VANCOUVER, BC /ACCESSWIRE/September 14, 2022/ CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“ITTC“or the”Company“) is pleased to announce that the Company’s wholly-owned subsidiary, Global Education City Holdings Inc., has been featured in “STOREYS”, an online real estate news portal, in an article titled “Back to School , Vancouver’s Rental Market Back to the Harsh Realities” September 8e2022.
“With local vacancy rates below one percent according to a report dated December 2021 published by Canada Mortgage and 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 challenges to meet increased demand and that these challenges are expected to continue into the new year,” commented Toby Chu, President and CEO. CEO of CIBT. “Insufficient supply results in low vacancy rates and rent increases well above ‘mandatory’ figures”(2) according to the 2021 Goodman Rental Report.”
Toby Chu further noted that “actions by the Canadian government to expand the immigration and international student pipeline are expected to boost rental housing demand and education markets.” Excerpt from the newsletter published by CIC News on August 11e2022(3), “As of July 17, nearly 200,000 people were waiting for their initial study permit applications to be processed.” Global Education City’s rental portfolio is already “FULL” for the remainder of 2022 and expects local vacancy rates to be even lower in 2023 as construction costs and interest rates rise resulting in a major shortage in the construction pipeline.
To view the STOREYS article, please visit their website at: https://storeys.com/metro-vancouver-student-rental-housing-market-september-2022/
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada. Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (“SSCC“) (established 1903), Sprott Shaw Language College (“SSLC“), Vancouver International College Career Campus (“CIV“) and CIBT School of Business & Technology Corp. (“ITTC ChinaCIBT offers more than 150 educational programs in health, business management, e-commerce, cybersecurity, hotel management, and language training through these schools. In 2021 , CIBT has served over 10,000 domestic and international students through its educational housing and rental subsidiaries.
CIBT is the owner of Global Education City Holdings Inc. (“GECH“), an investment and development holding company focused on education-related real estate, such as student-centric rental apartments, hotels 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 exceeds $1.5 billion.
CIBT also owns Global Education Alliance Inc. (“GEA“) and Irix Design Group Inc. (“IRIXGEA recruits international students for many elite kindergartens, elementary and secondary schools, colleges and universities across North America. Irix Design is a leading design and advertising firm based in Vancouver, Australia. Canada Visit us online and watch our corporate video at www.cibt.net.
Chairman, President and CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 ext. 319 or | E-mail:[email protected]
Certain statements in this press release contain forward-looking information (the “forward-looking statements“). Forward-looking statements are statements that are not historical facts. Forward-looking statements in this press release include, but are not limited to, that it is expected that actions taken by the Canadian government to expand the immigration and international student pipeline is expected to further drive demand for real estate, rental and education markets, and that vacancy rates will be even lower in 2023 than in 2022 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 or implied by the forward-looking statements. and expectations of CIBT’s management at the time they are made, and CIBT undertakes no obligation to update its statements. s forward-looking. – forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as required by law.
THE SOURCE: CIBT Education Group Inc.