Island Vacancy Rates Remain Relatively Stable

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - June 12, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the vacancy rate for urban centres in the province was 4.8 per cent in April.

"The vacancy rate for provincial urban centres remained relatively unchanged in April compared to spring 2011," said Jason Beaton, market analyst with CMHC on Prince Edward Island. In April 2012, the vacancy rate in Charlottetown was 5.0 per cent, while, the vacancy rate in Summerside was 3.5 per cent. "The overall vacancy rate is expected to increase during the year due to the continuing high levels of apartment construction in Charlottetown that began in 2009," continued Beaton.

Average two-bedroom rents in Prince Edward Island's urban areas recorded a 2.6 per cent increase in April 2012, based on units common to both the 2011 and 2012 survey. In the Charlottetown area, the average two-bedroom rent was $797. The Summerside area recorded a lower average two-bedroom rent at $690 for the same period.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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