Vacancy Rate Declines in Saint John

MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in the Saint John Census Metropolitan Area (CMA) was 9.0 per cent in October 2014, down from 11.4 per cent last year according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Low levels of rental market construction activity in Saint John pulled down the vacancy rate this fall," said Claude Gautreau, Senior Market Analyst with CMHC's Atlantic Business Centre. "All rental market zones, except the South end, reported a lower vacancy rate in October," added Gautreau.

In Saint John City proper, the vacancy rates by submarket varied between 5.0 and 11.2 per cent. In the outlying areas of the CMA, the vacancy rate in the fall of 2014 stood at 10.3 per cent.

On the basis of a sample of structures common to both the 2013 and 2014 surveys², the average two-bedroom rent increased by 0.7 per cent in the Saint John CMA. The average two-bedroom rent stood at $714 per month in the fall of 2014.

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 table associated with this release, please visit the following link: http://file.marketwire.com/release/984257e.pdf