Rents are on the rise, now may be the best time to buy

Maybe it's time to buy that house you have been thinking about. I was speaking to a buyer client yesterday and he was approved for 2.7% financing! Cheaper than rent folks!!

Read the following article that was in today's London Free Press:

Apartment vacancies rise, but so is rent.

Apartment vacancy rates in the London area are up in the latest survey from Canada Mortgage and Housing Corp. (CMHC).

The spring survey showed the overall vacancy rate jumped to 3.6%, up from 3.1% in the 2013 spring survey.

The average rent covering all apartment types was up modestly to $850 from $839 last year.

The higher vacancy rate could affect new apartment projects in the city. A recent CMHC report showed there have been only 88 apartment unit starts in London to the end of May, compared with 342 for the first five months of 2013.

Two major twin tower apartments projects are both nearing completion — the Revo on King by Medallion Developments and Pomeroy Place by Old Oak Properties near Southdale Rd. W. and Col. Talbot Rd.

Across Canada the CMHC survey found the average vacancy rate for 35 major centres was 2.7%, unchanged from last spring.

Ontario’s vacancy rate inched higher to 2.8% from 2.6% one year ago.

The average rent for a two-bedroom apartment in Ontario rose 2.7% compared to 3% in the spring of 2013.

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