This is a press release from Canada Mortgage and Housing Corporation (CMHC) that I found rather interesting.

If you’re reading this blog article and are presently renting, have you or do you find it difficult to find rentals in the Niagara Region. Please share your stories with us?

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TORONTO, DECEMBER 13, 2007 – According to the 2007 Rental Market Report for the St. Catharines-Niagara Census Metropolitan Area (CMA) released today by Canada Mortgage and Housing Corporation (CMHC), the October rental apartment vacancy rate edged down to four per cent in 2007 from 4.3 per cent in 2006.

“The small decrease in the vacancy rate was mainly due to increased service sector employment. Nevertheless, rental demand was weak as renters continued to move into homeownership and fewer migrants settled in this CMA.” commented David Lan CMHC’s St. Catharines-Niagara Market Analyst. “The overall vacancy rate remained above its historical average.”

“This year, a number of rental apartment buildings in the St Catharines-Niagara CMA have been converted into condominiums. This decrease in the rental stock also contributed to the small decrease in the overall vacancy rate,” added Lan.

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Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

To obtain a free copy of the 2007 St. Catharines-Niagara CMA Rental Market Report, please visit the CMHC Website, www.cmhc.ca.

For further information, please contact/Pour obtenir de plus amples renseignements, veuillez communiquer avec :
St. Catharines-Niagara CMA: David Lan, Market Analyst, (416) 218-3424
Ontario: Ted Tsiakopoulos, Regional Economist, (416) 218-3407
Canada: Bob Dugan, Chief Economist (613) 748-4009

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