TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey for the St. Catharines-Niagara Census Metropolitan Area (CMA), the average vacancy rate moved lower to 3.2 per cent in October 2011, compared to 4.4 per cent the previous year. It declined for all unit types, except bachelor apartments. This was the first time in the last six years that the average vacancy rate dipped below four per cent. On the basis of a sample of structures common to both the 2010 and 2011 surveys, the average two-bedroom rent increased by 1.5 per cent.
"Many potential first-time homebuyers postponed their decisions to purchase a home, given the uncertainty in global financial markets, and remained in their current rental accommodation. With less movement to home ownership and an increase in the number of students enrolling in post-secondary education institutions in Niagara, the vacancy rate declined," noted Anthony Adrien, 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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