The vacancy rate for private rental apartment buildings with three or more units in the St. Catharines- Niagara CMA (hereinafter Niagara) was above the national and historical averages. According to the CMHC’s Fall 2009 Rental Market Survey, the vacancy rate edged up to 4.4 per cent in 2009. This was above the 20-year average level of 3.5 per cent, and an increase of 0.1 percentage point from last year. Four main factors placed upward pressure on the vacancy rate. First, record low mortgage rates in combination with lower prices in the earlier part of the year translated into very affordable mortgage carrying costs. Many buyers, in particular first- time buyers, took advantage and moved out of rental accommodation and into home ownership. A comparison of average rents and mortgage carrying costs based on the mortgage terms chosen by most first-time buyers (i.e., maximum amortization period and the minimum down payment allowed) suggests that the gap between the two narrowed by more than 50 per cent in the first quarter of 2009.

Also, youth aged 15 to 24 are a key source of rental demand. Weaker employment among youth in this age group meant that some of them, after losing their jobs, moved back into their parents’ homes, or alternatively, postponed a decision to move out. Total employment for all age groups declined by around 11,000 people or 5.6 per cent when comparing the average level in the 12 months ending September 2009 to average level in the same period a year earlier.Youth employment declined by 4,500 people or 14 per cent, of which 2,900 in full- time positions and the rest in part- time jobs.

Finally, there were fewer international immigrants in 2009, due to the global economic slowdown. Since they traditionally tend to rent after landing in Canada, this implies that rental demand in 2009 was not as strong as in the previous years. Many international migrants find it difficult to settle in the region and land a job. Instead, they prefer to settle in major centres, such as the Greater Toronto Area, where they are more likely to find their first job and where there are established social networks.

Renters had an easier time finding rental accommodation in Vancouver this fall, compared to last year. Higher rental apartment vacancy rates have meant that renters have more choice. Although higher than last year, Vancouver’s vacancy rate is still below the national average and among the lowest in the country.

A slowdown in employment sent Vancouver’s rental apartment vacancy rate higher in 2009. The vacancy rate increased to 2.1 per cent, after sitting below one per cent for three consecutive years. Unemployment in the Vancouver Census Metropolitan Area (CMA) for the first ten months of 2009 increased to seven per cent from 4.3 per cent for the same period last year. Although employment has been gradually improving since the spring of this year, it has only been in the last couple months that full-time employment has grown.

A shift to homeownership also contributed to higher rental vacancy rates in 2009. A combination of low mortgage rates and home prices off their peak value has meant that monthly mortgage payments are lower. As of September 2009, the average monthly mortgage payment for an apartment condominium was approximately ten per cent less than it was one year ago3. Although the average mortgage payment is still higher than the average monthly rental payment, some renters have chosen to take this opportunity to enter homeownership.
Virtually all communities in the Metro Vancouver area saw an increase in vacancies in 2009. The only exception to this was the University Endowment Lands (UEL). The vacancy rate in the UEL, along with several areas of Vancouver City and North Vancouver, remained tight, below one per cent in October 2009.Vancouver City, with its educational infrastructure and job opportunities in the business centre, and the lifestyle communities of West Vancouver and White Rock recorded vacancy rates just over one per cent.Vacancies increased in all other municipalities, with suburban communities north of the Fraser River near three per cent, and communities south of the Fraser, in the 4-6 per cent range.

The rental availability rate4 for private rental apartments moved higher in 2009. The availability rate increased to 2.8 per cent in October 2009, from 1.1 per cent a year earlier. The vacancy rate for investor-owned rental condominiums increased in 2009, but to a lesser extent than that for purpose-built rental units. The rental condominium vacancy rate moved up to 1.7 per cent from 0.6 per cent last fall. The stock of rental condominiums is generally newer and features more amenities than their purpose-built rental counterparts. These benefits shore up demand for rental condominiums.

