Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 15, 2015 08:15 ET

Vacancy Rate Declines in Newfoundland and Labrador

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 15, 2015) - The rental apartment vacancy rate1 in Newfoundland and Labrador's urban centres2 was 3.5 per cent in April 2015, down from 4.3 per cent in April 2014 according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

The St. John's rental market vacancy rate was 3.4 per cent in April 2015 compared to 4.8 per cent in April 2014. "Despite slower economic growth in the St. John's area, demand for rental units remained steady, resulting in the small decline in the number of vacant units," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre. "In terms of rental market supply, there were 121 rental apartment units added to the rental apartment universe since April 2014, which is an increase of approximately three per cent," added Janes.

In the smaller centres, the vacancy rate varied from 2.9 per cent in Gander, 3.4 per cent in Corner Brook and 3.3 per cent in Grand Falls-Windsor. The provincial average two-bedroom rent was $817 across the urban centres surveyed, with increases recorded in every centre. The highest average two-bedroom rent recorded was $893 in the St. John's area. The remaining average two-bedroom rents were $755 in Corner Brook, $650 in Gander and $715 in Grand Falls-Windsor.

Rental Market data is also available in English and French at the following link:
Spring 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 information to Canadian governments, consumers and the housing industry.

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1 The survey is based on privately-initiated rental apartment structures of three or more units.
2 Urban centres defined as centres with a population of 10,000 or more.

Additional data is available upon request.

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To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/1012311egraph.pdf

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