According to Canada Mortgage and Housing Corporation (CMHC) Fall Rental Market Survey for Thunder Bay, the vacancy rate dropped to 1.1 per cent in October 2012, second lowest in the country, compared to 1.7 per cent in October 2011. Fixed sample two bedroom rents increased by 5.4 per cent, again, second highest in the country, up from 2.9 per cent in 2010-2011.
“Factors exerting downward pressure on vacancies include limited new rental supply, strong employment growth and positive and continued in-migration to the city,” observed Warren Philp, Market Analyst at CMHC’s Thunder Bay Office.
As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
That tight market is fueling a hot real estate market in Thunder Bay as well, especially as out of town buyers are seeing the potential to make a greater return in Thunder Bay on their investment dollars.