After two years of sharp declines, and coming off from a decade of annual housing starts largely above demographic needs, new housing construction is set to stabilize in 2009. Amid emerging positive signs in both the economic and financial fronts, total residential construction in the Kingston Census Metropolitan Area (CMA) will rise by 5.2 per cent this year, with 707 new starts.

In addition to the boost to homeownership demand due to low interest rates, the prospects for increased spill-over demand from a recovering resale market will likely result in a faster year-over-year pace of starts during the first half of 2010. As a result, total starts next year will reach 690 units for a slight 2.4 per cent decrease, thus stabilizing construction activity at a pace more in line with household formation.

Coming off from a historically challenging economic environment, the short-term forecast for Kingston’s residential construction industry remains for the most part optimistic. The substantial monetary easing and fiscal stimulus measures in Canada’s Economic Action Plan will improve economic fundamentals. This will renew household’s appetite for big-ticket items in the face of low interest rates.

While spill-over demand from the resale into the new home market typically takes time to fully materialize, Kingston’s new home market looks ripe for a modest recovery. First, new listings for resale have declined substantially from last year, thus lowering supply competition. Second, the level of unabsorbed new home inventories has returned below the long-term average. Finally, the year- to-date pipeline of properties under construction is substantially lower than for the same period last year, which means that there are resources available for future projects.

New home construction in the Winnipeg CMA will move upward in 2010 following a slower year for builders in 2009. Local builders are on pace to start 1,925 homes in 2009, a decline of 36 per cent from 2008, before production will move up 25 per cent to 2,400 units in 2010.

To the end of September 2009, total starts are 33 per cent below the same period in 2008, with 1,504 foundations poured compared to 2,247 during the first nine months of 2008. This reduction has been a response to elevated inventories in both the single-detached and multi-family markets as well as a lower level of demand created by the economic uncertainty that existed over the first half of the year.

Given demographic patterns in the Winnipeg CMA, both 2009 and 2010 will see the rate of household formation in the city surpass housing starts. Lower starts to adjust for heightened inventories are necessary to bring levels in line with long term averages and the new home market into balance again.

The single-detached sector will finish 2009 with 1,425 starts, down more than 26 per cent from 2008. Activity will rebound in 2010 when 1,600 starts will be recorded, 12 per cent more than 2009. Price growth will remain positive, but modest, with the New House Price Index rising 2.5 per cent in 2009 and 3.0 per cent in 2010.

While the number of single-detached units under construction has recently moved slightly below the ten-year average at 691 units, the number of complete and unabsorbed units remains high by historical standards at 199 units. That compares to a ten-year average of 169 units. Nonetheless, the decline in starts earlier in the year has allowed for the absorption of many complete and unabsorbed units, which reached their peak of 301 units in November of last year. Despite the recent decline in inventory, builders have been hesitant to start new spec units given current market conditions.

The challenges faced by builders in 2009 are underscored by the 1,053 single starts recorded through September, a decline of 28 per cent from the same period in 2008.

The CMHC forecast calls for 900 single-detached starts in 2009 followed by 1,000 in 2010. The 2009 production will be the lowest number of single starts since 2005 when there were 751 foundations poured. The decline in single-detached starts in 2009 compared to 2008 is due to a number of factors, including managing a build-up in the supply of new housing units, consumer resistance to price escalation, and heightened competition from resale housing. Reduced in-migration and a moderating economy in 2009 have also played a role in this market adjustment.

At mid-year, single-detached starts were 65 per cent below the historically high 2008 figure for the same period. The slowdown in new construction has allowed the inventory of complete and unabsorbed units to decline and a stronger second half of production is expected. At the end of August, single-detached starts had recorded two consecutive months of year-over-year increases. Though there has been a recent uptick in starts activity, CMHC expects builders will limit production to prevent a rise in inventory.

In terms of total supply, there were more than 800 single-detached units under construction or completed but unoccupied at the end of August. While this is the third highest supply on record for the month of August, total supply has been in decline, on a year-over-year basis, since December 2008.

The bulk of single units in supply are those in various stages of construction. The units under construction have been declining on a year-over-year basis since October 2008. The decline in the units under construction figure is due to slower starts since June 2008. As stated, only recently have starts increased on a year-over-year basis.

