KINGSTON, ONTARIO--(Marketwire - Dec. 13, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2012 Rental Market Survey for the Kingston Census Metropolitan Area (CMA), the average vacancy rate increased, compared to results from the previous year.
At 1.7 per cent, the average rental vacancy rate in Kingston reached its highest level since 2008, but remained among the tightest rental markets in Canada. This October, the fixed-sample(1) average rent for two bedroom apartments in existing structures in Kingston was up 3.1 per cent from last year. The average availability rate in Kingston was 2.9 per cent in 2012, up from 2.2 per cent in 2011.
"In 2012, low mortgage rates and increased home sales pointed to more first-time home buyers leaving their rental units and becoming homeowners. A large number of newly constructed rental units increased supply, which also put upward pressure on the vacancy rate this year", said Andrew Scott, CMHC`s Kingston Market Analyst.
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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(1) Fixed-sample refers to sample common to both the October 2011 and October 2012 surveys.