Canada Mortgage and Housing Corporation Vacancy rate edges higher In, the (census metropolitan area) rental market eased slightly as the private apartment vacancy rate edged higher to percent, up from the previous year s percent. Excellent affordability due to low mortgage rates resulted in many tenants moving into home ownership in as monthly mortgage payments for a starter home were comparable to rents. Indeed, saw a very active new and resale home ownership market. Meanwhile, a growing population boosted by positive net migration offset the outflow of those exiting the rental market, thereby maintaining demand for rental apartments at a high level. On the supply side, the survey showed that the number of private rental apartments crept higher to 2,84, up 84 from 2 s 2,72. Construction of new private rental apartments took off during the past two years recording 8 rental apartment starts in 2, with an additional 778 started in. Since large apartment buildings often take over a year to complete, much of the impact from this new construction was not reflected in the October survey. By municipality, Kitchener had the lowest apartment vacancy rate at percent, down from the previous year s percent. Both Waterloo and Cambridge recorded increases in their apartment vacancy rate to and percent, up from. and. percent respectively. Rental Submarkets Annual Survey october IN THIS ISSUE Vacancy rate edges higher in Rental submarkets map 2 Highlights 2 Forecast Kitchener s vacancy rate remains below the Canadian average Actual versus guideline rent increases Row rents follow the vacancy rate higher 4 Apartment building structure size 4 Apartment age 4 Vacancy rate influenced by the local economy 4 Apartment age New supply Assisted universe Affordability Methodology Definitions Acknowledgment 6 Economic overview 6 zone definitions and zone map 72 Statistical Tables CMHC Market Analysis Brent Weimer 8499 bweimer@cmhcschl.gc.ca * www.cmhc.ca
With the rental market remaining tight in, the average apartment rent rose for all unit types except for bachelor apartments. While the average rent for a bachelor apartment jumped percent to $48 in 2, this year s survey revealed that the average rent on a bachelor unit retreated.4% to $48. At 6. percent, apartments with three of more bedrooms experienced the largest rental increase going from $82 in October 2, to $9 in the survey. The most common type of apartment, a two bedroom unit, saw rents increase.6 percent to $722, and a one bedroom unit rose 2.8 percent to $6. Across the CMA, Waterloo recorded the highest average rent at $787, followed by Kitchener West at $74 and Kitchener Central at $7. The townships of North Dumfries and Woolwich had the most affordable 2 bedroom rents at $642, followed by Cambridge at $666 and Kitchener East at $76. Highlights! The vacancy rate for private apartments increased to percent in October from percent a year earlier. By municipality, the city of Kitchener recorded the lowest vacancy rate at percent, while Waterloo and Cambridge came in at percent and percent respectively.! The total supply of private rental apartments in the CMA increased from 2,72 in October 2 to 2,84 in October.! The average rent for a apartment rose for all bedroom types except bachelor. While the average rent for a bachelor apartment jumped percent to $48 in 2, this year s survey revealed that the average rent on a bachelor unit retreated.4% to $48. The largest average rent increase occurred for apartment with three or more bedrooms where rents surged 6. percent to $9. One bedroom apartment rents rose 2.8 percent to $6, and two bedroom apartment rents climbed.6 percent to $722.! The private rowhouse rental market eased slightly in October as the vacancy rate edged up to percent from the percent recorded in 2.! The October average rent for a rowhouse was $7, while a unit was $82.! The survey found that there were 7,972 assisted rental apartment and row in the. Only assisted rental were vacant yielding a vacancy rate of.4 percent, unchanged from last year s rate. Forecast The rental apartment market has recorded a vacancy rate under two percent since 996, and less than one percent for the last two years. With the rental market being so tight, rental increases have exceeded both the provincial rent guideline and