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Minister Solberg Announces Reappointment to CMHC BoardOTTAWA, Ontario, June 27, 2008 — The Honourable Monte Solberg, Minister of Human Resources and Social Development, and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced today the reappointment of Harold Calla to CMHC's Board of Directors, for a four-year term. Mr. Calla was first appointed to the Board of Directors of Canada Mortgage and Housing Corporation in June 2005, and will continue to serve as the representative of the B.C. region. “Mr. Calla brings to the position extensive experience in housing and governance-related issues,” said Minister Solberg. “I am confident that Mr. Calla's expertise will continue to be of tremendous value to CMHC and the millions of Canadians that the Corporation serves.” Mr. Calla is a member of the Squamish Nation located in North Vancouver, British Columbia. After many years of experience in international business, he has held a number of positions within the Squamish Nation relating to economic development, land management and finance. Mr. Calla has also acted as a financial advisor and an arbitrator for various First Nations throughout Western Canada. He serves as Chairman of the First Nations Financial Management Board, as a member of the First Nations Advisory Committee on Taxation, and as Director on the Board of Partnerships British Columbia, a provincial Crown corporation mandated to look at public, private partnerships as a delivery model in responding to B.C.'s infrastructure needs. Mr. Calla was recently appointed to the Board of Directors of Terasen Inc., an energy company based in British Columbia. 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. Media inquiries: Lesley Harmer BackgrounderHarold Calla was reappointed to the Board of Directors of Canada Mortgage and Housing Corporation in June 2008, for a four-year term, by the Government of Canada. He was first appointed in June 2005. Mr. Calla is a member of the Squamish Nation located in North Vancouver, British Columbia. After many years of experience in international business, he came to work with the Squamish Nation in 1986. Mr. Calla has held a number of positions within the Squamish Nation relating to economic development, land management and finance. He has also acted as a financial advisor and an arbitrator for various First Nations throughout Western Canada. Mr. Calla serves as Chairman of the First Nations Financial Management Board, one of four institutions created under the First Nation Fiscal and Statistical Management Act to support Aboriginal economic development. He also serves as Director on the Board of Partnerships British Columbia, a provincial Crown corporation mandated to look at public, private partnerships as a delivery model in responding to B.C.'s infrastructure needs. Mr. Calla was recently appointed to the Board of Directors of Terasen Inc., an energy company based in British Columbia. Harold Calla is a recipient of numerous awards in recognition of excellence in leadership. He brings with him a wealth of experience in housing related areas. Archive: /mortgage-news/archive/2008/2008-06-27_CMHC-minister_solberg_announces_reappointment.stm Building Affordable Housing Together in Northeast CalgaryCALGARY, Alberta, June 27, 2008 — Families in the Calgary community of Vista Heights will have access to more affordable housing after a grand opening ceremony was held today for a $10.55 million, 41-unit three-storey, multi-family housing development that will provide affordable rents for working singles, couples, families with children and persons with accessibility issues. Participating in the grand opening ceremony were representatives of the Government of Canada, the Government of Alberta, and the City of Calgary. “Our government is delivering on its commitment to create affordable housing in Alberta and across Canada for those who need it most,” said Art Hanger, Member of Parliament for Calgary Northeast, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development, “This investment will provide safe, affordable and quality housing for working families and persons with accessibility issues in the Calgary community of Vista Heights so they can begin to build safer, stronger and better futures for themselves.” “Safe, affordable housing is one of the top priorities for this government,” said Yvonne Fritz, Minster of Housing and Urban Affairs. “The Vista Grande complex is an excellent example of what can be achieved through strong partnerships and innovative thinking.” Funding for the project includes $4.1 million in capital funding from the federal and provincial governments under the Canada – Alberta Affordable Housing Partnership Initiative (AHPI), and $6.45 million (including land) from the City of Calgary. Located in close proximity to schools, parks, shopping and transit, the Vista Grande Project has convenient access to downtown and employment areas. The Vista Grande location also provides a unique view of downtown Calgary and the Rocky Mountains. “The Vista Grande development will be a real asset to the Vista Heights community,” said Deputy Mayor and Ward Alderman Andre Chabot. “Not only will it introduce new attractive housing into the community, but it will revitalize the population with new school children, an expanded labour pool, more volunteers and new customers for local businesses. It's a real win-win situation for both the community and the city.” The Vista Grande Project will not require any operating subsidies. It will operate on a break-even basis to