Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Vacancy Rate Declines in Nova Scotia in 2010

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 9, 2010) - According to the results of the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC), the overall vacancy rate in Nova Scotia decreased to 2.9 per cent in 2010 from 3.1 per cent last year.

"The overall vacancy rate declined in Nova Scotia's urban centres due to reduced levels of new units coming into the market and increased demand for rental units," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre. "Demand was steady as renters tended to remain in rental accommodations in 2010 and were less likely to move into homeownership," Gilmore added.

The Halifax Census Metropolitan Area, which is home to 84 per cent of the province's rental units, saw the vacancy rate decline to 2.6 per cent this year. Kings Subdivision also saw a decrease in vacancies, while Cape Breton and New Glasgow recorded increases in 2010. The vacancy rates in Kentville and Truro were essentially unchanged.

The average rent for a two-bedroom unit in Halifax was $891 per month in 2010. Truro saw the next highest two-bedroom rent at $726 followed by Cape Breton and New Glasgow at $652 and $646 per month, respectively. The lowest average two-bedroom rents were in Kentville and Kings Subdivision at $619 and $603, respectively.

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

  • Matthew Gilmore
    Senior Market Analyst
    CMHC Market Analysis Centre
    902-426-4686
    mgilmore@cmhc.ca