the general rate of inflation for a second consecutive year. For 22, the demand for rental accommodation is expected to moderate somewhat. Mortgage rates are expected to remain near historic lows throughout 22, thereby boosting the number of tenants moving into home ownership. Another factor that will impact rental demand is the slowing economy. With job growth slowing, new rental household formation rates will also slow. Thus, the outflow of tenants moving into home ownership will more than keep pace with the creation of new rental households. On the supply side of the rental market, new rental apartment construction has accelerated sharply over the past two years recording 8 starts in 2 and 778 starts in 22. With the construction process often taking a year or so from start to completion, many of these new apartment will be available for rent by the October 22 survey. Thus, an expansion in supply of private rental apartments will coincide with the moderating rental demand, thereby pushing the vacancy rate higher. Look for the rental apartment market to ease marginally in 22 to a vacancy rate of percent. With the rental market remaining tight, average rent increases are expected to outpace inflation. The average rent on a apartment is thus forecast to rise to $7 in October 22, which represents a.9 percent increase over the $722 average recorded in the October survey. 2 Bedroom Rent $8 $7 $7 $6 $6 Tight Rental Market Pushes Rents Higher. 4.. 2.. $ 99 99 997 999 994 996 998 2 22F Source: CMHC 2 Bedroom Rent Vacancy Rate Vacancy Rate (%) Rental Market Survey Report 2, October
Kitchener s vacancy rate remains below the Canadian average At percent, the Kitchener Census Metropolitan (CMA) apartment vacancy rate remained below the Canadian metropolitan average of percent even though the local rate rose and the national rate fell in. The tied Edmonton and Toronto for the sixth lowest vacancy rate in Canada, and had the second lowest vacancy rate in Ontario. The three tightest rental markets in Ontario, Ottawa (), Kitchener () and Toronto (), all recorded vacancy rates higher than the previous year. With an apartment vacancy rate of. percent, Victoria now has the distinction of having the tightest metropolitan rental market in Canada. For all urban areas in Ontario, the province witnessed a slight increase in its average vacancy rate to.7 percent from the percent recorded in 2. The increase in the Ontario apartment vacancy rate ended a streak of four consecutive years of declines. The ten Ontario CMAs recorded a weighted average vacancy rate of percent. Seven of Ontario's CMAs recorded apartment vacancy rates below 2. percent. The northern Ontario CMAs of Sudbury and Thunder Bay recorded the highest metropolitan vacancy rates at.7 percent and.8 percent respectively. Apartment vacancy rates in regions across Canada (%) Census Metropolitan (CMA) Victoria CMA Montreal CMA Hull CMA Ottawa CMA Quebec CMA Edmonton CMA Toronto CMA Vancouver CMA Calgary CMA Hamilton CMA Oshawa CMA Winnipeg CMA London CMA Charlottetown CA St. CatharinesNiagara CMA Regina CMA Sherbrooke CMA St. John's CMA Halifax CMA Saskatoon CMA Windsor CMA ChicoutimiJonquière CMA TroisRivieres CMA Saint John CMA Sudbury CMA Thunder Bay CMA Canada () () weighted average for CMAs 2.2.7.7 2..8.6.7 4.4 6.8.4 7.7.8.. 2. 2. 2.8 4.4.6.7.8 Actual versus guideline rent increases At.6 percent, the average apartment rent increase exceeded the provincial Tenant Protection Act rent guideline for a second consecutive year. For all private apartment in the, the increase in came in slightly higher at.9 percent as rents rose more strongly for apartments with three or more bedrooms. For 22, rents are forecast to increase at the provincial guideline rate of.9 percent. Actual rent increase vs provincial rent guideline Year Provincial Rent Guideline 2 Bedroom Rent Increase 99 4.6%.% 99.4% 8.7% 992 6.%.% 99 4.9% % 994.2%.% 99 % 4.2% 996 2.8% % 997 2.8% % 998.%.7% 999.