a 5.6 b 4.7 c
-------------------------------------------------------------------------
Guelph CMA 2.3 a 4.1 a 4.5 a 6.6 a 869 a 874 a 1.6 a 1.3 a
-------------------------------------------------------------------------
Hamilton
CMA 3.2 a 4.0 a 4.9 a 7.0 a 836 a 831 a 1.5 b 1.1 a
-------------------------------------------------------------------------
Kingston
CMA 1.3 a 1.3 a 2.6 a 2.5 a 880 a 909 a 3.1 b 2.3 a
-------------------------------------------------------------------------
Kitchener
CMA 1.8 a 3.3 a 4.3 a 6.1 a 845 a 856 a 0.9 a 1.7 a
-------------------------------------------------------------------------
London CMA 3.9 a 5.0 a 6.4 a 7.7 a 834 a 896 a 1.2 a 1.2 a
-------------------------------------------------------------------------
St.
Catharines
-Niagara
CMA 4.3 a 4.4 a 6.8 a 6.3 a 777 a 804 a 2.1 a 2.2 b
-------------------------------------------------------------------------
Oshawa CMA 4.2 a 4.2 a 5.7 a 6.1 a 889 a 900 a 1.2 a 1.2 a
-------------------------------------------------------------------------
Ottawa-
Gatineau
CMA (Ont.
Part) 1.4 a 1.5 a 2.9 a 3.5 a 995 a 1,028 a 3.7 a 2.9 a
-------------------------------------------------------------------------
Peterbo-
rough CMA 2.4 a 6.0 b 4.3 b 7.7 a 850 a 875 a 2.0 b 2.1 b
-------------------------------------------------------------------------
Thunder
Bay CMA 2.2 a 2.3 a 2.7 a 3.1 a 719 a 742 a 1.3 a 2.9 a
-------------------------------------------------------------------------
Toronto
CMA 2.0 a 3.1 a 3.7 a 5.0 a 1,095 a 1,096 a 1.7 a 2.2 a
-------------------------------------------------------------------------
Windsor
CMA 14.6 a 13.0 a 16.8 a 14.9 a 772 a 747 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
-------------------------------------------------------------------------
1.0 Rental Market Indicators
Privately Initiated Apartment Structures of Three Units and Over
Provinces and Major Centres
-------------------------------------------------------------------------
Percentage
Change of
Average Rent
Average Rent Two Bedroom(2)
2 Bedroom ($) From Fixed
(New and Sample (Existing
Centres Vacancy Rates Availability existing structures
(%) Rates (%) structures) only)
----------------------------------------------------------------
Oct-07 Oct-08
Oct-08 Oct-09 Oct-08 Oct-09 Oct-08 Oct-09 to to
Oct-08 Oct-09
-------------------------------------------------------------------------
Manitoba
10,000+ 0.9 a 1.1 a 1.4 a 1.8 a 748 a 788 a 3.5 a 4.1 a
-------------------------------------------------------------------------
Winnipeg
CMA 1.0 a 1.1 a 1.4 a 2.0 a 769 a 809 a 3.5 a 4.3 a
-------------------------------------------------------------------------
Saskat-
chewan
10,000+ 1.2 a 1.9 a 2.1 a 2.7 a 766 a 833 a 15.7 a 8.7 a
-------------------------------------------------------------------------
Regina CMA 0.5 a 0.6 a 1.2 a 1.2 a 756 a 832 a 13.5 a 10.2 a
-------------------------------------------------------------------------
Saskatoon
CMA 1.9 a 1.9 a 3.2 a 3.4 a 841 a 905 a 20.3 a 8.3 a
-------------------------------------------------------------------------
Alberta
10,000+ 2.5 a 5.5 a 3.8 a 6.9 a 1,077 a 1,044 a 7.1 a -1.9 c
-------------------------------------------------------------------------
Calgary
CMA 2.1 a 5.3 a 3.9 a 7.5 a 1,148 a 1,099 a 4.4 b (xx)
-------------------------------------------------------------------------
Edmonton
CMA 2.4 a 4.5 a 3.3 a 5.6 a 1,034 a 1,015 a 9.2 a ++
-------------------------------------------------------------------------
British
Columbia
10,000+ 1.0 a 2.8 a 1.7 a 3.6 a 969 a 1,001 a 5.3 a 2.8 a
-------------------------------------------------------------------------
Abbotsford
CMA 2.6 a 6.1 a 3.4 a 6.7 a 765 a 781 a 4.1 c 3.0 a
-------------------------------------------------------------------------
Kelowna
CMA 0.3 a 3.0 a 1.4 a 3.9 a 967 a 897 a 8.4 a ++
-------------------------------------------------------------------------
Vancouver
CMA 0.5 a 2.1 a 1.1 a 2.8 a 1,124 a 1,169 a 4.6 a 2.6 a
-------------------------------------------------------------------------
Victoria
CMA 0.5 a 1.4 a 1.5 a 2.6 a 965 a 1,001 a 6.8 a 5.0 a
-------------------------------------------------------------------------
Canada
CMAs(1) 2.2 a 2.8 a 3.2 a 4.1 a 828 a 836 a 2.9 a 2.3 a
-------------------------------------------------------------------------
Canada
10,000+ 2.3 a 3.0 a 3.3 a 4.2 a 804 a 812 a 3.0 a 2.4 a
-------------------------------------------------------------------------
(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) 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.
