HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate1 in Prince Edward Island's urban centres2 was 5.4 per cent in October 2014, down from 7.1 per cent in October 2013, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.
"The vacancy rate in Charlottetown declined due to a significant drop in the supply of new rental apartments combined with an increase in immigration over the past year," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "The vacancy rate varied between the province's two urban centres. Summerside recorded an overall lower vacancy rate at 3.1 per cent, while Charlottetown was somewhat higher at 5.9 per cent," added MacDonald.
On the basis of a sample of structures common to both the 2013 and 2014 surveys3, the average two-bedroom rent increased by just 0.7 per cent in Prince Edward Island. The average two-bedroom rent was $836 in Charlottetown, while the Summerside CA, recorded an average two-bedroom rent of $747.
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) | 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. |
| (3) | Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2013 and October 2014 surveys provides a better indication of actual rent increases paid by tenants. |
Additional data is available upon request.
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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/984266A_Table.pdf.
Contact Information:
Alex MacDonald
902-426-8964
Cell: 902-483-9483
amacdona@cmhc.ca
Media Contact:
Caroline Arsenault
902-426-8127
Cell: 902-452-4448
cmarsena@cmhc.ca