% % 2 %.6% %.6% 22*.9%.9%* CMHC Annual Rental Market Survey, *22 Forecast Row rents follow the vacancy rate higher The vacancy rate for private row houses nudged up to percent in October from percent in the previous year. The total supply of row edged higher to,, up from 2 s,2. Although row rents were essentially flat throughout the latter part of the 99s, the tight rental market has pushed rents higher for the past two surveys. By bedroom type, the vacancy rate increased marginally to. percent while with three or more bedrooms recorded a larger increase from percent to percent. Waterloo came in with the lowest row house vacancy rate at. percent, followed by Kitchener and Cambridge at and percent respectively. The CMA average rent on a row house crept up percent in to $7 from the $726 recorded in the 2 survey. Units with bedrooms or more bedrooms saw rents increase.9 percent to $82. by municipality, row with + bedrooms recorded an average rent or $97 in Waterloo, $799 in Kitchener, and $72 in Cambridge. + Bedroom Rent Rental Market Survey Report, October Row House Rental Market Remains Tight $8 6. + Bedroom Rent. $8 Vacancy Rate 4.. $7 2.. $7 99 99 997 999 994 996 998 2 Source: CMHC Vacancy Rate (%)
Apartment building structure size Smaller low rise apartment buildings have a higher vacancy rates and lower rents than larger high rise buildings. Those buildings with to and 6 to 9 recorded a vacancy rate of and percent respectively. These smaller structures also had the lowest 2 bedroom rent levels at $66 and $6. Buildings with to 99 and + recorded the lowest vacancy rate of. and. percent and the highest 2 bedroom rents at $77 and $827. Intermediate sized buildings with 2 to 2 Bedroom Rent $8 $8 $7 $7 $6 2 Bedroom Rent Vacancy Rate 49 recorded a vacancy rate of percent and an average apartment rent of $677. This general trend of lower vacancy rates and higher rents in larger buildings was seen in all bedroom types. Apartment age Vacancy rate is lower and rents are higher in larger buildings $6 6 9 2 49 99 + Structure Size () Source: CMHC Newer apartments have a lower vacancy rate and higher rents than older as newer buildings tend to have a more modern decor and features which are in demand. Apartment buildings completed 98 recorded the lowest vacancy rate at. percent and the highest 2 bedroom rent of $87. Apartments built 2. 2... Vacancy Rate (%) For the past several years, the health of the local economy has influenced the rental apartment market. When employment picture improved, the apartment vacancy rate declined as newly created jobs added additional households to the CMA thereby increasing the demand for both ownership and rental housing. This relationship held extremely well for several years as the supply of rental apartments was fairly stable from year to year given the lack of new rental apartment construction. For, this relationship does not seem to hold as strongly, but this is due to several factors. First, low mortgage rates have wooed many tenants over to the side of home ownership as mortgage payments became comparable to rents. Second, the construction of new rental apartments reappeared in a big way in 2, expanding the October total universe of rental apartments, partially offsetting an increase in demand. Third, the employment level as seen on the graph represents annual averages. While the annual average employment level is up in, the October year over year employment figure actually fell by,7 jobs. With a large number of rental apartment completions expected in 22, this relationship will no longer appear to hold as the expanding 2 Bedroom Rent Rental Market Survey Report 4, October from 976 to 98 had a slightly higher vacancy rate of percent and were more affordable recording a average rent of $766. At percent, completed between 96 and 974 recorded a vacancy rate identical to the weighted average of all, and saw a 2 bedroom average rent of $697, just below the CMA average apartment rent of $722. The vacancy rate for built between 94 and 99 came in at percent and had a 2 bedroom average rent of $69. The oldest buildings (pre 94) recorded the highest vacancy rate at 4.2 percent and most affordable rent at $8. $8 $8 2 Bedroom Rent Vacancy Rate $7 $7 $6 $6 $ pre 94 96 97 94 99 976 98 Building Age Source: CMHC Rents are highest in newer buildings Vacancy rate influenced by the local economy 6.. 4.. 2.. After 98 rental apartment universe will more than offset the expected increase in rental demand via an expanding local economy. Employment (s) Vacancy Rate Inversely Related to Employment 2 22 2 2 9 Employment Vacancy Rate. 4.. 2.. 8 992 994 996 998 2 99 99 997 999 Source: Statistics Canada, CMHC Vacancy Rate (%) Vacancy Rate (%)
