Sunday, June 22, 2008

CMHC reports on Rental Market Outlook for 2008

Rental Market Outlook for 2008

Demand for rental housing in 2008
will remain on par with what was
experienced in 2007. The overall
apartment vacancy rate will be 3.5
per cent. The average two-bedroom
rent will increase by 1.5 per cent.
The movement to home ownership
will continue to be a drag on the
rental market, but in a different
fashion. While both existing and new
home sales are forecast to edge
slightly lower next year, first-time
buyers will continue to vacate rental
accommodation in favour of home
ownership. This movement, however,
will be based on a strong increase
in condominium apartment
completions in 2008. More than
double the number of condominium
apartment completions experienced
in 2007 will occur next year. In
addition, investor-held condominium
apartments in the secondary rental
market will attract some renter
households out of the primary rental
market, due to a higher level of
finishings and amenities.
Factors that will continue to influence
the demand for rental include
the following:
• Growth in youth employment
will continue due to tight labour
market conditions;
• Immigration will continue to
trend upward; and
• Rental affordability will continue
to improve as household earnings
outstrip growth in average
• rented freehold row/town
• rented duplex apartments;
• rented accessory apartments;
• rented apartments which are
part of a commercial or other
type of structure containing one
or two dwelling units.

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