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FOR IMMEDIATE RELEASE VACANCY RATES FELL IN HAMILTON AND BRANTFORD

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FOR IMMEDIATE RELEASE VACANCY RATES FELL IN HAMILTON AND BRANTFORD Powered By Docstoc
					FOR IMMEDIATE RELEASE VACANCY RATES FELL IN HAMILTON AND BRANTFORD THIS YEAR
TORONTO, DECEMBER 11, 2008 - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2008 Rental Market Report for the Hamilton and Brantford Census Metropolitan Areas (CMA) today. Highlights of the Report are as follows: • The vacancy rate for privately initiated rental apartments in the Hamilton CMA was 3.2 per cent in 2008, down from 3.5 per cent Vacancy Rate Declines in Hamilton and Brantford in October 2007. In the Brantford 8 CMA, the vacancy rate decreased to 7 Hamilton 6 2.4 per cent from 2.9 per cent.
Avg Private Apartment Vacancy Rate (%), 3+ units 5 4 3 2 1 0 1988
Source: CMHC

Brantford

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The lowest apartment vacancy rate, 1.4 per cent, occurred in Burlington. The Hamilton CMA townhouse vacancy rate decreased to 1.1 per cent this year from 4.3 per cent in 2007.

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The average rent for all apartments increased by 1.3 per cent in the Hamilton CMA and by 2.7 per cent in the Brantford CMA. The percentage change of average rent in the Hamilton CMA was higher for bachelor, one bedroom and two bedroom units, as compared to last year, and lower for three bedroom units. In 2009, the vacancy rate is expected to edge lower to 3.0 per cent and 2.2 per cent in Hamilton and Brantford, respectively .

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“Fewer first-time buyers purchased a home this year, choosing instead to remain in the rental market,” noted Sarah Fong, CMHC Senior Market Analyst for the Hamilton-Brantford area. “Rents were up less than inflation, which helped to attract and retain renters,” added Fong. …/2

-2– As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes ---homes that will continue to create vibrant and healthy communities and cities across the country. - 30 – For more information, visit www.cmhc.ca or call 1 800 668-2642.

For further information, please contact/Pour obtenir de plus amples renseignements, veuillez communiquer avec : Hamilton and Brantford: Sarah Fong (416) 250-3294 or sfong@cmhc.ca En Français: David Lan, (519) 873-2426 ou DLan@schl.ca Ontario: Ted Tsiakopoulos, Regional Economist, at (416) 218-3407 or ttsiakop@cmhc.ca Canada: Julie Girard at (613) 748-4684 or jagirard@cmhc.ca


				
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