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Global Education City Holdings Featured in STOREYS Newsletter
VANCOUVER, BC / ACCESSWIRE / September 14, 2022 / CIBT Education Group Inc. (TSX:MBA, OTCQX ...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education City Holdings Featured in STOREYS NewsletterVANCOUVER, BC / ACCESSWIRE / September 14, 2022 / CIBT Education Group Inc. (TSX:MBA, OTCQX International:MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that the Company's wholly-owed subsidiary, Global Education City Holdings Inc. , has been featured in \"STOREYS\", an online real estate news portal, in an article titled \"Back to School, Back to the Harsh Realities of the Vancouver Rental Market\" on September 8th, 2022.\"With local vacancy rates below one percent according to a report dated December 2021 published by Canada Mortgage Housing Corporation(1), and with students returning to school, immigration, housing affordability and other factors, it's not hard to tell that the rental market is facing difficulties meeting increased demand and that such difficulties are expected to continue into the new year,\" commented Toby Chu, Chairman and CEO of CIBT. \"Insufficient supply translates into low vacancy rates and rent increases well above ‘mandated' numbers'(2) according to the 2021 Goodman Rental Report.\"Toby Chu further noted that \"measures taken by the Canadian Government to expand the pipeline for immigration and international students is expected to drive further demand for rental housing, and education markets\". From the newsletter published by CIC News on August 11th, 2022(3), \"As of July 17, there were nearly 200,000 people waiting for their initial study permit application to be processed\". Global Education City's rental portfolio is already \"FULLY BOOKED\" for the remainder of 2022 and is expecting local vacancy rates will be even lower in 2023 with rising construction costs and interest rates causing significant shortage to the construction pipeline.To view the STOREYS article, please visit their website at: https://storeys.com/metro-vancouver-student-rental-housing-market-september-2022/https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centreshttps://goodmanreport.com/app/uploads/2022/02/2021-Year-End-Report_web.pdfhttps://www.cicnews.com/2022/08/ircc-officials-discuss-study-permit-backlog-and-new-recommendations-at-cbie-symposium-0829805.html#gs.bqafnrAbout CIBT Education Group:CIBT Education Group Inc. is one of Canada's largest education and student housin...