VANCOUVER, 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-centres
- https://goodmanreport.com/app/uploads/2022/02/2021-Year-End-Report_web.pdf
- https://www.cicnews.com/2022/08/ircc-officials-discuss-study-permit-backlog-and-new-recommendations-at-cbie-symposium-0829805.html#gs.bqafnr
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada's largest education and student housing investment companies, focused on the domestic and global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 45 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. ("SSCC") (established in 1903), Sprott Shaw Language College ("SSLC"), Vancouver International College Career Campus ("VIC") and CIBT School of Business & Technology Corp. ("CIBT China"). CIBT offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2021, CIBT serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
CIBT owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.
CIBT also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
CONTACT:
Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email:info@cibt.net
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements"). Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, that it is expected that measures taken by the Canadian Government to expand the pipeline for immigration and international students is expected to further drive demand for real estate, rentals, and education markets, and that vacancy rates will be even lower in 2023 than in 2022. The forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: CIBT Education Group Inc.
View source version on accesswire.com:
https://www.accesswire.com/716007/Global-Education-City-Holdings-Featured-in-STOREYS-Newsletter
