Thunder Bay’s rental vacancy rate fell to 1.7 per cent in October 2011

THUNDER BAY – For people looking to rent in Thunder Bay the market is ever tighter. According to Canada Mortgage and Housing Corporation (CMHC) Fall Rental Market Survey for Thunder Bay, the vacancy rate fell to 1.7 per cent in October 2011, compared to 2.2 per cent in October 2010. Fixed sample two bedroom rents increased by 2.9 per cent, up from 2.4 per cent in 2009-2010.

“Factors exerting downward pressure on vacancies include reduced first time homebuyer activity, some employment growth in the services sector and full-time category. Improved enrolment at Lakehead University and Confederation College also contributed to the downward pressure on vacancy rates,” noted Warren Philp, Northern Ontario Market Analyst at CMHC’s Thunder Bay Office.

Thunder Bay’s apartment rental market has remained fairly tight for the past several years.