ensure operational sustainability and net social benefit over the long term. The Calgary Housing Company will operate and manage the facility. Media Contact: Conrad Hild Kimberlee Jones Bill Strickland Archive: /mortgage-news/archive/2008/2008-06-27_CMHC-building_affordable_housing_together.stm Construction to Begin on New Affordable Housing Complex in CalgaryCALGARY, Alberta, June 26, 2008 — Individuals, families and children in Calgary are one step closer to more affordable housing following a sod-turning ceremony in the community of Hillhurst – Sunnyside. The Brenda Strafford Foundation Affordable Housing Initiative will feature 83 two-bedroom apartments of which 33 units are targeted to support women and families leaving domestic violence. The Calgary Housing Company currently provides 24 units of housing to Foundation clients. When the new project is complete, those units will be returned to Calgary’s affordable housing inventory. “The Government of Canada is committed to making affordable housing available in Alberta and across Canada for those who need it most,” said Deepak Obhrai, Member of Parliament for Calgary East, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development. “The creation of these units here in Calgary will provide women and their children as well families and individuals on low-incomes access to safe affordable and quality housing, helping them to build a stronger future.” “This important affordable housing initiative is supportive and will provide a new beginning for women and their families who have been victims of domestic violence,” said Yvonne Fritz, Minister of Alberta Housing and Urban Affairs. “The Alberta government is pleased to be a partner in bringing affordable housing to these individuals as well as other Calgary families in need.” The project will also create 50 units of new affordable housing for other lower income households in Calgary. Amenities will include a play area for children, private offices for counsellors and support staff, as well as space for group meetings. “This affordable housing project has been at the top of the Foundation’s list for several years, and we are delighted to see the culmination of our efforts has finally brought fruition to the start of construction,” said Dr. Barrie I. Strafford. The Brenda Strafford Foundation Affordable Housing Initiative is close to parks, restaurants and shopping. Representatives of the Government of Canada, the Government of Alberta, the City of Calgary and the Brenda Strafford Foundation participated in the sod turning ceremony. Construction on the project is expected to start in July. Funding for the project includes $7.9 million in capital funding from the federal and provincial governments under the Canada – Alberta Affordable Housing Partnership Initiative, and a land donation from the Brenda Strafford Foundation valued at $2.3 million. Media Contact: Kimberlee Jones Bill Strickland Archive: /mortgage-news/archive/2008/2008-06-26_CMHC-construction_begin_affordable.stm Our Place Opens to Help Homeless in VictoriaVICTORIA, British Columbia, June 24, 2008 — Representatives from all three levels of government and local partners celebrated the official opening of Our Place, a $14 million development helping to break the cycle of homelessness in Victoria today. “The Government of Canada is committed to making affordable housing more available in British Columbia and for those who need it most,” said the honourable Gary Lunn, Minister of Natural Resources and MP for Saanich – Gulf Islands, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development. “The creation of these units will allow lower-income individuals in Victoria to live in safe, quality housing at an affordable cost, helping them to start a new page in their lives.” “Helping people overcome homelessness requires both housing and strong integrated services, and Our Place has both,” said Rich Coleman, Minister of Housing and Social Development. “It is a community of support within itself, providing a home to 45 people and a place where many more can have meals and access the social and health services they need.” Our Place provides 45 units of supportive housing for the neediest residents in Victoria. The development is funded through the Provincial Homelessness Initiative and also provides a broad range of support services to tenants and people who frequent the drop-in centre, including meals, lockers, washrooms, showers, phones, computers and other services. “Our Place is the kind of comprehensive, integrated, client-centred model of support for the most vulnerable in our society that was highlighted in the Mayor’s Task Force report released last October,” said Victoria Mayor Alan Lowe. “Through partnering with government and community organizations, an increased level of supports will be available to people most in need in Victoria.” The development is a result of partnerships between all levels of government, non-profit societies and members of the Victoria community. Our Place is managed by the Our Place Society with Vancouver Island Health Authority (VIHA) providing operating funding for day and residential programs as well as outreach services. “Integrating and enhancing mental health and addictions services is a key priority for VIHA,” said Alan Campbell, director of mental health and addictions services for VIHA. “We are committed to ensuring clients have timely and appropriate access to a range of addictions and mental health services.” “Our Place is home to 45 people who would otherwise have nowhere to live and it is a safe place for countless other people to come during the day to have a meal and to connect with help and support,” said Reverend Allen Tysick, executive director, Our Place Society. “More importantly, Our Place is a family where people who have literally nothing can find hope and a way off the streets.” The Province has committed to creating more than 4,000 new and upgraded supportive housing units in communities across B.C. under the Provincial Homelessness Initiative. Budget 2008 increased the amount the Province invests in affordable housing and shelters to more than $380 million a year, more than three times as much as in 2001. The Government of Canada, through Canada Mortgage and Housing Corporation, will contribute more than $130 million towards affordable housing in this province. Contact:
