Vacancy Rates Mixed in Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in Nova Scotia's urban centres² was 4.1 per cent in October, 2014, up from 3.7 per cent in October, 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Vacancy rates in Nova Scotia's urban centres were mixed this fall," said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre. "In Halifax, recent increases in purpose built rental supply outstripped incremental demand and pushed vacancies up to 3.8 per cent this year," said Neault. "In the Cape Breton CA, little change in total rental supply was outpaced by steady demand in 2014. As a result, vacancies declined to 3.6 per cent this year," added Neault.

On the basis of a sample of structures common to both the 2013 and 2014 surveys³, the average two-bedroom rent increased by 1.7 per cent in Nova Scotia. In Halifax, two-bedroom rents increased by 1.8 per cent.

The Halifax Census Metropolitan Area, which is home to approximately 85 per cent of the provincial rental stock, reported increasing vacancies this fall. In Cape Breton, vacancies declined from 4.4 per cent in 2013 to 3.6 per cent this year. The Northern Nova Scotia markets reported diverging trends in 2014. In New Glasgow, vacancies climbed sharply to nearly ten per cent while in Truro the vacancy rate declined from 8.3 per cent last year to 5.6 per cent in 2014.

The average rent for a two-bedroom unit in Halifax was $1,005 per month in October 2014. Two-bedroom rents were next highest in East Hants at $817 followed by Truro at $808.

Rental Market data is also available in English and French at the following link: Fall Rental Market Report

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

¹The survey is based on privately-initiated rental apartment structures of three or more units.

²Urban centres defined as centres with a population of 10,000 or more.

³Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2013 and October 2014 surveys provides a better indication of actual rent increases paid by tenants.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

(Ce document existe également en français)

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/984261e.pdf