TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall2012 Rental Market Survey. Ontario vacancy rates(1) rose to 2.5 per cent in October 2012, up from 2.2 per cent in the fall of 2011. Most urban centers registered higher vacancy rates. The lowest vacancy rate was registered in Thunder Bay and Toronto while the highest vacancy rates were to the west of Toronto. With the exception of Windsor, Peterborough, Hamilton, London, Thunder Bay and Sudbury, vacancy rates moved higher in other centers.
"Some prominent factors dampened rental demand and exerted upward pressure on vacancy rates. Modest job growth, less in-migration and alternative rental housing options - moderated demand for rental housing in Ontario. Other factors were more supportive of rental demand. Economic uncertainty and the rising cost of home ownership in Ontario restrained "big ticket" spending across the province since the fall of 2011. Consequently, tenants considering the jump to more expensive ownership housing likely postponed this decision," said Ted Tsiakopoulos, CMHCs Ontario Regional Economist.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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 http://www.cmhc.ca/housingmarketinformation.
Follow CMHC on Twitter @CMHC_ca.
(1) Based on privately-initiated rental apartments structures of three or more units.
To view the tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/1212cmon.pdf.