For more information on government services or to subscribe to the Province’s news feed using RSS, visit the Province’s website at www.gov.bc.ca. BackgrounderOur PlaceOur Place, at 919 Pandora Avenue, is a five-storey concrete building providing 45 units of transitional housing, meal services for tenants and the homeless, a drop-in centre, and support services. Partners and Funding: The capital cost of the development was $14,942,338. Funding contributions include:
Our Place Society The Victoria Open Door Inner City Ministry and Upper Room Society consolidated in 2005 to provide a continuum of supports and services for Victoria’s homeless. The amalgamated societies were renamed the Our Place Society. Archive: /mortgage-news/archive/2008/2008-06-24_CMHC-place_opens_help_homeless_victoria.stm New Affordable Housing Units Open in Oxford CountyWOODSTOCK, Ontario, June 17, 2008 — The Government of Canada, the Government of Ontario and the County of Oxford today held a ribbon-cutting ceremony to mark the official opening of 12 new units at Homestead Christian Care’s Blossom Park Supported Independent Living Apartments, an affordable housing project that provides rental units for lower-income families and individuals under the Canada – Ontario Affordable Housing Program. Dave Levac, Member of Provincial Parliament for Brant, on behalf of the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing; Oxford Warden Paul Holborough; Woodstock Mayor Michael Harding, and federal officials attended the ceremony. “The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said MP Dave Mackenzie on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development Canada. “Here in Woodstock, these new apartments will help lower-income families and individuals, access safe, affordable and quality housing, and build a stronger future.” “Affordable housing is a key part of the McGuinty government’s strategy to build stronger communities and a stronger Ontario,” said MPP Levac. “This project will help lower-income individuals with special needs live with dignity and independence in their own communities.” The $2 million project is sponsored by Homestead Christian Care and received a total of $1 million under the Canada – Ontario Affordable Housing Program. The addition will provide 12 new units of affordable housing for low-income individuals with special needs. The federal and provincial allocations to the project were complemented by more than $475,000 in municipal financial incentives. “Homestead Christian Care and its commitment to Oxford County residents is to be applauded,” said Warden Holborough. “Affordable housing remains a priority with the County and on behalf of the citizens of Oxford, I would like to congratulate all who participated and will continue to participate in this successful venture.” “On behalf of the city of Woodstock, I congratulate Homestead Christian Care on the development of this facility,” said Mayor Harding. “In cooperation with all levels of government, the faith community has come forward and provided a much needed service to our community.” “Homestead Christian Care appreciates the help of our supporting community, the City of Woodstock and Oxford County, and both the federal and provincial governments for making this new facility possible financially,” said Grace Miedema, Community Support Coordinator for Homestead Christian Care. “These new ‘supported living’ units will help towards our goal of providing hope and homes to members of our community who are often marginalized by mental illness.” The Canada – Ontario Affordable Housing Program comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for 20,000 households in Ontario. For further information please contact: Audrey Kim Paul Beaton Adam Grachnik Keith Extance For more information visit: Archive: /mortgage-news/archive/2008/2008-06-17_CMHC-affordable_housing_units_open.stm New Affordable Housing Project Officially Opens in SummersideSUMMERSIDE, Prince Edward Island, June 17, 2008 — More individuals with a disability now have access to more affordable, barrier-free housing with the official opening of the Independence Place project in Summerside. Independence Place, a development by Scotcor Construction Ltd, will provide five two-bedroom and six one-bedroom units on North Duke Street in Summerside. Scotcor Construction Ltd will receive $431,500 under the Canada – P.E.I. Affordable Housing Agreement. The balance of funding will be provided by the developer and through a mortgage loan. The Honourable Peter MacKay, Minister of National Defence, Minister of the Atlantic Canada Opportunities Agency, and Minister responsible for Prince Edward Island, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development, and the Honourable Doug Currie, Prince Edward Island