The Canada Mortgage and Housing Corporation released their Rental Market Survey for 2008 and Steinbach’s rental housing market shines.
“Steinbach is a great place for young people entering the work force,” said Mayor Chris Goertzen. “We have many employment opportunities and our rental rates are up to 20% lower then the provincial average. Steinbach’s youth have a great housing and employment advantage compared to other parts of Manitoba.”
Being its first inclusion in the report, Steinbach is highlighted as an urban centre experiencing rapid population growth resulting from extensive international immigration and significant housing market activity as a result of economic expansion.
Some statistics included in the report:
• In 2007, 92% of immigrants went to four centres: Winnipeg – 76%; Winkler – 6.5%; Brandon – 5.9%; and Steinbach 3.4%
• The average vacancy rate in Manitoba is 0.9%: Steinbach – 1.6%; Portage La Prairie – 4.6%; and Winnipeg is 1.0%
• Rents across the province are increasing. The average two-bedroom apartment rent in Manitoba is $748. Steinbach is well below the provincial average with an average of $623.
• In 2008, Steinbach led the province (not including Winnipeg) in single detached housing starts with 130 starts. This is a 15% increase from 2007 when there were 113 starts.
“Lower rental rates are always a positive for people first starting out on their own,” said Mayor Goertzen. “Steinbach needs to see continued growth in the rental property market to maintain this advantage for our young workers.”
The Rental Market Survey is conducted twice a year in April and October and is completed via a combination of telephone interviews and site visits. The purpose of the survey is to estimate the relative strength of the rental market while providing vacancy and availability rates, as well as average rates for both new and existing structures.
For more information about CMHC, visit www.cmhc.ca.
