Vacancy Rate Declines in Charlottetown

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in Charlottetown was 5.9 per cent in October, 2014, down from 7.9 per cent in October, 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Declines in apartment construction during the past 18 months, combined with strong international immigration exerted downward pressure on the vacancy rate in 2014," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre.

On the basis of a sample of structures common to both the 2013 and 2014 surveys², the average two-bedroom rent increased by 0.3 per cent in Charlottetown. Overall, the average rent for a two-bedroom apartment in Charlottetown was $836.

Rental Market data is also available in English and French at the following link: Fall Rental Market Report

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

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¹ Based on privately-initiated rental apartment structures of three or more units.

² When comparing year-over-year average rents, the age of the building needs to be taken in to consideration because rents in newly-built structures tend to be higher than in existing buildings. By comparing rents for units that are common to both 2014 and 2013 Fall Rental Market Surveys, we can get a better indication of actual rent increases paid by most tenants.

Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link: http://file.marketwire.com/release/984262e.pdf