Minister of Social Services and Seniors made the announcement today. “The Government of Canada is committed to making affordable housing more available in Prince Edward Island and across Canada for those who need it most,” said Minister MacKay. “With the opening of this project, individuals in Summerside who are living with disabilities will now have access to quality, affordable rental housing and services to meet their specific needs, while remaining close to their families and friends.” Minster Currie thanked all parties involved for their role in the work leading up to today’s opening including Scotcor Construction, the City of Summerside and the P.E.I. Council of the Disabled. “This complex is beautifully constructed and designed with much care for detail. I commend the Scotcor Construction Ltd for this contribution to the community by improving housing supports for persons with disabilities and their families.” Corinna and Scott Costain, owners of Scotcor Construction said that the project was only possible because of the financial contribution of the Canada P.E.I. Affordable Housing Agreement. “We are pleased to be in a position to help improve the availability of accessible and affordable housing in the Summerside market The Canada – Prince Edward Island Affordable Housing Agreement involves an investment of $8.32 million in the creation of affordable housing units in Prince Edward Island. To date, more than 120 units have been supported by the Agreement in rural and urban communities across P.E.I. The Department of Social Services and Seniors delivers services that touch the lives of nearly every Islander. Staff work with other levels of government and community-based organizations to assist persons with disabilities, children, youth and families, seniors and those in need of financial assistance and affordable housing. For further information, please contact: Verna Lynne Weeks Joel MacDougall BackgrounderCanada – P.E.I. Affordable Housing Program Agreement SummaryObjectives To increase and sustain the supply of new affordable housing in Prince Edward Island. Housing supported by the Canada – P.E.I. Affordable Housing Agreement must be affordable for 10 years. Program Funding under this agreement will be used to create new, additional, affordable housing units for low to moderate income Islanders through rental, conversion and home ownership initiatives. Administration The program is administered by the Prince Edward Island Department of Social Services and Seniors. Prince Edward Island is responsible for the selection of affordable housing projects. Provincial priorities are housing for families, persons with disabilities and persons with special needs. The provincial government has partnered with Habitat for Humanity to deliver the home ownership component. Financial Provisions Maximum CMHC funding under the agreement is $4.16 million to be matched by the Province of Prince Edward Island, municipalities and others partners. Archive: /mortgage-news/archive/2008/2008-06-17_CMHC-affordable_housing_project_officially.stm Bank of Canada keeps overnight rate target at 3 per centOTTAWA, Ontario, June 10, 2008 — The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent. Since the April Monetary Policy Report (MPR), economic developments have been broadly in line with expectations. However, the balance of risks to the Bank's April projection for inflation in Canada has shifted slightly to the upside. Although the composition of U.S. growth has not been favourable for demand for Canadian goods and services, overall, global growth has been stronger and commodity prices have been sharply higher than expected. At the same time, many of the downside risks to inflation identified in the April MPR have eased, while the evolution of credit conditions has been in line with expectations. The risk remains that potential growth will be weaker than assumed. With the decline in first-quarter GDP, the Canadian economy is judged to have moved into excess supply, which is expected to increase this year. Consistent with the April MPR, the Bank continues to project that economic growth will pick up this year and accelerate in 2009, owing in part to a firming of U.S. demand and accommodative monetary policy in Canada. If current levels of energy prices persist, total CPI inflation will rise above 3 per cent later this year. However, with the Canadian economy operating in excess supply, core inflation is expected to remain below 2 per cent through 2009. Both total and core inflation should converge on 2 per cent in 2010 as the economy returns to balance. Against this backdrop, the Bank now judges that the current stance of monetary policy is appropriately accommodative to bring aggregate demand and supply into balance and to achieve the 2 per cent inflation target. There continue to be important downside and upside risks to inflation in Canada, which the Bank will monitor closely. Information note: The Bank of Canada's next scheduled date for announcing the overnight rate target is 15 July 2008. The Bank will publish an updated projection for the economy and inflation, and its assessment of the risks, in the Monetary Policy Report Update on 17 July 2008. Archive: /mortgage-news/archive/2008/2008-06-10_BOC-bank_canada_keeps_overnight_rate.stm Go the Max with MorWEBTORONTO, Ontario, June 09, 2008 — Marlborough Stirling Canada is pleased to announce the recent enhancement of the MorWEB mortgage origination platform to provide an interface to the web-based client relationship management system provided by GoMax Solutions Inc.
