REAL ESTATE
Rental market vacancies rise

OVER TWO-THIRDS of
rental markets across the
country have healthy vacan-
cy rates above 3%, accord-
ing to Canada Mor(gage
and Housing Corporation's
(CMHC’'s) April Rental
Vacancy Survey, released
. June}.

All regional rates increas-
ed, except for Quebec,
allowing the national
average rate to remain
stable at 4.4% as of April,
1992. While a vacancy rate
of 3% or more provides
renters with a reasonable
choice of units, a lower rate
is required in certain mar-
kets to stimulate investment.

“The lower demand and

are due to a number of fac-
tors, explained Bruno
Duhamel, CMHC's market
analyst. “‘Unemployment is
causing some people to
double up, while a growing
number of renters are mov-
ing into home ownership
because lower housc prizes
and mortgage interest rates
have improved affordability.
In addition, lower down
payment requirements have
improved accessibility.
While these factors have in-
creased the number of units
available, some markets are
simply feeling the effect of
over building,’’ he added.
Although vacancy rates
declined in all Quebec cen-

some of the highest vacancy
rates in the country with
Sherbrooke reporting 8.6%,
Trois-Rivieres at 7.9% and
Montreal at 6.4%. The low
level of rental construction
is starting to have a positive
impact on the high level of
vacancies in Quebec.

Other areas’ with very
high vacancy rates are in the
Prairie and Atlantic regions
and include Saskatoon at
7.6%, St John’s at 7.3%,
Saint John and Winnipeg at
5.9% and Halifax at 5.5%.

Although vacancy = rates
increased in Ontario, this
province still reported the
five lowest vacancy rates in

Friday. June 5, 1992 - North Shore News - 63

CLOSE TO HANDSWORTH SCHOOL!

ample supply of rental units tres, the province still has the country. |

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263-1911 1992
5 YEARS

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MA“ DONALD REALTY (1974) LTD. AL Square No. 208 21cS West 38th Ave.
Vancouver BC. VEM IRS, Jelex 045 1296 © Fax (604) 265-3514

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MACDONALD
REALTORS

ALLAN PALMER, IAN ROSS,
RUBY LEUNG, PETER MATOSSIAN

263-1911