The number of single units that are completed and unoccupied now lies at 142 units, up from 115 one year earlier. Though higher than last year at this time, the completed and unoccupied count has seen monthly declines since December 2008 when inventory peaked at 244 units. Competition from the resale market may be having an impact on new single absorption. Industry sources state that investors who purchased new homes in the previous two years are now creating competition for homebuilders by listing their homes on the resale market at competitive prices.

To the end of August, there have been 757 single absorptions in 2009 compared to 819 at this time in 2008. Average absorption now stands at 95 units monthly compared to the 110 units absorbed monthly in 2008.

Total housing starts are on pace to decline 52 per cent in 2009, reaching 5,550 units. This would represent the lowest level of activity since 1991. A bulk of the reduction in total housing starts is stemming from the multi-family market, where inventory levels remain elevated. As economic and housing market conditions improve, home builders are forecast to increase production by 21 per cent to 6,700 units in 2010.

Single-detached starts have rapidly improved since the beginning of the year when builders cut production in response to lower sales and rising inventory. After the first half of the year, starts were down 33 per cent, though solid gains since June have lessened the decline. Despite the increased starts activity in recent months, this resurgence will not offset the lower production earlier in the year. Single-detached starts in 2009 are on pace to decline four per cent to 4,200 units compared with 4,387 units in 2008. As inventories have declined and sales have increased, new construction of homes is expected to pick-up throughout the forecast period. Single-detached builders are anticipated to increase production by 17 per cent in 2010, with 4,900 units breaking ground.

Lower mortgage rates and builder incentives have supported new home sales, and there has been less competition from the resale market. The inventory of complete and unabsorbed units also peaked at the beginning of 2009 and has since been on the decline. Total supply, which is units in inventory and those under construction, has been reduced to a level not experienced since 2001. With a low level of supply and improved demand, building intentions and construction activity is on the rise. In June, July, and August, building permits were up on average by 59 per cent over the same period in 2008. Single starts in the third quarter have increased 45 per cent above the previous year, following 10 consecutive quarters of year-over-year declines. More spec homes are also breaking ground. At the beginning of 2009, less than five per cent of homes under construction were spec units. In August, however, spec homes under

year when builders cut production in response to lower sales and rising inventory. After the first half of the year, starts were down 33 per cent, though solid gains since June have lessened the decline. Despite the increased starts activity in recent months, this resurgence will not offset the lower production earlier in the year. Single-detached starts in 2009 are on pace to decline four per cent to 4,200 units compared with 4,387 units in 2008. As inventories have declined and sales have increased, new construction of homes is expected to pick-up throughout the forecast period. Single-detached builders are anticipated to increase production by 17 per cent in 2010, with 4,900 units breaking ground. Lower mortgage rates and builder incentives have supported new home sales, and there has been less competition from the resale market. The inventory of complete and unabsorbed units also peaked at the beginning of 2009 and has since been on the decline. Total supply, which is units in inventory and those under construction, has been reduced to a level not experienced since 2001. With a low level of supply and improved demand, building intentions and construction activity is on the rise. In June, July, and August, building permits were up on average by 59 per cent over the same period in 2008. Single starts in the third quarter have increased 45 per cent above the previous year, following 10 consecutive quarters of year-over-year declines. More spec homes are also breaking ground. At the beginning of 2009, less than five per cent of homes under construction were spec units. In August, however, spec homes under

