Vacancy Rate Declines in Nova Scotia in 2011

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the overall vacancy rate in Nova Scotia decreased to 2.7 per cent in October 2011 from 2.9 per cent last year.

"The overall vacancy rate in Nova Scotia's urban centres declined in 2011 due to steady migration in the province's two largest rental markets and reduced levels of new supply," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre. "Slow economic and employment growth also supported the demand for rental units as renters were less likely to leave the rental market for 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 remain relatively unchanged at 2.4 per cent this year. Cape Breton and Kings Subdivision both recorded more vacancies in 2011. In Truro, the second largest rental market, the vacancy rate was down to 4.2 per cent in October 2011 while in Kentville, the vacancy rate recorded little change at 5.2 per cent.

The average rent for a two-bedroom unit in Halifax was $925 per month in 2011. Truro saw the next highest two-bedroom rent at $751 followed by Cape Breton and Kings Subdivision at $686 and $665 per month, respectively. The lowest average two-bedroom rents were in Kentville and New Glasgow at $638 and $616, respectively.

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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