October 2013 Rental Market in Greater Sudbury

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in the Greater Sudbury Census Metropolitan Area (CMA) was 3.4 per cent in October, 2013, up from 2.7 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The rental market in Greater Sudbury offered renters more choices due to higher vacancy rate and stable rents. On the one hand, weaker employment conditions for young adult households combined with negative net migration led to lower rental demand. On the other hand, more rental households moving to homeownership increased the number of units available for rent. Together these demand and supply factors led to a softer rental market," said Jawad Ahmad, CMHC's Market Analyst for Greater Sudbury.

On the basis of a sample of structures common to both the 2012 and 2013 surveys², the average two-bedroom rent remained statistically unchanged in Greater Sudbury this year.

The apartment vacancy rate in all zones in Greater Sudbury increased from the previous year. Areas in Zone-1 Lockerby where there is a high concentration of newer and larger rental buildings continued to have the lowest vacancy rates. The vacancy rate in Zone-1 Lockerby reached 1.6 per cent in October 2013. This was up from 1.3 per cent in October 2012.

Rental Market data is also available in English and French at the following link: CMA Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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¹ The survey is based on privately-initiated rental apartment structures of three or more units.

² Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

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A table is available at the following address: http://media3.marketwire.com/docs/917297a.pdf