April 2014 Rental Market in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - June 11, 2014) - The rental apartment vacancy rate(1) in New Brunswick's urban centres(2) was 9.1 per cent in April 2014, up from 7.6 per cent in April of 2013, according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Weaker demand for rental units stemming from rising out-migration and a slowing job market, combined with rising levels of supply in some provincial markets has resulted in higher vacancy rates in most urban centres in New Brunswick," said Claude Gautreau, CMHC's senior market analyst for New Brunswick. The vacancy rate in Fredericton was the lowest among the province's large urban centres at 6.2 per cent. In Moncton and Saint John, the vacancy rates stood at 10.7 and 10.0 per cent, respectively.

The spring vacancy rate in three of New Brunswick's smaller urban areas was lower than the provincial average. The vacancy rate in Bathurst was the exception, posting the highest rate in the province at 11.8 per cent. In Campbellton and Edmundston, the vacancy rates were 7.4 and 8.8 per cent, respectively. The vacancy rates in these centres remained statistically unchanged due to stable demographic factors. At 3.4 per cent, the vacancy rate in Miramichi was the lowest in the province.

The average rent for a two-bedroom unit in New Brunswick stood at $725 in the Spring of 2014. In Fredericton and Moncton, the average two-bedroom rent stood at $790 and $768, respectively. In Saint John, the average two-bedroom rent was $687. The average two-bedroom rent in the province's smaller urban centres ranged between $507 and $590 per month.

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

Spring Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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

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

Additional data is available upon request

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