GoMax Solutions provides a single gateway website that allows mortgage brokers to personalize and manage a website hosted by GoMax, and within that portal, they can also handle and track mortgage applications, track commissions and manage clients through their industry leading client management system known as "MyClient". GoMax also gives the mortgage broker a completely paperless platform through its we ased document storage and email tracking systems. Mortgage brokers no longer need to carry around their paper files because GoMax securely stores all of that data along with emails, and tags this information to specific client files. As long as you have access to the internet you have access to all of your clients' past mortgage information, documents and emails, making this a true paperless system. MorWEB now includes a live online link between MorWEB and GoMax so that customer data entered into GoMax can be immediately accessible on the MorWEB platform. Data from the MorWEB system is automatically updated whenever any client or application data is changed, without any user intervention. MorWEB also now has the ability to ingest mortgage applications taken either directly on the GoMax system or through any broker website using their "MySite" web hosting service. Daryl French, President of GoMax Solutions says: "Our goal is to make it easy for mortgage brokers to do business, and by linking our systems into MorWEB we are opening up yet another way for them to efficiently capture and submit their deals. Partnering with MorWEB supports our strategy of helping brokers evolve toward the online and paperless world, where they can easily create and effectively manage their own multi-faceted online presence and ongoing client communication to maintain and grow their book of business." Bill Pitkin, Marlborough Stirling Canada's President and CEO, says: "Mortgage brokering is all about managing relationships, and as a technology provider, we want to make sure that our users have all of the best options available to them. The GoMax platform provides an attractive range of customer relationship management functions that can be used in conjunction with MorWEB to help brokers track, analyze and maintain a comprehensive understanding of their client base and to use that knowledge to grow and better serve their market." For more information about this announcement contact:
About GoMax Solutions Inc. GoMax Solutions Inc. Daryl French Bruce Schoenne
About Marlborough Stirling Canada Archive: /mortgage-news/archive/2008/2008-06-09_MS-go_max_morweb.stm Housing Starts Move Higher in MayOTTAWA, Ontario, June 09, 2008 — The seasonally adjusted annual rate1 of housing starts was 221,300 units in May, up from 213,900 units in April, according to Canada Mortgage and Housing Corporation (CMHC). “Housing starts in May moved up from the strong level posted in April. Most of the increase reflected a rise in single starts, which in April had reached their lowest level since May 2001,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. In May the seasonally adjusted annual rate of urban starts edged up by 4.0 per cent to 192,800 units compared to April. Urban multiples rose 1.9 per cent to 116,100 in May, while singles increased 7.3 per cent to 76,700 units. The seasonally adjusted annual rate of urban starts went up in all regions of Canada, except Ontario, which saw a decrease of 7.4 per cent to 67,600 in May. Urban starts increased to 8,900 units in Atlantic Canada, 44,100 units in Quebec, 36,800 units in the Prairies, and 35,400 units in British Columbia. In terms of single urban starts, all regions were up in May. Rural starts were estimated at a seasonally adjusted annual rate of 28,500 units in May2. For the first five months of 2008, actual starts in rural and urban areas combined were up an estimated 0.7 per cent compared to the same period last year. Year-to-date actual starts in urban areas have increased by an estimated 5.6 per cent over the same period in 2007. Actual urban single starts for the five months of this year were 14.8 per cent lower than they were a year earlier, while multiple starts increased by 22.7 per cent over the same period. 1. All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. 2. CMHC estimates the level of rural starts for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in rural areas and revises the estimate. As Canada’s national housing agency, CMHC draws on over 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. For more information, call 1-800-668-2642. Information on this release: Julie Girard For regional starts information contact: Atlantic provinces: Alex MacDonald Quebec: Kevin Hughes Ontario: Ted Tsiakopoulos Prairie provinces: Richard Corriveau British Columbia: Carol Frketich
