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82 - Friday. December 13, 1996 - North Shore News

HIGH vacancy rates moderated over
the past 12 months in a number of
Canadian centres, while the supply
of available rental accommodation
increased in some centres with lower
vacancy rates, according to the latest
Rental Market Survey released by
Canada Mortgage and Housing
Corporation (CMHC).

~« “Vacancy rates increased in many centres
“because more first ime buyers moved out of
rental units,” said CMHC market analyst
Bruno Duhamel. “The lowest mortgage rates
in over 30 years, strengthening employment
and an ample supply of affordable housing
have created ideal home buying conditions for
many.”

Declining vacancy rates were reported in
many Western centres, The greatest vacancy
rate declines between October 1995 and
October 1996 were in Edmonton (10.2 to
7.64) and Calgary (3.6 to 1.5%). Regina,
Saskatoon and Vancouver also had lower
vacancy rates compared to October 1995.

The lowest vacancy rates across the country
were in Saskatoon (0.7%), Vancouver (1.1%),
Toronto (1.2%), Calgary (1.5%) and Kitchener
(1.8%).

Vacancy rates increased in seven out of eight
centres between Windsor and Ottawa in
Ontario. In the Toronto area, vacancies
increased from 0.8% to 1.2 over the last year,
ending a trend to persistently lower vacancies
that started in October 1992. Windsor,

“Oshawa and Hamilton also experienced an

improvement in vacancy rates between
October 1995 and October 1996.

A number of centres have lower vacancy
rates compared to a year ago. In Montreal,
high vacancy rates have started to ease, drop-
ping to 5.7% in October 1996, from 6.2% a
year earlier. This is the lowest October level

Rental vacancies
ine in West

“Vacancy rates increased in
many centres because more
first time buyers moved out
of rental units. The lowest
mortgage rates in over 30
years, strengthening
employment and an ample
supply of affordable housing
have created ideal home
buying conditions for many.”
— Bruno Duhamel, CMHC market analyst

since 1990. Chicoutimi and Hull also had
lower vacancy rates compared to a year ago.

“The vacancy situation in Adantic Canada’s
major centres did not improve in the last year,”
said Duhamel. “Vacancy rates in St. John’s
(15.4%), Saint John (9.1%) and Halifax (8.7%)
all increased and are now the highest in the
country.”

Canada’s overall vacancy rate was 4.3%, the
same as October 1995, CMHC is forecasting
the overall vacancy rate will moderate slightly
to 4.1% by next October. Fifteen centres are
expected to have lower vacancy rates, eight
centres will have more vacancies and three cen-
tres will have stable vacancy rates in 1997.

The results of CMHC’s annual rent survey
show that centres with the highest average
rental costs are found in the markets with per-
sistently low vacancy rates.

The highest monthly rents for a two bed-
room dwelling were reported in Vancouver
($845) and Toronto ($819). The lowest rental
costs were reported in Trois-Rivieres ($405),
Chicoutimi ($433) and Sherbrooke ($426).

.
Abridge overcalmwater
THE quiet calm beneath the Second Narrows Bridge belles the hectic ‘conimuter
traffic that buzzes across the span 24 hours a day. rare a

as a member of the Better :
Business Bureau” 5
Reg. no 10988 ©

' SUEDANIEL NANCY CHALMERS SUSAN HILTON MARY MCMURDO
a #1-3046 Edgemont Boulevard, North Vancouver

986-9877 926-0090

Offices in Vancouver, Richmond and the North Shore

She festive season alouys: brings

warne recollections. of friendships Fea

$

and assoctations. that. we value, §
Here's wishing, you and. your

Sumy a: OY ous: holiday and
hoppy ee Lear ‘filled totth

good health aud. good, spars!

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working with the Central City ~
Mission conducting a drive
for the homeless. Help keep
someone warm this winter!
Please bring your gifts to the
drop box at our office in
Edgemont Village!

Narrows, shopping, and transportation. Unique
and exciting setting. Be quick! They're almost

all gone. 4
NY

Residential ¢ Commercial @ Project Marketing