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Vacancy Rate and CMHC

vacancy rates: The average vacancy rate for primary purpose-built apartments rose to 2.9 per cent in April 2015, from 2.7 per cent last year, according to Globe and Mail. But the difference is not statistically significant, which suggests stability, the CMHC said. The survey does not include rented condos or apartments in single-detached and semi-detached houses. The stability of the national vacancy rate is due to offsetting regional trends that reflect the negative impact of lower oil prices on rental demand leading to higher vacancy rates in oil-producing provinces, particularly Alberta and Saskatchewan, said Bob Dugan, Chief Economist at CMHC Market Analysis Centre in a news release. In Ontario, improving employment conditions for young adults aged 15 to 24, a key source of rental demand, and a stable supply of rental units placed downward pressure on vacancy rates, while increased immigration to British Columbia, another key source of rental demand, more than offset an increase in the province rental market supply. However, vacancy rates decreased in most of the major centres of Ontario and British Columbia, reflecting stronger economic conditions. (www.immigrantscanada.com). As reported in the news.