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December Altus Group Housing Report Shows Lagging Rental Market

January 15, 2009


TORONTO – The December Altus Group Housing Report examines the state of the rental market in Canada, finding that the growing Canadian condominium market is contributing to excess supply. The vacancy rate for private rental apartments in Canada’s major markets increased to 2.8 per cent from 2.2 per cent in October. The increase was broad based, with rates increasing in 27 of 34 Canadian markets. Increases were sharpest in Alberta.
Probably as a result of this situation, the Altus Group also found that the number of purpose-built rental units has decreased by 9.7 per cent. Toronto is the exception to this trend, as purpose-built activity has grown to its highest level since 2003.

Returns on purpose-built rental investments plummeted from 11.2 per cent to just 0.2 per cent. However, overall the net buyer/seller ratio for multi-unit residential properties was more than twice as high as in Q4 2008, and slightly higher than Q4 2007.

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