Source: CMHC Archive: /mortgage-news/archive/2008/2008-06-09_CMHC-housing_starts_move_higher_may.stm New Affordable Housing Project in BathurstBATHURST, New Brunswick, June 09, 2008 — The Government of Canada and the Province of New Brunswick officially announced a new affordable housing project for low-income individuals in Bathurst today. Funded under phase III of the Canada – New Brunswick Affordable Housing Agreement, the project will create 14 new units, of which seven are affordable housing units. The Honourable Mary Schryer, New Brunswick Minister of Social Development, along with the Honourable Greg Thompson, Minister of Veterans Affairs, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development, made the announcement today. “If we want low-income individuals to stay active members of their community, they should have access to quality and affordable housing”, said Minister Schryer. “We are pleased to join our partners in this project in order to improve the housing stock in Bathurst." "The Government of Canada is committed to making quality, affordable housing available in New Brunswick and across Canada for those who need it most," said Minister Thompson. "The creation of these units will provide low-income individuals in Bathurst with safe, quality housing at an affordable cost which will help them build a better and stronger future." The $680,000 housing project will be located at 1115 Victoria St, Bathurst. The project will receive $210,000 in federal funding to offset the construction costs, as well as $271,800 in rent supplements from the Province of New Brunswick for 7 units. The objective of the Canada – New Brunswick Affordable Housing Agreement is to create and sustain rental housing for low- to moderate-income New Brunswick households through new construction or rehabilitation. Housing must be affordable for at least 10 years. Funding is available to private non-profits, cooperatives, community or private developers interested in developing projects for low- to moderate-income families, seniors, non-elderly singles, disabled persons and persons with special needs. Proponents can submit proposals to a regional office of the Department of Social Development. Projects will be selected based on their viability and their capacity to respond to housing needs for either seniors, low income families, non elderly singles, or persons with disabilities. Proposal development funding is available for non-profit organizations to help them prepare and develop their project. For further information, please contact: Robert Duguay Patricia Montreuil Archive: /mortgage-news/archive/2008/2008-06-09_CMHC-affordable_housing_project_bathurst.stm National Rental Vacancy Rate Edges LowerOTTAWA, Ontario, June 05, 2008 — The average rental apartment vacancy rate in Canada's 35 major centres1 decreased slightly to 2.6 per cent in April 2008, from 2.8 per cent in April 2007, according to the spring Rental Market Survey2 released today by Canada Mortgage and Housing Corporation (CMHC). “The Canadian economy remains very supportive of strong demand for both ownership and rental housing thanks to solid job creation and healthy income gains,” said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. “High levels of immigration and the increasing gap between the cost of home ownership and renting continue to drive rental demand in 2008. These factors have put downward pressure on vacancy rates over the past year.” The results of CMHC’s spring survey reveal that the major centres with the lowest vacancy rates in April 2008 were Victoria (0.3 per cent), Kelowna (0.3 per cent), Greater Sudbury (0.7 per cent), Vancouver (0.9 per cent), and Saskatoon (0.9 per cent). A unit is considered vacant if, at the time of the survey, it is physically unoccupied and ready for immediate rental. In other words, a new tenant can sign a lease for a vacant unit and move in immediately. All major centres in British Columbia except for Abbotsford, posted a vacancy rate below one per cent due to rising migration to British Columbia and relatively high home ownership costs that have resulted in increased rental demand. Provincially, vacancy rates were lowest among the western provinces, especially Manitoba (1.0 per cent), Saskatchewan (1.2 per cent), and British Columbia (1.1 per cent). This is largely due to the migration of workers from Central and Atlantic Canada, who settle in rental housing upon their arrival in the western provinces. As for Alberta, both Edmonton and Calgary