TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Fall Rental Market Report for the Hamilton and Brantford Census Metropolitan Areas (CMA) today. In October 2012 the average rental vacancy rate in the Hamilton CMA was 3.5 per cent compared to 3.4 per cent in October 2011. However, the change was not statistically significant. Meanwhile, in the Brantford CMA, the average rental vacancy rate increased significantly from 1.8 per cent in October 2011 to 3.5 per cent in October 2012. On the basis of a fixed sample of structures common to both the 2011 and 2012 surveys, rents for two bedroom apartments in Hamilton and Brantford CMAs were up 3.1 and 2.7 per cent, respectively.
"Notable factors exerting downward pressure on vacancy rates in Hamilton CMA include fewer potential first time buyers moving from renting to owning a home and to a lesser degree interprovincial migration. However, this year's strong rental demand was offset by an influx of rental units into the market - keeping the average vacancy rate steady," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "Contrary to the rental market situation in Hamilton, in October 2012 rental demand was down in Brantford CMA while supply remained virtually unchanged."
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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