Overall Vacancy Rate Rises in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the overall vacancy rate for all New Brunswick urban centres with a population exceeding 10,000 people increased to 4.8 per cent from last year's level of 4.5 per cent.

Among the three major urban centres in the province, Fredericton posted the lowest vacancy rate at 2.5 per cent. "Stable employment and in-migration levels have kept the vacancy rate low in the provincial capital," said Claude Gautreau, Senior Market Analyst with CMHC in New Brunswick.

Both Moncton and Saint John vacancy rates were higher at 4.3 and 5.9 per cent, respectively. "In 2011, the overall vacancy rate for provincial urban centres was impacted by higher than average apartment starts in some markets, leading to a moderate year-over-year increase," said Gautreau.

In New Brunswick's four smaller urban centres, the vacancy rate ranged from a low of 3.9 per cent in Miramichi to a high of 9.2 per cent in Edmundston, which was the highest vacancy rate in the province.

Overall average rents in all of New Brunswick's urban centres increased 2.4 per cent in 2011 (based on structures common to both the 2010 and 2011 surveys). In urban centres, the year-over-year increase varied from a low of 1.2 per cent in Campbellton to a high of 3.6 per cent in Saint John.

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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