have seen increases in the vacancy rate, mainly due to reduced migration into the province and increased supply of non-traditional forms of rental accommodations such as rented condominiums and basement apartments. At the other end of the spectrum, the major urban centres with the highest vacancy rates were Windsor (13.2 per cent), Moncton (5.5 per cent), and Hamilton (4.7 per cent). The highest average monthly rents for two-bedroom apartments in Canada’s major centres were in Calgary ($1,096), Toronto ($1,075), Vancouver ($1,071), and Edmonton ($1,000). Of all the major centres, these four were the only ones with average rents at or above $1,000. The lowest average monthly rents for two-bedroom apartments were in Saguenay ($497), and Trois-Rivières ($501). Year-over-year comparison of rents can be slightly misleading because rents in newly-built structures tend to be higher than in existing buildings. Therefore, CMHC provides an analysis of rents that excludes new structures, resulting in a better indication of actual rent increases paid by tenants. Overall, the average rent for two-bedroom apartments in existing structures across Canada’s 35 major centres increased by 3.6 per cent between April 2007 and April 2008. While the average rent for two-bedroom apartments in existing structures increased in all major centres, rent increases were particularly strong in Saskatoon (21.3 per cent), Edmonton (13.7 per cent), Regina (10.4 per cent), and Abbotsford (9.1 per cent). When these four centres are excluded, the average rent increase in existing structures in the remaining 30 centres was only 2.3 per cent. CMHC’s spring Rental Market Survey found that the average rental apartment availability rate in Canada’s 35 major centres was 4.9 per cent in April 2008 down from 5.4 per cent in April 2007. A rental unit is considered available if the unit is vacant (physically unoccupied and ready for immediate rental), or if the existing tenant has given or received notice to move and a new tenant has not signed a lease. Availability rates were highest in Windsor (15.6 per cent), Hamilton (8.1 per cent) and Moncton (6.4 per cent), while the lowest rates were in Kelowna (1.3 per cent), Vancouver (1.3 per cent) and Winnipeg (1.5 per cent). As Canada’s national housing agency, CMHC draws on over 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. 1 Major centres are based on Statistics Canada Census Metropolitan Areas (CMAs) with the exception of the Ottawa – Gatineau CMA which is treated as two centres for Rental Market Survey purposes and Charlottetown which is a Census Agglomeration (CA). 2 CMHC’s Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres over 10,000 population across Canada. Reports are released in June and December. The spring survey covers apartment and row structures containing at least three rental units, and unlike the fall survey does not report information on:
For further information contact: Julie Girard To access CMHC’s 2008 reports on the rental market select from the links below:
Rental Market Indicators
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| Centres | Vacancy Rates (%) | Availability Rates (%) | Average Rent 2 Bedroom ($) (New and existing structures) |
Percentage Change of Average Rent Two Bedroom (2) From Fixed Sample (Existing structures only) |
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| Apr-07 | Apr-08 | Apr-07 | Apr-08 | Apr-07 | Apr-08 | Apr-06 to Apr-07 |
Apr-07 to Apr-08 |
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| Newfoundland & Labrador 10,000+ | 4.2 | a | 3.2 | a | 4.8 | a | 4.1 | a | 560 | a | 581 | a | n/a | 2.8 | a | ||
| St. John's CMA | 4.6 | a | 3.7 | a | 5.3 | a | 4.8 | a | 602 | a | 614 | a | n/a | 2.5 | a | ||
| Prince Edward Island 10,000+ | 5.7 | a | 4.9 | a | 8.4 | a | 6.5 | a | 640 | a | 653 | a | n/a | 2.1 | c | ||
| Charlottetown CA | 5.3 | b | 5.2 | a | 8.5 | a | 7.1 | a | 653 | a | 665 | a | n/a | ** | |||
| Nova Scotia 10,000+ | 3.8 | a | 3.4 | a | 4.7 | a | 4.1 | a | 757 | a | 789 | a | n/a | 2.1 | b | ||
| Halifax CMA | 3.6 | a | 3.2 | a | 4.6 | a | 4.0 | a | 793 | a | 827 | a | n/a | 2.1 | b | ||
| New Brunswick 10,000+ | 6.0 | a | 5.3 | a | 6.7 | a | 5.9 | a | 610 | a | 635 | a | n/a | 2.0 | b | ||
| Moncton CMA | 6.1 | a | 5.5 | a | 6.8 | a | 6.4 | a | 631 | a | 665 | a | n/a | 2.0 | b | ||
| Saint John CMA | 5.7 | b | 4.3 | b | 6.7 | b | 4.9 | b | 568 | a | 604 | a | n/a | 3.2 | c | ||
| Québec 10,000+ | 2.4 | a | 2.5 | a | 5.8 | a | 5.6 | a | 603 | a | 615 | a | n/a | 3.6 | d | ||
| Ottawa – Gatineau CMA (Que. Part) | 2.8 | a | 4.1 | b | 4.2 | b | 4.5 | b | 654 | a | 674 | a | n/a | 2.3 | b | ||
