Vacancy rates drop

APARTMENT VACANCY
rates Will start to fallin moss.
af Canada’s 26 metropolitan
areas, according to forecasts
by Canada Mortgage and
Housing Corporation
(CMHC).

CMHC also forecasts the
overall vacaney rite across
major centres will dip from
4.6% this year to 4.1% in
October 1995.

This will follow a drop
fram 4.8% in 1993 to 4.6%
this year, This year’s drop
was chiefly due to lower
‘acancy rates in the three
biggest markets while next
vear's will be due to declines
across most markets,

“Vaeaney fates will
decline in aiost cities because
of increasing jeb growth,
reduced construction of
rental housing and) fewer
renters buving hoines.” says
Dan Guerrette, Senior Market
Analyst at CMC's: Market
Analysis Centre.

For the first time in three
years, Canada had a major
centre with a vacancy rate
under 1% in October —
Vancouver (0.8%),

Toronto (1.2%) and
Windsor (1.6%) were close
behind.

Lower vacancy rates in
Vancouver and Toronta were
siused by higher mortgige

Personalized

rates which discouraged
renters from buving. Toronts
also had considerably fewer
new rentil units completed in
the last year compared with
the previous year.

The biggest vacaney nite
declines between October
19903 and October 1994
oceurred in St. John's (from
8.8 to 7.1%) and in three
southern Ontario centres —
Kitchener, Oshawa and
Windsor,

The results of CMHC's
annual rent survey show that
centres with the highest aver-
age rental costs are found in
the market with the lower
vacuney rates.

on

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623-5505

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623-5617

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