October 2013 Rental Market in Halifax

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in Halifax was 3.2 per cent in October, 2013, up from 3.0 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"In Halifax, recent rental apartment completions have resulted in increased supply levels which have more than offset demand, pushing the vacancy rate up to 3.2 per cent this year," said Guillaume Neault, CMHC's Senior Market Analyst for Halifax.

On the basis of a sample of structures common to both the 2012 and 2013 surveys², the average two-bedroom rent increased by 1.2 per cent in Halifax.

Overall, the average rent for a two-bedroom apartment in the City of Halifax was $1,039 while the average two-bedroom rent in the City of Dartmouth was $844 per month this year. In the submarket of Peninsula South the average rent for a two-bedroom unit was $1,366 in October 2013, representing the highest average rent for all zones in Halifax.

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.

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

²Year-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.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/917261e.pdf