| Montréal CMA | 2.9 | a | 2.8 | a | 6.3 | a | 5.8 | a | 630 | a | 643 | a | n/a | ** | |||
| Québec CMA | 0.9 | a | 1.1 | a | 4.6 | b | 5.1 | b | 638 | a | 641 | a | n/a | 2.5 | c | ||
| Saguenay CMA | 3.3 | c | 1.8 | b | 8.8 | b | 5.6 | b | 491 | a | 497 | a | n/a | ** | |||
| Sherbrooke CMA | 1.6 | b | 2.1 | b | 5.2 | b | 5.4 | b | 529 | a | 540 | a | n/a | 4.9 | c | ||
| Trois-Rivières CMA | 1.0 | a | 1.3 | a | 3.6 | b | 4.0 | b | 482 | a | 501 | a | n/a | 1.2 | d | ||
| Ontario 10,000+ | 3.9 | a | 3.1 | a | 6.4 | a | 5.4 | a | 921 | a | 931 | a | n/a | 1.6 | a | ||
| Barrie CMA | 3.5 | c | 2.9 | b | 6.0 | c | 5.9 | b | 929 | a | 941 | a | n/a | 4.2 | d | ||
| Brantford CMA | 2.1 | b | 2.3 | a | 3.3 | c | 2.7 | a | 735 | a | 737 | a | n/a | 1.3 | d | ||
| Greater Sudbury CMA | 0.9 | a | 0.7 | a | 2.2 | a | 1.7 | a | 723 | a | 781 | a | n/a | 7.2 | c | ||
| Guelph CMA | 3.2 | b | 2.5 | a | 6.1 | a | 5.0 | a | 838 | a | 856 | a | n/a | 1.6 | a | ||
| Hamilton CMA | 4.3 | a | 4.7 | a | 7.4 | a | 8.1 | a | 802 | a | 815 | a | n/a | 1.2 | a | ||
| Kingston CMA | 4.1 | b | 2.6 | a | 7.8 | b | 4.0 | b | 839 | a | 863 | a | n/a | 3.8 | b | ||
| Kitchener CMA | 4.0 | b | 2.0 | a | 7.0 | a | 4.5 | a | 839 | a | 838 | a | n/a | 0.9 | a | ||
| London CMA | 3.7 | a | 3.0 | a | 7.1 | a | 6.1 | a | 795 | a | 814 | a | n/a | 2.2 | a | ||
| St. Catharines – Niagara CMA | 3.9 | b | 3.7 | b | 6.9 | a | 5.4 | a | 760 | a | 774 | a | n/a | 2.8 | b | ||
| Oshawa CMA | 3.9 | b | 4.2 | b | 5.5 | a | 6.0 | b | 867 | a | 881 | a | n/a | 1.1 | d | ||
| Ottawa – Gatineau CMA (Ont. Part) | 2.2 | a | 2.2 | a | 5.3 | a | 5.1 | a | 961 | a | 957 | a | n/a | 1.5 | a | ||
| Peterborough CMA | 3.5 | b | 3.1 | b | 6.6 | b | 5.8 | a | 815 | a | 819 | a | n/a | 1.2 | d | ||
| Thunder Bay CMA | 5.5 | b | 3.6 | b | 6.7 | b | 5.4 | b | 693 | a | 714 | a | n/a | 1.6 | b | ||
| Toronto CMA | 4.0 | b | 2.8 | a | 6.4 | a | 4.9 | a | 1,073 | a | 1,075 | a | n/a | 1.2 | a | ||
| Windsor CMA | 11.6 | a | 13.2 | a | 15.0 | a | 15.6 | a | 769 | a | 770 | a | n/a | ++ | |||
| Manitoba 10,000+ | 1.4 | a | 1.0 | a | 2.2 | a | 1.5 | a | 715 | a | 726 | a | n/a | 3.1 | b | ||
| Winnipeg CMA | 1.2 | a | 1.0 | a | 2.0 | a | 1.5 | a | 733 | a | 746 | a | n/a | 3.1 | b | ||
| Saskatchewan 10,000+ | 3.2 | a | 1.2 | a | 5.1 | a | 2.4 | a | 619 | a | 712 | a | n/a | 14.3 | a | ||
| Regina CMA | 2.7 | a | 1.4 | a | 4.1 | a | 2.5 | a | 636 | a | 718 | a | n/a | 10.4 | a | ||
| Saskatoon CMA | 3.0 | a | 0.9 | a | 6.3 | a | 2.6 | a | 626 | a | 759 | a | n/a | 21.3 | a | ||
| Alberta 10,000+ | 0.9 | a | 2.9 | a | 2.0 | a | 4.3 | a | 932 | a | 1,049 | a | n/a | 10.6 | a | ||
| Calgary CMA | 0.5 | a | 2.0 | a | 1.8 | b | 4.0 | b | 1,037 | a | 1,096 | a | n/a | 6.0 | c | ||
| Edmonton CMA | 1.1 | a | 3.4 | b | 1.8 | a | 4.4 | b | 877 | a | 1,000 | a | n/a | 13.7 | a | ||
| British Columbia 10,000+ | 1.2 | a | 1.1 | a | 2.2 | a | 1.8 | a | 893 | a | 921 | a | n/a | 5.5 | b | ||
| Abbotsford CMA | 0.6 | a | 2.4 | a | 3.0 | a | 3.7 | a | 700 | a | 775 | a | n/a | 9.1 | a | ||
| Kelowna CMA | 0.7 | a | 0.3 | a | 0.8 | a | 1.3 | a | 817 | a | 881 | a | n/a | 8.9 | a | ||
| Vancouver CMA | 0.9 | a | 0.9 | a | 1.6 | b | 1.3 | a | 1,051 | a | 1,071 | a | n/a | 5.1 | c | ||
| Victoria CMA | 0.8 | a | 0.3 | a | 3.4 | c | 1.6 | a | 892 | a | 900 | a | n/a | 4.4 | d | ||
| Canada CMAs | 2.8 | a | 2.6 | a | 5.4 | a | 4.9 | a | 784 | a | 805 | a | n/a | 3.6 | b | ||
| Canada 10,000+ | 2.8 | a | 2.6 | a | 5.3 | a | 4.9 | a | 760 | a | 782 | a | n/a | 3.7 | b | ||
1 Major centres refer to Census Metropolitan Areas (CMA), except for Charlottetown.
2 The Estimate of Percentage Change is a measure of the market movement, and is based on those structures that were common to the survey sample for both years.
Note: The letters “a” to “d” indicate the statistical reliability of the data point with “a” being the highest and “d” the lowest.
If the degree of reliability does not reach the level required to be coded “d”, it is not published and the reliability code is blank and the statistic is suppressed (**). The coefficient of variation (CV) is used to determine statistical reliability in all cases other than where a vacancy rate is 0. The CV measures variability in the sample data, with lower variability yielding greater reliability.
++ change in rent is not statistically significant. This means that the change in rent is not statistically different than zero (0).
Archive: /mortgage-news/archive/2008/2008-06-05_CMHC-national_rental_vacancy_rate_edges.stm
News source: Canada Mortgage and Housing Corporation (CMHC)
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