Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

St. John's Area Vacancy Rate Stays Low

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Dec. 9, 2010) - According to the results of the Fall 2010 Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate in the St. John's Census Metropolitan Area (CMA) was 1.1 per cent compared to 0.9 per cent in 2009.

"There was little change in the vacancy rate, which largely reflects the impact of favourable economic conditions throughout the region," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "A solid economy and higher homeownership costs, combined with low levels of new rental construction kept the vacancy rate low," added Janes.

Provincially, vacancy rates in percentage terms were 0.7 in the Corner Brook Census Agglomeration (CA), 0.3 in Gander and 1.3 in Grand Falls-Windsor CA. The combined provincial vacancy rate for all centres surveyed was unchanged at 1.0 per cent.

Overall, the average two bedroom rent was $668 across the five urban centres surveyed, with increases recorded in every centre. The highest average two bedroom rent recorded was $725 in the St. John's CMA, while Bay Roberts CA posted the lowest average rent of $493. The remaining average two bedroom rents were $558 in Corner Brook; $554 in Gander and $639 in Grand Falls-Windsor. Total average rents increased in all centres (based on structures common to both the 2009 and 2010 surveys).

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

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Contact Information

  • CMHC Market Analysis Centre
    Chris Janes
    Senior Market Analyst
    709-772-2403
    Cell: 709-743-4636
    cjanes@cmhc.ca