New supply Between 994 and 999, there have only been 6 rental apartment completions in the CMA, for an average of 87 new per year. Although there were 8 rental apartment started in 2, there were only completions as construction of large rental apartment buildings take about a year to complete. The outlook for additional supply is bright as there were an additional 778 rental apartment started in, and 464 completions. At the end of, there were,26 rental apartment under construction. Assisted universe In October, there were vacant out of 7,976 publicly assisted apartment and row housing in the. This translates into a vacancy rate of.4 percent and is essentially unchanged from the previous year (when there were vacant ). Both the assisted apartment universe and the assisted row universe recorded the.4 percent vacancy rate. By municipality, Kitchener had the most vacant at 9, Cambridge recorded, and Waterloo only had a single vacant assisted unit. The largest, those with three or more bedrooms, were in the greatest demand with only vacant in the Kitchener and vacant unit in Waterloo. Affordability The following table outlines the percentage share of for each bedroom type at selected rental ranges. Compared to October 2, the percentage of bachelor under $8 rose for all ranges. This increase in affordability corresponds with the decrease in the average rent for a bachelor apartment. In, a number of larger apartment were marketed towards the student population. An individual bedroom was made available to individual students in these multibedroom at rates less than the average bachelor apartment. Hence the market would no longer support another rent hike on top of the percent seen in October 2. However, with these newly created three, four, and even five bedroom student targeted dwellings, the total rent on these converted easily topped $,. These converted partly explain why the number of three bedroom over $, jumped from 4 percent in 2, to 7 percent in. Hence, the 6 percent rise in average rents for apartments with three or more bedrooms. Private row and apartment supply by rent range Less than $4 7% $4 $479 7% $48 $79 % Greater than $8 % One Bedroom Less than $ % $ $79 27% $8 $69 % Greater than $66 2% Two Bedroom Less than $8 8% $8 $699 4% $7 $89 2% Greater than $82 8% Three Bedroom Less than $7 % $7 $89 4% $82 $999 29% Greater than $ 7% METHODOLOGY Canada Mortgage and Housing Corporation conducts the Rental Market Survey every year in October to determine the number of vacancies and the rents charged in rental structures. The survey is conducted on a sample basis in all urban areas with populations of, or more. Only structures which have been on the market for at least three months are included. While this publication is mainly about privately initiated apartments with three and more, the CMHC survey also examines row houses and publicly initiated rental and coop housing. The survey is conducted by telephone or site visit, and rent information is obtained from the owner, manager or building superintendent. The survey is conducted in the first two weeks of October and these results reflect market conditions at that time. Definitions Vacancy: A unit is considered vacant if, at the time of the survey, it is physically unoccupied and available for immediate rental. Rent: The rent data refers to the actual amount tenants pay for their unit. Amenities and services such as heat, light, parking, hot water and laundry facilities may or may not be included in the monthly rent reported in individual cases. The average rent figures reported in this publication represent the average of different in the market area, some of which may have some or all of these services. Rental apartment structure: Any building containing three or more rental dwellings which are not ground oriented. Rental row house structure: Any building with three or more ground oriented rental dwellings. Interpretation of symbols used in the tables in this report sample too small to be reported not in universe N/A not available Acknowledgement The Rental Market Survey could not have been conducted without the cooperation of the many property owners and managers throughout Canada. We greatly appreciate their hard work and assistance in providing timely and accurate information. We sincerely hope that the results of this work will provide a benefit to these clients and to the entire housing sector.! Rental Market Survey Report, October
