April 2014 Rental Market in Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwired - June 11, 2014) - The rental apartment vacancy rate¹ in Nova Scotia's urban centres² was 4.5 per cent in April, 2014, up from 3.4 per cent in April, 2013 according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Vacancy rates in urban centres in Nova Scotia were mixed in the spring of this year," said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre. "In Halifax, slower population gains and the completion of nearly 2,000 purpose-built rental units in the last year resulted in the vacancy rate rising to 4.1 per cent this spring," said Neault. "In Truro, the absorption of units built in 2012 contributed to the vacancy rate decreasing one full percentage point to 7.4 per cent," Neault added.

On the basis of a sample of structures common to both the 2013 and 2014 surveys³, the average two-bedroom rent increased by 1.0 per cent in Nova Scotia. In Halifax, the two-bedroom rent increased by 0.9 per cent.

The Halifax Census Metropolitan Area, which is home to approximately 85 per cent of the provincial rental stock, saw the vacancy rate creep up this spring. In Cape Breton, the vacancy rate increased closer to its five-year average shifting from 3.1 to 4.7 per cent while in Kings Subdivision A, rates remained at 1.6 per cent. In New Glasgow and Kentville, vacancies remained statistically unchanged at 5.9 and 7.1 per cent, respectively.

The average rent for a two-bedroom unit in Halifax was $1,010 per month in April 2014. East Hants saw the second highest two-bedroom rent at $815 followed by Truro at $774.

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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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 April 2013 and April 2014 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/951339e.pdf