MONCTON, PRINCE EDWARD ISLAND--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in Charlottetown was 7.9 per cent in October, 2013, up from 5.7 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.
"High levels of rental completions over the past four years, combined with fewer international immigrants have resulted in a rising vacancy rate," said Jason Beaton, CMHC's Market Analyst for Prince Edward Island.
On the basis of a sample of structures common to both the 2012 and 2013 surveys(2), the average two-bedroom rent increased by 1.3 per cent in Charlottetown.
Rental Market data is also available in English and French at the following link:
Fall 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.
Follow CMHC on Twitter @CMHC_ca
| (1) | The survey is based on privately-initiated rental apartment structures of three or more units. |
| (2) | 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 October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants. |
Additional data is available upon request.
(Ce document existe également en français)
A table is available at the following address: http://media3.marketwire.com/docs/917264_ENG.pdf
Contact Information:
Jason Beaton, Market Analyst
506-851-6047
jbeaton@cmhc.ca
Media Contact:
Caroline Arsenault, Communications & Marketing
902-426-8127
Cell: 902-452-4448
cmarsena@cmhc.ca