Economic overview The Kitchener economy paused between the October 2 and October rental market surveys as total employment fell by,7 jobs during this time period shedding both full and part time jobs. Those aged 24, the primary renter aged households, were hit hard as both full and part time employment numbers fell by, and,6 respectively. The most current annual net migration estimates (9992) based on tax filer data showed that an additional,42 people made the their new home. Of these,,48 were in the 8 24 age group. Even with positive net migrant flows, the employment situation is anticipated to remain sluggish for much of 22, thus growth in rental demand is expected to be somewhat muted. The last quarter of saw mortgage rates hovering near historic lows thereby making home ownership extremely attractive for many potential home buyers. Indeed, a flurry of sales activity in the resale market occurred at the tail end of as mortgage rates dropped. With the posted three year mortgage rate floating around.7 percent, a $, mortgage would carry for a monthly payment of $62 (assuming 2 year amortization). This amount drops even further as most consumers are able to negotiate discounts off the big banks posted rates. While open and variable rate mortgages generally track lenders prime rate, fixed rate mortgages move in tandem with the bond market. As the prime rate, money market, and shortterm bond yields will continue to fall in the immediate future in line with the weakening economy, so will shortterm mortgage rates. The outlook for mortgage rates is favourable with the one, three and five year mortgage rates in the 4..,.6., and 6.7. per cent ranges, respectively. Mortgage rate discounts will remain an important competitive instrument over the forecast horizon. Given the favourable mortgage rate outlook, many renters are expected to make the move to home ownership in 22. (Census Metropolitan ) Zones based on 996 Census Boundaries Zone : Kitchener East: Highland Rd. West, Mill St., Victoria Ave (north), N. Dumfries boundaries (New Dundee Rd.) (south), Woolwich Twp. (Grand River) Cambridge, Hwy 4 (east), Trussler Rd. (west) : Victoria Ave (north), Highland Rd. West, Mill St. (south), Conestogaa Pkwy (east), Lawrence Ave. (west) : Waterloo City boundaries (north), Highland Rd. West, Mill St., Victoria Ave (south), Woolwich Twp. (Grand River) (east), Wilmont Line/Wilmont Twp boundaries (west) Zone 4: Waterloo: Woolwich Twp. boundaries (north), Kitchener City boundaries (south), Woolwich Twp. (Grand River) (east), Wilmont Line (west) Zone : Cambridge: Woolwich Twp. boundaries (north), N. Dumfries Twp boundaries (south), Town Line Rd. (N. Dumfries Twp, Puslinch Twp) (east), Kitchener City boundaries (west) Zone 6: Woolwich: Waterloo City, Cambridge City boundaries (south), Puslinch Twp (east), Regional Rd 6, Waterloo City, Kitchener City (west) Zone 6: N. Dumfries: Kitchener City, (north), Cambridge City boundaries (east), Trussler Rd. (west) Map of by Zone Rental Market Survey Report 6, October
Table : Private apartment vacancy rates (%) 2 All 2 2 2 2 Zone : Kitchener East.4.2 2...4 Zone Kitchener City.7..4.4...2...4 6.9.. Table 2: Private apartment stock and vacancies All Zone : Kitchener East 8,68 226 4 2,79 2,426 449 2 2,679 6,7,278 89 29,4 4 7,867 2,8 Zone Kitchener City 4 6,9 7,62 42 9,4 2 7 4 4,94 24,4,48 49 7 4,46 2,29 4 2,692 44 2 2 9 22 2,84 74 4 8,2 88,8 8,26 Table : Apartment vacancy rates by age of structure and submarket (%) All Pre 986 986 & Pre 986 986 & Pre 986 986 & Pre 986 986 & Pre 986 986 & Zone : Kitchener East..4..2 2.....4.4.2.....2.4 Rental Market Survey Report 7, October
Table 4: Private apartment vacancy rates by structure size (%) Structure size All Units 2 2 2 2 2 69..2. 2.7 249. 2. 2.. 99... +....2.4.4 Table : Private apartment vacancy rates by building height (%) Building Height All Units 2 2 2 2 2 4 Storeys 4... 9 Storeys.4.4 + Storeys....2.4.4. All heights Table 6: Private apartment universe and vacancies by structure size Structure Size All Units Units 2 498 6 9 Units 9, 67 7 97 2 49 Units 4,29 4 7,7 6 8,96 8 99 Units 29,9 6,649,9 289 + Units 9, 668 8 2,228 All sizes 22 2,84 74 4 8,2 88,8 8,26 Table 7: Private apartment universe and vacancies by building height Building Height All Units 4 Storeys 79,72 428 99 4,2 6 8,47 8 77 9 Storeys 7 4,4 7,266 9 2,4 92 + Storeys 7 6,69 2 4 2,22,272 6 All heights 22 2,84 74 4 8,2 88,8 8,26 Rental Market Survey Report 8, October
