Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 15, 2015 08:15 ET

April 2015 Rental Market in Yellowknife

CALGARY, ALBERTA--(Marketwired - June 15, 2015) - The rental apartment vacancy rate(1) in the Yellowknife Census Agglomeration (CA)(2) was 2.8 per cent in April 2015, down from 5.9 per cent in April 2014, according to the Spring Rental Market survey released today by Canada Mortgage and Housing Corporation (CMHC).

"Strong economic growth over the past year, combined with steady growth in average weekly earnings and reduced rental rates have helped to grow rental demand in Yellowknife, placing downward pressure on vacancy rates," noted Braden Batch, CMHC Market Analyst for the Prairie and Territories Region.

On the basis of a sample of structures common to both the 2014 and 2015 surveys(3), the average two-bedroom rent declined 1.6 per cent in Yellowknife. However, same sample one-bedroom rents, the second most predominant bedroom type, witnessed a rise of 1.7 per cent from April 2014 to April 2015. Overall, same sample rents across all bedroom types declined 0.5 per cent in Yellowknife.

In April 2015, the apartment vacancy rate in Yellowknife was highest in bachelor units at 9.3 per cent. The lowest vacancy rate was found in three-bedroom plus units, at zero per cent. The vacancy rate was two per cent for one-bedroom apartments and 3.6 per cent for two-bedroom bedroom units.

In new and existing structures, an average two-bedroom apartment in Yellowknife rented for $1,682 in April 2015, while a bachelor unit rented for $1,145 per month, a one-bedroom apartment rented for an average of $1,411 per month and a three-bedroom rented for $1,802 per month.

Rental Market data is also available in English and French at the following link: Spring 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 information to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

(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

(3) Year-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 2014 and April 2015 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request

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A table is available at the following address: http://media3.marketwire.com/docs/1012381a.pdf

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