The New Home Price Index (NHPI) has started to stabilize, after declining from its peak in the first quarter of 2008. In the first seven months of 2009, the NHPI was down on average of 7.7 per cent, compared to the same period a year earlier. A majority of the decline is attributed to the house component, as reduced construction activity has taken pressure off input costs such as labour and materials. Land costs are down slightly from a year ago, but for the most part lot prices have held firm. By the end of 2009, new home prices are anticipated to gain more ground and the NHPI will end the year down by an average of 6.9 per cent from the 2008 average level. In the face of higher starts, stability in new home prices is expected to improve into 2010 with the NHPI increasing two per cent. The monthly absorbed average price of a new home has declined since 2008 and appears to be leveling at around $535,000. The average price in August was $534,954 and in September was $537,225, down year-over-year by eight and ten per cent respectively. Readers should note that the absorbed price reflects units absorbed in a given month, which is not necessarily the month when the price was negotiated. The average absorbed price is forecast to fall from $581,800 in 2008 to $560,000 in 2009. With stronger demand conditions and more manageable inventory levels expected for the balance of 2009 and throughout 2010, the average absorbed price is anticipated to increase modestly. Despite the month-over-month gains projected for 2010, it will not be enough to push the yearly average above 2009 levels. In 2010, the average absorbed price will decline 1.4 per cent to $552,000.

London, Ontario - Credit abdallahh, Flickr

The London Ontario rental vacancy rate has moved up to 3.9% in 2008 and Canada Mortgage and Housing Corporation is predicting that the vacancy rate will rise to 4.2% in 2009. For a city the size of London Ontario, this means that a tenants market for rental units has returned to the London Ontario area.

It is good times now for tenants in London Ontario to find good rental accommodations at reasonable rents, as line-ups at landlord’s offices is over.

SLIGHT COOLING OFF OF THE LONDON RENTAL MARKET

The London rental market has cooled off slightly and the vacancy rose to 3.9% in 2008 from 3.6% in 2007. The average rent on rental units increased by 1.5% in 2008 form the 2007 rental rate figures, which was slower than the 2.6% increase in 2007, from the 2006 rental period.

The rental vacancy rate increased in the surrounding communities i.e. St. Thomas and Strathroy substantially, which affected the overall vacancy rates. Canada Mortgage and Housing Corporation is predicting that the overall vacancy rate in London will increase to 4.0% for the period ending 2009.

SEVERAL REASONS FOR CONTINUED INCREASE IN VACANCY RATE

The Canada Mortgage and Housing Corporation report states that many factors have combined to increase the vacancy rate in London. Some of those factors include a surprising decrease in university students and huge unemployment increases. As well as the substantial increase in the creation of rental units, which increased to 836 units in 2008, versus 586 in 2007.

CONTINUED MODERATE RENT INCREASES

The Canada Mortgage and Housing Corporation report states that last fall in London Ontario, a one-bedroom apartment that used to rent for $554.00, plus utilities is now renting for $565.00, plus utilities, compared to the same period last year. A two-bedroom unit that rented last year for $625.00, plus utilities, is now renting for $645.00, which is approximately a 1.5% increase.

Government sources say that with these moderate increases, welfare recipients are not hard pressed to rent in London Ontario. Increased vacancy rates in this area of the province have caused rents to increase moderately for the same period last year. However, rent increases in purpose-built apartment rent units that were new, were more significant in most areas of the City of London Ontario.

RENTERS PREFER LARGER AND NEWER BUILDINGS

Canada Mortgage and Housing Corporation report states that apartment buildings with excess of 100 units or more have the lowest average vacancy rate in London Ontario at 2.9%. Rental apartments constructed after 2000 are becoming popular and preferred by the London area tenants, specifically in the downtown core.

LONDON’S RENTAL AFFORDABILITY INDICATOR

Canada Mortgage and Housing Corporation affordability indicator will decline to 119 by year-end 2008, which indicates that the value of 100 suggests that 40% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.

NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008

Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Vancouver and Abbotsford BC.

Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.

You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64403/64403_2008_A01.pdf

Kelowna, BC - Credit keepitsurreal, Flickr

The Kelowna BC rental market has the lowest apartment vacancy rate at 0.3% in the country. In fact, the rental town house vacancy rate dropped substantially to 0.2% for 2008. These two figures together leave a net vacancy rate of 0.3%.

It is desperate times for tenants in the city of Kelowna, British Columbia. In fact it is now a housing crisis.