Table 8: Average rents in private apartment ($) All 2 2 2 2 2 Zone : Kitchener East Zone Kitchener City 648 62 7 666 77 66 96 66 68 647 69 679 776 64 62 69 42 484 42 467 48 2 429 489 477 48 72 86 646 6 62 66 46 98 6 9 6 69 66 92 7 6 676 692 79 7 7 64 624 697 76 7 74 77 787 666 642 722 8 89 92 669 82 868,4 869,9 72 9 Table 9: Apartment rents by age of structure and submarket ($) Pre 986 986 & Pre 986 986 & Pre 986 986 & Pre 986 986 & Zone : Kitchener East 27 429 477 482 9 9 6 66 92 7 67 66 8 62 89 7 697 72 77 76 66 642 77 742 94 946 98 67 87 868,2,99 72 929,6 6,7,27 Table : Private apartment vacancy rate by rent range (%) All 2 2 2 2 2 < $ $ $99 $4 $449 $4 $499 $ $49 $ $99 $6 $649 $6 $699 $7 $749 $7 $799 $8 $849 $8 + 2.8..4..4. 2.4..4.7 2.4.. 2..4..9.4...2.... 7.2 Rental Market Survey Report 9, October
Table : Private rowhouse vacancy rates (%) 2 All 2 2 2 2 Zone : Kitchener East. 2.7 Zone Kitchener City.. 2.7 6.6. 6. N/A. Table 2: Private rowhouse rental stock and vacant All Zone : Kitchener East,26 7 4 9 8 2 78 4 287 4 4 7 Zone Kitchener City 2,6 7 2 4,29 969 2 7 74 2 2 48, 7,49 2,79 Table : Average rents in private rowhouse ($) 2 All 2 2 2 2 Zone : Kitchener East 782 789 78 78 788 796 674 64 N/A N/A 86 889 94 9 87 Zone Kitchener City 792 8 84 827 792 799 78 82 97 66 6 6 69 62 78 72 68 48 N/A 74 77 626 726 7 789 82 Rental Market Survey Report, October
Table 4: Private row and apartment vacancy rates (%) 2 All 2 2 2 2 Zone : Kitchener East.... Zone Kitchener City.7.....4.4 2. 6.9...7 Table : Private row and apartment average rents ($) 2 All 2 2 2 2 Zone : Kitchener East 66 69 2 72 6 684 7 798 822 64 646 4 47 86 88 692 7 8 86 79 74 64 6 766 7 84 Zone Kitchener City 677 689 48 489 6 68 7 722 84 826 72 784 624 662 7 784 84 2 69 64 42 66 92 66 66 69 722 94 66 467 477 46 7 68 62 67 7 484 482 99 6 7 72 82 87 Table 6: Assisted apartment and row stock and vacancies All Zone : Kitchener East 6 2, 2 8 79 8 896 678 9 2 44 4 9 848 8 29 44 Zone Kitchener City 9 4,4 64,28,29,9,287 7 282 42 76 2,8 78, 9 728 7 6 6 All 7,972 9 2 2,7 2 2,4 6 2,697 Apt 7 4,446 8 7 2,68 7,8 2 42 Row 4,26,222 4 2,272 Rental Market Survey Report, October
Table 7: Historical Apartment Vacancy Rates and Average Rents by building age : 99 Completion Date 99 996 Vacancy Rates (%) 997 998 999 2 99 996 Average Rents ($) 997 998 999 2 Before 94 4.2 9. 4.4 4. 29 4 2 284 299 9 8 9499 6.4. 4.4. 8 72 94 4 48 9697 2.4 4.2 2..6 49 4 48 44 44 48 478 97698 6..7 4. 42 472 479 4 499 69 87 986 and later.2 4. 4.4. 8 4 49 49 44 48 48 One Before 94 4.9.7 6.6.. 87 49 97 42 42 469 Bedroom 9499..8 2.. 47 4 4 449 46 488 49 9697 7 9 7 44 4 8 6 97698 2... 4 7 74 88 6 642 6 986 and later 4..6.2 68 624 92 9 69 747 7.7 2 8 4 6 98 6 Two Before 94 2. 4.. 2. 6.4 46 482 9 68 8 Bedroom 9499.4.2 2.7. 482 8 48 7 6 69 9697 8 99 6 62 67 664 697 97698 4...4. 67 67 679 696 7 7 766 986 and later..7..4 7 7 698 674 7 79 87.7. 66 62 6 64 66 697 722 Three Before 94 2.8 86 4 6 2 7 69,79 Bedroom + 9499.. 66 62 69 667 67 669 69 9697 7 729 7 72 77 84 98 97698. 797 8 8 8 8 9 98 986 and later 8 87 82 98,97 927,27 2. 2. 76 79 74 77 782 82 9 All Before 94 2.4.4 4.8 4.4 4.2 Bedroom 9499 4. 2.8.7 Types 9697 97698.7 2. 986 and later 2. 2..4.. Canada Mortgage and Housing Corporation. All rights reserved. No portion of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, electronic, photocopying, recording or otherwise without the prior written permission of Canada Mortgage and Housing Corporation. Without limiting the generality of the foregoing, no portion of this publication may be translated from English into any other language without the prior written permission of Canada Mortgage and Housing Corporation. The information, analyses and opinions contained in this Rental Market Survey Report 2, October publication are based on various sources believed reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which Canada Mortgage and Housing Corporation or any of its employees shall incur responsibilities.