Vacancy rates have declined in the past year, proving good sustainability and growth in the Hamilton area.
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Bachelor
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1 Bedroom
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2 bedroom
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3 bedroom +
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Total
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April 08- April 09
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April 08- April 09
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April 08- April 09
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April 08- April 09
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April 08- April 09
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Hamilton
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8.3% – 7.1%
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4.0% – 3.6%
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5.1% – 3.4%
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4.1% – 2.7%
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4.7% – 3.6%
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In 2009, the vacancy rate in Hamilton is expected to edge lower to 3.0%
Demand for rental accommodation typically comes from youth households and other households who are not planning to own a home or have not yet saved enough for a down payment. Thus, it is important to take a look at the employment market by specific age groups and types of employment. Given that there are a number of post-secondary institutions in Hamilton, it is reasonable to expect that some of these young students who rent would also hold a part time job to supplement their living expenses. This year, part-time jobs among youth aged 15 to 24 increased 2.4 per cent.
At the same time, the labour force for this age group remained relatively unchanged from a year ago. This indicates that more youth are able to find a part time job and thus afford to be in the rental market.
Individuals usually at the First Time Home buyer stage are choosing instead to stay in the rental market until economic conditions improve.
If you were thinking about buying a rental property, now might be a good time to keep investigating the market trends.
If you are looking to finance a Rental Property contact Verico Designer Mortgages Inc. we are connected with a wide variety of lenders that can assist you in this matter.
Source: Canada Mortgage and Housing Corporation
http://www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/index.cfm
For most Canadians, your home is your most important investment. But owning a home also comes with a great deal of responsibility. When unforeseen circumstances impact your ability to meet your mortgage payments, it’s important to take quick action and contact your lender. With early intervention, your lender can help you fund a solution to your financial difficulties.
For mortgages insured by the Canadian Mortgage and Housing Corporation (CMHC), CMHC provides lenders with the tools and the flexibility they need to achieve a solution to your unique financial situation. Depending on your circumstances, this might include:
- Converting variable rates into fixed to avoid sudden rate increases
- Temporary short-term payment deferral.
- Extending your repayment period to lower your monthly payments
- Adding any missed payments to your outstanding balance
- Arranging special payments unique to your particular financial situation
CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.
For more information visit: CMHC or contact me on 1.866.824.8057, and we can help guide you in the right direction.
Source: Canada Mortgage and Housing Company/Charmaine Idzerda, Verico Designer Mortgages Inc.