POPULATION GROWTH FUELS DEMAND

The Canada Mortgage and Housing Corporation reported that the Kelowna area of BC is experiencing an increased amount of migration, which is putting more demands on the rental housing stock. Much of this is contributing to the demand by the significant new jobs that are being created in the high-tech, trade, health care, personal and other service related industry sectors. As well as a large post secondary population in the area. These statements and figures come from the rental market report issued in 2008 by Canada Mortgage and Housing Corporation.

STOCK OF PURPOSE-BUILT RENTAL UNITS DECLINES

According to Canada Mortgage and Housing Corporation, despite the extreme demand for rental housing in Kelowna BC, only 164 purpose built rental starts occurred in Kelowna for the first 10 months of 2008. This has caused a panic for tenants and an extreme appreciation of condominium prices in Kelowna BC.

SECONDAY RENTAL MARKET BECOMING INCREASINGLY IMPORTANT

The Canada Mortgage and Housing Corporation report states that since there is limited stock of purposed-built rental units in Kelowna BC, a strong demand has occurred for rental units to be created by home owners, which is called the “secondary rental market”. Pressure is being excreted on the local municipality cities to relax their zoning and building codes to permit additional secondary rental units in private homes.

RENT INCREASE

The Canada Mortgage and Housing Corporation report states that last fall in Kelowna BC a one bedroom apartment that used to rent for $825.00 is now renting for $1065.00 compared to the same period last year. A two bedroom units that rented last year for $766.00 are now renting for $984.00, which is approximately 25% increase.

Government sources say that with this increase cost, welfare recipients are hard pressed to rent anything in Kelowna BC.

VACANCY RATES WILL REMAIN LOW IN 2009

Canada Mortgage and Housing Corporation is projecting that vacancy rates in Kelowna BC will remain the lowest in the country in 2009. Mainly due to non-construction of rental units and a significant increase in migration. In fact, Canada Mortgage and Housing Corporation is predicting that the vacancy rate in Kelowna BC for the period ending 2009 will be 0.1%, which is an astonishing low vacancy rate.

RENTAL AFFORDABILITY INDICATOR

Canada Mortgage and Housing Corporation affordability indicator indicates that the value of 100 suggests that 30% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.

NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008

Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Kelowna BC.

Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.

You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64395/64395_2008_A01.pdf

Victoria, BC - Credit kla4067, Flickr

The Victoria BC rental market has one of the lowest apartment vacancy rate at 0.5% in the country. In fact, the rental town house vacancy rate dropped substantially to 0.1% for 2008. These two figures together leave a net vacancy rate of 0.4%.

It is desperate times for tenants in the city of Victoria, British Columbia.

SOLID DEMAND FOR RENTAL UNITS IN VICTORIA BRITISH COLUMBIA

The Canada Mortgage and Housing Corporation reported that the Metro Victoria area of BC is experiencing an increased amount in rental housing in all sectors. Much of this is contributing to the demand by the significant post secondary population in the area along with a strong local labor market. These statements and figures come from the rental market report issued in 2008 by Canada Mortgage and Housing Corporation.

VERY LITTLE NEW SUPPLY OF PURPOSE-BUILT RENTAL UNITS

According to Canada Mortgage and Housing Corporation, despite the extreme demand for rental housing in Victoria BC, only 45 purposed built rental starts occurred in Victoria for the first 10 months of 2008. This is caused a panic for tenants and an extreme appreciation of condominium prices in Victoria BC.

SECONDAY RENTAL MARKET BECOMING INCREASINGLY IMPORTANT

The Canada Mortgage and Housing Corporation report states that since there is limited stock of purposed-built rental units in Victoria BC, a strong demand has occurred for rental units to be created by home owners, which is called the “secondary rental market”. Pressure is being excreted on the local municipality cities to relax their zoning and building codes to permit additional secondary rental units in private homes.

AVERAGE RENTS EDGE UP

The Canada Mortgage and Housing Corporation report states that last fall in Victoria BC a one bedroom apartment that used to rent for $764.00 is now renting for $965.00 compared to the same period last year. A two bedroom units that rented last year for $744.00 are now renting for $931.00, which is approximately 25% increases.

