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I think it would be more appropriate to call this a collection of CONSTRUCTION photos in London, but it is well-deserved, though. I like some of your angles you took of various areas and buildings downtown. Good work, ldoto!

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Discussion Starter · #13 ·
Provincial average for apartment vacancies!!!

When it comes to apartment vacancies, London is below average

Wed, June 6, 2007


Despite a flurry of apartment construction last year, London’s apartment vacancy rate remains below the provincial average. :banana: :banana:

A survey released today by Canada Mortgage and Housing Corp. (CMHC) shows London had a vacancy rate of 3.7 per cent in April.

The Ontario rate was 3.9 per cent.

Peter Whatmore, senior vice-president of CB Richard Ellis, said the low vacancy rate shows the strength of the city’s housing market.

“It confirms the level of development activity in the community. The demand for multi-residential is strong,” he said.

In 2006, construction starts on 1,100 apartment units helped London smash the annual record for building permits.

Some of those apartment units are still being built, Whatmore said, but he’s confident the market will not be flooded.

“There are pretty savvy developers in this community who understand the market dynamics well.”

The CMHC survey found the average monthly rent for a two-bedroom apartment in London was $795, well below the Ontario average of $921.

CMHC analysts noted the Ontario vacancy rate of 3.9 per cent is historically high, with the most vacancies in bachelor units.

Windsor, battered by layoffs in the auto industry, had the highest vacancy rate in Canada of 11.6 per cent.

Vacancy rates in Sudbury, Barrie and Ottawa were below the provincial average, while Toronto and Kitchener were near average.

Across Canada, the rental vacancy rate was 2.8 per cent in April.

Booming Alberta led the way with a vacancy rate of 0.9 per cent, while British Columbia’s vacancy rate was just 1.1 per cent.

The steepest monthly rent was in the northern Alberta community of Wood Buffalo, where the average monthly two-bedroom rent was $1,681.

CMHC chief economist Bob Dugan said rental rates in Alberta are being driven up by an influx of workers from eastern Canada. :cheers:
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