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
-------------------------------------------------------------------------
4.1 Rental Condominium Apartments and Private Apartments in the RMS(1)
Vacancy Rates (%), Average Rents ($) and Percentage of Condominium
Apartments in Rental Oct-09
-------------------------------------------------------------------------
Vacancy Rates (%) Average Rent ($)
------------------------------------------
2 Bedroom
-------------------
Percentage
of Condo
Centres Apts in
Rental Apts in Rental Apts in Rental vs.
Condo the Condo the Owner-
Apts RMS(1) Apts RMS(1) ship
-------------------------------------------------------------------------
Calgary CMA 1.5 a 5.3 a 1,310 a 1,099 a 25.6 a
-------------------------------------------------------------------------
Edmonton CMA 3.1 c 4.5 a 1,122 a 1,015 a 24.2 a
-------------------------------------------------------------------------
Montréal CMA 2.7 a 2.5 a 1,070 b 669 a 9.7 a
-------------------------------------------------------------------------
Ottawa-Gatineau CMA
(Ont. Part) 1.1 a 1.5 a 1,193 b 1,028 a 19.0 a
-------------------------------------------------------------------------
Québec CMA 1.6 a 0.6 a 829 b 676 a 8.0 a
-------------------------------------------------------------------------
Regina CMA 3.0 c 0.6 a . 832 a 15.8 a
-------------------------------------------------------------------------
Saskatoon CMA 1.0 a 1.9 a . 905 a 14.2 a
-------------------------------------------------------------------------
Toronto CMA 0.9 a 3.1 a 1,487 a 1,096 a 20.3 a
-------------------------------------------------------------------------
Vancouver CMA 1.7 b 2.1 a 1,448 b 1,169 a 23.8 a
-------------------------------------------------------------------------
Victoria CMA 1.7 a 1.4 a 1,223 b 1,001 a 17.5 a
-------------------------------------------------------------------------
(1) Apartments surveyed in the Rental Market Survey (RMS) include only
those in purpose built rental buildings with at least 3 rental units.
-------------------------------------------------------------------------
4.2 Rental Condominium Apartments
Vacancy Rates (%), Average Rents ($) and Percentage of Condominium
Apartments in Rental
-------------------------------------------------------------------------
Percentage of
Condominium
Average Apartments
Vacancy Rates 2 Bedroom in Rental
Centres (%) Rent ($) vs Ownership
------------------------------------------------
Oct-08 Oct-09 Oct-08 Oct-09 Oct-08 Oct-09
-------------------------------------------------------------------------
Calgary CMA 3.5 b 1.5 a 1,293 b 1,310 a 18.0 a 25.6 a
-------------------------------------------------------------------------
Edmonton CMA 4.3 c 3.1 c 1,099 b 1,122 a 23.3 a 24.2 a
-------------------------------------------------------------------------
Montréal CMA 3.2 b 2.7 a 1,037 b 1,070 b 9.4 a 9.7 a
-------------------------------------------------------------------------
Ottawa-Gatineau CMA (Ont.
Part) 0.5 a 1.1 a 1,103 b 1,193 b 19.1 a 19.0 a
-------------------------------------------------------------------------
Québec CMA 1.3 a 1.6 a (xx) 829 b 8.4 a 8.0 a
-------------------------------------------------------------------------
Regina CMA 0.3 a 3.0 c n/a n/u 11.7 a 15.8 a
-------------------------------------------------------------------------
Saskatoon CMA 1.8 b 1.0 a n/a n/u 11.5 a 14.2 a
-------------------------------------------------------------------------
Toronto CMA 0.4 a 0.9 a 1,625 b 1,487 a 19.1 a 20.3 a
-------------------------------------------------------------------------
Vancouver CMA 0.6 a 1.7 b 1,507 c 1,448 b 22.1 a 23.8 a
-------------------------------------------------------------------------
Victoria CMA 2.0 b 1.7 a 1,096 b 1,223 b 16.9 a 17.5 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
------------------------------
(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 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 15
major centres: Vancouver, Toronto, Montréal, Calgary, Edmonton,
Ottawa, Québec, Halifax, Abbotsford, St. John's, Kelowna, Barrie,
Saskatoon, Regina and Victoria 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.
For further information: Charles Sauriol, CMHC Media Relations, (613) 748-2799, csauriol@cmhc-schl.gc.ca
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