Government sources say that with this increase cost, welfare recipients are hard pressed to rent anything in Victoria BC.

STRONG RENTAL MARKET DEMAND TO CONTINUE

Canada Mortgage and Housing Corporation is projecting that vacancy rates in Victoria BC will remain the lowest in the country in 2009. Mainly due to non-construction of rental units and a significant increase in migration. In fact, Canada Mortgage and Housing Corporation is predicting that the vacancy rate in Victoria BC for the period ending 2009 will be 0.3%, which is an astonishing low vacancy rate.

RENTAL AFFORDABILITY INDICATOR

Canada Mortgage and Housing Corporation affordability indicator indicates that the value of 100 suggests that 30% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.

NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008

Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Kelowna BC.

Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.

You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64471/64471_2008_A01.pdf

Calgary, Alberta - Credit Kevin Saff, Flickr

The Calgary Alberta has had one of the biggest rental market increase in vacancies in the country. In fact, the apartment vacancy rate rose from 0.6% the previous year, to 2.1% in October 2008. The vacancy rate for town house rentals was up to 2.7% from 0.6% the previous year. In a stunning figure, even though the rental housing stock has decreased by 1314 units in 2008, over the same period in 2007 there was still a 2.1% increase in the vacancy rates.

It is desperate times for landlords in the city of Calgary Alberta, once again.

CALGARY RENTAL MARKET SURVEY AS VACANCY RATE EDGES UP

The Canada Mortgage and Housing Corporation reported that net migration to the City of Calgary amounted to 12441 in 2008, down 29% or 5190 fewer people from a year earlier. The biggest increase in vacancy rate occurred in one-bedroom type units at 2.9% in 2008, as opposed to 0.6% in 2007. The lowest vacancy rate in Calgary Alberta is 1.8% in structures of 3-5 units. The highest vacancy rates, surprisingly occurs, in units that are rented for less than $600.00 per month. These statements and figures come from the rental market report issued in 2008 by Canada Mortgage and Housing Corporation.

VERY LITTLE NEW SUPPLY OF PURPOSE-BUILT RENTAL UNITS

According to Canada Mortgage and Housing Corporation, despite the lack of demand for rental housing in Calgary Alberta, there were 155-purposed built rental starts occurred in Calgary for the first 10 months of 2008. This is caused a gluten of vacant apartment units in Calgary Alberta.

SECONDAY RENTAL MARKET BECOMING INCREASINGLY IMPORTANT

The Canada Mortgage and Housing Corporation report states that since there is limited stock of purposed-built rental units in Calgary Alberta, a strong demand has occurred for rental units to be created by homeowners, which is called the “secondary rental market”. Pressure is being excreted on the local municipality cities to relax their zoning and building codes to permit additional secondary rental units in private homes.

AVERAGE RENTS LEVELLING IN 2009

The Canada Mortgage and Housing Corporation report states that last fall in Calgary Alberta, a one-bedroom apartment that used to rent for $1,148.00 is now renting for $1,150.00 compared to the same period last year. A two-bedroom unit that rented last year for $1,212.00 is now renting for $1,230.00, which is approximately a 0.01% increase.

Government sources say that with this increase cost, welfare recipients are hard pressed to rent anything in Calgary Alberta.

CONDOMINIUM VACANCY RATE INCREASED IN 2008

Canada Mortgage and Housing Corporation is projecting that vacancy rates in condominiums in Calgary Alberta will increase in 2009. Mainly, due to migration out of Calgary Alberta, as the demand for oil and the price of oil decreases. In fact, Canada Mortgage and Housing Corporation is predicting that the vacancy rate in Calgary Alberta in condominiums for the period ending 2009 will be 4.8%, which is an astonishing increase in the vacancy rate.

RENTAL AFFORDABILITY INDICATOR

Canada Mortgage and Housing Corporation affordability indicator indicates that the value of 100 suggests that 30% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.

NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008

Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Kelowna BC.

Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.

You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64371/64371_2008_A01.pdf