TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2012 Rental Market Report for the St. Catharines-Niagara Census Metropolitan Area (CMA) today. Demand for rental apartments decreased in St. Catharines-Niagara. The average vacancy rate moved higher to 4.0 per cent. On the basis of a sample of structures common to both the 2011 and 2012 surveys, the average two-bedroom rent increased by 2.6 per cent.
"Improving employment in the 25-44 age group encouraged many renters to move into ownership in 2012. Also, employment declined in the 15-24 age group, which caused fewer of these people to enter the rental market. Both of these factors put upward pressure on the vacancy rate," noted Paul Tessaro, CMHC Market Analyst for St. Catharines-Niagara.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.
For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.
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